Does FERS Have a Minimum Retirement Age?

Does FERS Have a Minimum Retirement Age?

 

Dreaming of white sandy beaches as you wade through retirement benefits? Before you purchase that new luggage, make sure to understand your FERS retirement eligibility. Federal Educators shed some light on what variables affect the FERS minimum retirement age and how you can best prepare. Don’t forget the sunscreen because your retirement is looking bright!

 

All retirement eligibility in the federal government adheres to specific factors like age and years of service combinations. Under all these systems (CSRS, CSRS Offset, or FERS), retirement is available after reaching the minimum age and service requirements. However, there are nuances in qualifications between the systems. Under the CSRS/CSRS Offset plans, any employee may retire at age 62 with 5 years of service, age 60 with 20 years of service, or age 55 with 30 years of service. Unlike CSRS employees, the FERS program states that an employee is eligible for immediate retirement when one of the following combinations is met. If the employee is 62 with 5 years of service, age 60 with 20 years of service, minimum retirement age (MRA) with 30 years of service, or MRA with 10 years of service for reduced benefits. You can calculate your appropriate MRA by referencing the table below:

 

If you were born:       Your MRA is:

1948                            55 and 2 months

1949                             55 and 4 months

1950                             55 and 6 months

1951                             55 and 8 months

1952                             55 and 10 months

1953 through 1964:     56

1965                             56 and 2 months

1966                             56 and 4 months

1967                             56 and 6 months

1968                             56 and 8 months

1969                             56 and 10 months

1970 and later:            57

 

If you need a personalized FERS retirement plan, look no further than the Federal Educators team. We can create a thorough and well-balanced plan that will help you enjoy retirement! Start your complimentary benefit analysis now or call us at (813) 755-7037 to get started today.