What age? ...And how much creditable service?
That depends on the type of retirement rules you go out under. There are several different types of FERS Retirement, each with their own requirements of age and years in service. Let's take a closer look...
What’s Your Minimum Retirement Age?
Several types of retirement under FERS involve reaching your “MRA” or Minimum Retirement Age. Ex: having reached your MRA with 30 years of service.
MRA is a specific age between 55 and 57. And your MRA is based on the year you were born. So before we get into each type of retirement, it would be good to know your own Minimum Retirement Age (MRA).
Your MRA depends what year you were born in. Example: If you were born in 1950, your MRA is 55 years and 6 months. But if you were born in 1965, your MRA is 56 Years and 2 months.
While MRA is important to know - some rules for retirement do reference a specific age, ex: age 60 or 62. It’s just helpful to know what your MRA while we review the different types of retirement rules.
Click here for more info on determining your own MRA.
FERS Retirement Rules
Here are the most common types of retirement for the Federal Employee Retirement System (FERS):
Which Type of FERS Retirement is Right For You?
It’s worth your while to become familiar with the different types of FERS retirement rules. Especially *before* you retire.
You may be eligible for more than one type of retirement - and it’s important to choose the best set of rules for your personal situation.
Or perhaps you’re close to being eligible for a better set of rules - but you won’t know that unless you fully understand all of the choices.
For example: What if you’re currently planning on retiring with 20 years of service at age 61 1/2? Would you stay another 6 months in order to get the 10% bonus on your pension? Maybe... maybe not - but I think it’s always better to know your full options before you make your decision.
Another example might be if you’re thinking about separating from service before your eligible to retire. Maybe you have 9 years of service, and you’re a year away from your MRA. If you go out now - it’s true that you can do a deferred retirement - but you should know that if you stick it out one more year and separate you could go out on a postponed retirement which has the huge bonus of picking up FEHB again in retirement. But you can’t make that choice if you don’t know your options.
Want to Know More about FERS Retirement Eligibility?
FERS Retirement eligibility rules can be overwhelming - but they're a critical part of your retirement plan.
This is just one of the many topic we cover in our new online program that walks you step by step through planning your FERS retirement.
It's called FERS Route to Retirement.
FERS Route to Retirement is an online, do-it-yourself, program that helps walk you through planning your federal retirement.
We created it especially for FERS federal employees. It will help you learn more about your FERS benefits, and how they fit into your overall financial picture.
Unique Calculators & Scenarios Section
If you're thinking about retiring - one of the features you might find particularly helpful is our Calculators & Scenarios section.
We created this section from the ground up to help you evaluate your retirement options. You put in a few key pieces of information (your Date of Birth, Your RSCD, Your Desired Retirement Date, and your High-3 Salary) - and it will calculate several scenarios for you.
Scenario 1 looks at retirement on your Desired Retirement Date. This one is pretty straight-forward.
Then Scenario 2 looks at the question Micah hears often from FERS employees which is... "What if I worked another year?".
Scenario 3 looks at the possibility of retiring 'today'. (Of course - it takes time to process retirement paperwork - but we like this scenario because it can help put things in perspective).
And Scenario 4 looks when you would be eligible for different types of Regular Retirement(MRA+30, 60+20, 62+5) and the Bonus 62+20 Retirement.
This is only the beginning of our calculators - we're going to be adding more features in the future.
And the Calculators & Scenarios is just one small section of FERS Route to Retirement.
Want to learn more? Click here to
find out more about FERS Route to Retirement.