Your MRA is what FERS uses to determine when a person is eligible to receive their annuity, or as we like to call it, their pension. A person can work and retire earlier than their MRA, but they have to at least wait until their MRA to receive their pension, and sometimes they have to wait longer depending on how many years of creditable service they have. The chart below shows what a person’s MRA is depending on when they were born:
| If you were born | Your MRA is |
| Before 1948 | 55 |
| In 1948 | 55 and 2 months |
| In 1949 | 55 and 4 months |
| In 1950 | 55 and 6 months |
| In 1951 | 55 and 8 months |
| In 1952 | 55 and 10 months |
| In 1953-1964 | 56 |
| In 1965 | 56 and 2 months |
| In 1966 | 56 and 4 months |
| In 1967 | 56 and 6 months |
| In 1968 | 56 and 8 months |
| In 1969 | 56 and 10 months |
| In 1970 and after | 57 |
It works in a similar way, but it is not. The Full Retirement Age (FRA) for Social Security is also based on when someone is born, but it is between ages 66 and 67. At FRA, a person is eligible to receive 100% of their Social Security amount before any deductions, taxes, or reductions (if applicable). Social Security also has an early retirement, which is age 62 for everyone. An early Social Security retirement reduces the amount a person would receive by 25-30% depending on when they were born. It is also worth noting that a person can choose to delay their Social Security benefit to Age 70, and increase their Social Security benefit by 8% every year by doing so.
In order to be eligible for the FERS Supplement, you have to retire by meeting the requirements needed for an Immediate Retirement. This would mean retiring at your MRA or older with at least 30 years of creditable service, or retiring at age 60 or older with at least 20 years of creditable service. Since the FERS Supplement stops paying out at age 62, the 3rd qualifier for an immediate retirement of being at least 62 with 5 years or more of service does not apply.
What is a Disability Retirement under FERS? Unlike the Immediate, Deferred, or Postponed Retirements, the Disability Retirement is a unique type of retirement only offered to federal employees who become
As a Federal Employee, your High-3 average salary refers to the average of the highest three consecutive years of base pay earned. This is calculated based on your “deemed” rate,
I am aware that after I put in ten years’ federal civilian creditable service and then retire, my FERS annuity will be reduced monthly by 10% for the surviving spouse
What is an Immediate Retirement under FERS? The Immediate Retirement under FERS is the main way of qualifying for the pension. Sometimes it’s referred to as the full, normal, or
Get the most out of your federal retirement benefits by taking advantage of the FERS resources created by Micah Shilanski, CFP®, and the team of independent financial advisors at Shilanski & Associates, Inc. Join the thousands of federal employees who trust us to guide them in their retirement planning journey because of our unique perspective of how your FERS benefits contribute to your comprehensive financial plan.
Year after year I see Federal Employees missing the same critical concepts in their federal retirement planning. That’s why I’ve created an online workshop to help educate Federal Employees on these critical concepts.
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7 CLASSIC RETIREMENT MISTAKES Federal Employees Make
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7 CLASSIC RETIREMENT MISTAKES Federal Employees Make
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