Fers retirement question

[purple monkey]

If one is 51, has 4.5 years until 56, full retirement age, can one get actual pension with voluntary resignation at 51.5 years?

Or have to wait until 56 to get money and benefits
?

[wenchsenior]

I think 56 is not full retirement age, it's minimum retirement age for those in the right age bracket (1953-64). Unless you will have worked 30 years at that point? That would give you full retirement age.

If you retire before you meet the criteria of age and/or service for MRA, then you will need to wait to collect until you reach MRA. And if you do collect at MRA, then your pension is reduced from what it will be at your full retirement age by 1) obviously the reduced number of years you worked; 2) the salary multiplier will be 1% rather than 1.1%, and 3) you take a penalty of 5% for every year you collect before age 62.

This page might help:


https://www.opm.gov/retirement-services/fers-information/types-of-retirement/#url=Voluntary-Retirement

[wenchsenior]

30 years in 4.5 years and 56 years old.
 In right age bracket.

Ok, with 30 years in, I think you are then spared the 5%/yr penalty reduction. I'm not sure if you would get the 1.1% multiplier or the 1.0%. At any rate, I think you have to wait until age 56 to collect.

[sparkytheop]

Have you ever looked at the retirement calculators on EBIS? You will need to estimate your high three, and possibly your tsp, but it's a good calculator. It covers all the scenarios... Early retirement, deferment, minimum age, etc. The health benefits are what catch most people and keep them working to their MRA.

[Cognitive Miser]

Can you easily ask your Human Resources department?  I worked for a small federal agency and had no problem picking up the phone to chat with the lady there.  I'm not anywhere near FERS retirement ages but when I separated from the agency I was curious.  They referred me to a website that detailed ALL the implications based on separation date (including the lump sum payment for unused annual leave, which is what I was most interested in at the time).  I'm not sure it's the same website for each agency, but someone should know!