Federal Retirement Annuity Calculator

Taxable portion of your retirement benefit.

Federal retirement annuity calculator. Ad Estimate the monthly income to maintain your clients current lifestyle in retirement. For those retiring at age 62 or. Dec 29 2020 FERS RETIREMENT CALCULATOR EXAMPLES.

75 of high-3 FERS Minimum Retirement Age Table Before 1948 551948 55 and 2 months1949 55 and 4 months1950 55. Lets run through a few examples of using the FERS Retirement Calculator steps above to calculate your retirement benefits. Age of Retirement.

The high-3 is calculated by adding your highest salary for three consecutive years then dividing the amount by three. 01 x 15 x 60000 9000 15 of high-335 reduction. For FERS annuity calculation purposes it is my understanding that DIA civilians receive 17 years of annuity credit for each year.

What basically happens with the proration factor is they compute the annuity as if you worked full-time however the annuity is reduced for the period after 4-6-1986 by the amount of hours you worked in comparison to a full-time worker. So if you have 20 years of service at this point your annuity is 22 of your high-3 average salary. If you are 62 years old or more and have at least 20 years of service to the federal government your annuity calculation is different.

175 of your high-3 average salary multiplied by your years of other service which when added to your years of 25 service do not exceed 10 years PLUS. So for example if you were 57 and met the MRA requirement but only had 15 years of service your benefit would be reduced by 62 57 5 25. Any federal employee hired after 1987 has the Federal Employment Retirement System annuity available based on years of service and income.

Most employees know what they are currently making rather than what their average salary might be. Calculate percentage based on credible years of service and eligible rate. 264 65000 17 160 gross annual pension.