Fers Retirement Calculator – Loan calculator

FERS Retirement Annuity Calculator

High-3 Average Salary ($):

Total Creditable Years of Service:

Total Creditable Months of Service:

Your Age at Retirement:

Estimated FERS Annuity:

Annual Annuity:

Monthly Annuity:

Understanding Your FERS Retirement Benefits

The Federal Employees Retirement System (FERS) is a three-tiered retirement plan for federal employees. It consists of a Basic Benefit Plan, Social Security, and the Thrift Savings Plan (TSP). This calculator focuses on estimating your FERS Basic Benefit Annuity.

How Your FERS Basic Annuity is Calculated

Your FERS Basic Annuity is determined by three key factors:

Your High-3 Average Salary: This is the highest average basic pay you earned during any 3 consecutive years of service. This period is typically at the end of your career when your salary is highest.
Your Years and Months of Creditable Service: This includes all periods of federal civilian service for which retirement deductions were withheld, as well as creditable military service.
Your Multiplier: This is a percentage factor applied to your High-3 and service years.

The FERS Annuity Formula:

Annual Annuity = High-3 Average Salary × Years of Creditable Service × Multiplier

Understanding the Multiplier:

1.0% Multiplier: This is the standard multiplier for most FERS retirees.
1.1% Multiplier: You receive this higher multiplier if you retire at age 62 or older AND have at least 20 years of creditable service.

Your Minimum Retirement Age (MRA) depends on your birth year. For most, it's between 55 and 57. Retiring at your MRA with 30 years of service, or at age 60 with 20 years, or at age 62 with 5 years, generally allows you to receive an immediate, unreduced annuity.

Special Retirement Supplement (SRS)

If you retire before age 62 and are eligible for an immediate, unreduced FERS annuity, you may also receive a Special Retirement Supplement (SRS). This supplement is designed to bridge the gap between your FERS retirement and when you become eligible for Social Security benefits at age 62. The SRS is an estimate of the Social Security benefit you earned during your FERS civilian service. It stops automatically at age 62, regardless of whether you apply for Social Security at that time.

Cost of Living Adjustments (COLAs)

FERS annuities are generally subject to Cost of Living Adjustments (COLAs) to help maintain purchasing power. However, for most FERS retirees, COLAs do not begin until age 62. If you retire under a special provision (e.g., disability retirement), COLAs may start earlier.

Using the Calculator:

Enter your estimated High-3 Average Salary, your total creditable years and months of service, and your age at retirement. The calculator will provide an estimate of your annual and monthly FERS Basic Annuity, along with information regarding the Special Retirement Supplement and COLAs.

Important Considerations:

This calculator provides an estimate of your FERS Basic Annuity only. It does not include your Social Security benefits or your Thrift Savings Plan (TSP) withdrawals.
Taxes will be withheld from your annuity.
Survivor benefits, health insurance, and life insurance premiums may also reduce your net annuity.
For a precise calculation, always consult with a qualified benefits specialist or OPM.

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