Reply to Please explain the federal annuity

Forum Index » Money and Finances

Reply to "Please explain the federal annuity"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous]If you retire before age 60 and take benefits then there is a reduction, I think it is 5% for every year before 60 but I am not positive.[/quote]

If you retire [b]before[/b] age 62 with less than 30 years you lose 5% for each year before 62 you retire [b]unless[/b] you retire at age 60 with 25 years service in which case you have no reduction.  If you retire with 30 years you have no reduction regardless of when the retirement took place.  You also get the FERS special supplement (unless Congress eliminates it) if you retire at age 57 with 30 years service.  You get that until age 57 and it’s slightly less than what you will get from SSA when you turn 62.

http://www.fedweek.com/retirement-benefits/calculating-special-retirement-supplement-2/

Basically, don’t retire at 57 unless you have 30 years.  Don’t retire at 60 unless you have 25.  Maybe hold out for 62 to get those extra 5 years plus 10% but the special supplement at 57 with 30 years is pretty good if you can go that route.[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics