When it comes to your retirement, it can be a very stressful time—or it can be a very smooth transition. It really comes down to...Read More
“Firstly, you are a GREAT information source regarding FERS retirees-to-be ! THANK YOU!!! Does “MRA plus 10” apply to my situation?, and if so, what would be my monthly Pension amount be if I put in for my Retirement now at my current age of 60? I was one of the “ORIGINAL” FERS Employees, starting on February 6, 1984. I worked until April 17, 2001, with a High-3 of approximately $100,000 (at GS-13, Step 10 for each of my final 6 years, before resigning from Federal service at age 42 years old). With a BirthDate of December __, 1958, my MRA is listed at age 56. I am now 60 years old. Can I receive the reduced Retirement (reduced at a rate of 5/12 of 1% per month for every month before age 62) NOW, or do I have to wait until I turn 62 years old to receive Retirement benefits? -JohnIt can be really confusing to understand your years of credible service, minimum retirement age and what types of unreduced annuities that you are eligible for.
$100,000.00 High Three FERS *17% (represents your 17 years of credible Federal Service)$17,000 a year in FERS retirement income or, $1,416.66 a month GROSS. Keep in mind, this is before healthcare, survivor or other deductions like taxes. If John, at age 60 tried to begin his pension income now, instead of waiting until age 62, he will experience a permanent reduction in his FERS annuity benefits. In his example, the reduction for starting 2 years early would be 10% – permanently. Now, this doesn’t apply to John’s situation but for other Feds reading this article listen closely, In order to keep your Federal Employee Health Benefits (FEHB) in retirement, you must leave Federal Service while being eligible for immediate retirement. Meaning you must have met one of the qualifications we have been discussing,
“What happens to your sick leave if you are 63 years and have 28 years of federal service. Thanks for taking this question.” FERS Sick Leave Rules As a Federal
“As a FERS retiree, am I required to sign up for Medicare at age 65; or can I opt out of Medicare Part B? Also, regarding my spouse, who has
“I have two questions about social security. I am 61 and my wife is 58. Let’s say my wife files for social security at age 62 and I wait until
My understanding is that if I take immediate retirement at MRA before 62, then I will: 1) get the FERS Supplement to my FERS annuity; and 2) but I will
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.
7 CLASSIC RETIREMENT MISTAKES Federal Employees Make