Federal Employee FERS Annuity Estimator
Use this calculator to estimate your annual and monthly FERS (Federal Employees Retirement System) annuity based on your projected High-3 average salary, total years of service, and retirement age.
Estimated FERS Annuity:
Annual Annuity:
Monthly Annuity:
Understanding Your FERS Retirement Annuity
The Federal Employees Retirement System (FERS) is a three-tiered retirement plan for federal civilian employees. It consists of a Basic Benefit Plan (annuity), Social Security, and the Thrift Savings Plan (TSP). This calculator focuses specifically on estimating your FERS Basic Benefit Plan annuity.
Key Components of Your FERS Annuity Calculation:
- High-3 Average Salary: This is the average of your highest basic pay earned during any 3 consecutive years of service. For most employees, these are the last three years of service. This figure is crucial as it forms the base for your annuity calculation.
- Creditable Years of Service: This refers to the total number of years and months you have worked in a position subject to FERS deductions, including any military service or other service for which you've made a deposit. More years of service generally mean a higher annuity.
- Age at Retirement: Your age at retirement, combined with your years of service, determines your eligibility for an immediate, unreduced annuity and can also affect the multiplier used in the calculation.
The FERS Annuity Formula:
The basic formula for calculating your FERS annuity is:
High-3 Average Salary × Years of Creditable Service × Multiplier
The multiplier is typically 1% (0.01) for each year of service. However, if you retire at age 62 or older with at least 20 years of service, the multiplier increases to 1.1% (0.011) for each year of service. This calculator automatically applies the correct multiplier based on your inputs.
Minimum Retirement Age (MRA):
Your Minimum Retirement Age (MRA) depends on your birth year. For most employees, it's between 55 and 57. While you can retire at your MRA, you typically need 30 years of service to receive an immediate, unreduced annuity. Retiring at MRA with fewer than 30 years of service (e.g., MRA+10 or MRA+20) may result in a reduced annuity unless you postpone its commencement.
Important Considerations:
- Social Security: FERS employees also receive Social Security benefits, which are calculated separately by the Social Security Administration.
- Thrift Savings Plan (TSP): The TSP is a defined contribution plan similar to a 401(k). Your TSP balance is a significant part of your retirement savings and is managed independently of your FERS annuity.
- Health and Life Insurance: Continuing your Federal Employees Health Benefits (FEHB) and Federal Employees' Group Life Insurance (FEGLI) into retirement requires meeting specific eligibility criteria, usually involving 5 years of continuous enrollment immediately before retirement.
- Taxes: Your FERS annuity is subject to federal income tax and, in some cases, state income tax.
- Survivor Benefits: You may elect to provide a survivor annuity for your spouse, which will reduce your own annuity.
This calculator provides an estimate and should not be considered a guarantee. For precise figures and personalized advice, consult with a financial advisor or your agency's human resources/retirement specialist.