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.

Thank you 15:24! You are so helpful. I really appreciate it.

Anonymous wrote:Another poster. What if I have 30 years and am just 57 (which is the minimum retirement age) when I end federal service? How much would I expect to get? High 3 is $163,000. Would it make a difference if I opted to wait until I was 62 to start receiving the annuity, even if I retired at age 57? Thanks. I've been trying to figure this out but finding it confusing.

The info you need is here: https://www.opm.gov/retirement-services/fers-information/computation/

Assuming you are on FERS and not something like CSRS:

If you retire before you turn 62 OR have less than 20 years of service you get 1% of your high-3 for every year you worked.

If you retire at 62, or later, and have 20 years of service you get 1.1% of your high-3 for every year you worked.

So a 57 year old with 30 years of service would get 30% (30*1%) of their high 3. For a high 3 of $163,000, that means a pension of $48,900 a year to start with. There would be cost of living increases on top of that once you reach 62 years of age.

A 62 year old with 30 years of service would get 33% (30*1.1%) of their high 3. For a high 3 of $163,000, that means a pension of $53,790 a year with immediate cost of living increases.

A 62 year old with35 years of service and a high 3 of 163,000 would get a pension of $62,755 (35*0.011*163,000).

I'm looking at Employee Express right now -- no "personal benefits statement" as far as I can tell.

Don’t you guys have access to Employee Express? You can get your full Personal Benefits Statement that will give you your projected annuities based on earliest full retirement date, early retirement, optional reduced.

Anonymous wrote:Another poster. What if I have 30 years and am just 57 (which is the minimum retirement age) when I end federal service? How much would I expect to get? High 3 is $163,000. Would it make a difference if I opted to wait until I was 62 to start receiving the annuity, even if I retired at age 57? Thanks. I've been trying to figure this out but finding it confusing.

163000 x 0.3 (30%) = 48900/12 = 4075. Less if you choose survivor benefit for your spouse. (~90% of 4075)

I don't know if you can ask for delayed payment.

Another poster. What if I have 30 years and am just 57 (which is the minimum retirement age) when I end federal service? How much would I expect to get? High 3 is $163,000. Would it make a difference if I opted to wait until I was 62 to start receiving the annuity, even if I retired at age 57? Thanks. I've been trying to figure this out but finding it confusing.

Anonymous wrote:3,300 if you are over 62 and have over 20 years.

Sorry meant 2,200.

Thank you!

3,300 if you are over 62 and have over 20 years.

$120K (since this is around your average) times 20% (20 years) would be your annual salary. So $24K - $2k a month before taxes.

I believe the age you need to be to receive the max amount is 62.

Let's say I'm 65 when I start receiving it (or, whatever age you need to be to receive the max amount)

Anonymous wrote:I am a civilian federal employee and am wondering if someone can help me understand the federal retirement annuity. If my high 3 salary is around $120,000 and I am a federal employee for 20 years, how much per month will this give me in retirement?

How old are you when you start receiving your annuity?

I am a civilian federal employee and am wondering if someone can help me understand the federal retirement annuity. If my high 3 salary is around $120,000 and I am a federal employee for 20 years, how much per month will this give me in retirement?