8 Simple Techniques For Lifetime Income Calculator - U.SDepartment of Labor

5% service, do not go beyond 10 years, 2% of your high-3 average salary multiplied by your years of other service in excess of ten years Decreases in Non-Disability Annuity Age If you retire under the MRA +10 arrangement If you have 10 or more years of service and retire at the Minimum Retirement Age (MRA), your advantage will be minimized by 5/12 of 1% for each full month (5% annually) that you were under age 62 on the date your annuity began.

If you hold off the start date of your annuity, the age decrease will be lowered or eliminated. The age decrease uses to both the Civil Service Retirement System and the Federal Worker Retirement System parts of your annuity, if you transferred to FERS and part of your annuity is computed under the CSRS provision.

CSRS and FERS Benefits Calculator and Retirement Income

How to Calculate Your FERS Retirement Benefit

The decrease is 1/6 of 1% (2% annually) for each month that you are under age 55 at the time of retirement. Survivor Benefits If you are married, your benefit will be lowered for a survivor advantage, unless your spouse consented to your election of less than a full survivor annuity.

If the total equals 25%, the reduction is 5%. Unpaid or Refunded Service If you have a CSRS part in your annuity: The CSRS portion of your benefit will be decreased by 10% of any deposit owed for CSRS non-deduction service carried out before October 1, 1982, unless the deposit was paid before retirement.

Getting The FERS Disability Retirement Calculator - How much OPM pay? To Work

Alternative Annuity Your benefit may be minimized if you elected a swelling sum payment equivalent to your retirement contributions and a decreased month-to-month annuity, commonly called an alternative annuity. Only non-disability annuitants who have a lethal condition or other critical medical condition can elect this alternative. More Discussion Posted Here are computed in different ways depending on the annuitant's age and quantity of service at retirement.