Am I able to get Annuity payments before 62 if I retire at 61 with 21 years of service?

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Posted by (Questions: 1, Answers: 1)
Asked on December 6, 2017 11:45 pm
<p>That’s great news! Will I also be able to take a sum out of TSP to have enough funds to cover me until I can take Social Security at 62?</p>
( at December 7, 2017 1:09 am)
<p>Yes, TSP is available to regular federal employees who retire in the year they are age 55 or older without the 10% early withdrawal penalty or age 50 for those in the special provisions. </p>
( at December 7, 2017 1:05 pm)
<p>Dont forget, if you dont take immediate annuity you&#8217;ll lose FEHB. FEGLI? Dont know. Also by retiring before 62, they call it complete retirement, but the difference between the multipliers 1 v. 1.1 is a 10% hit LIFETIME.</p>
( at August 26, 2018 9:47 am)
Private answer

Absolutely. Under FERS if you retire at age 60 or older with 20 or more years of service you can collect an immediate unreduced retirement AND a FERS retiree supplement, the supplement only is payable until age 62. And your retirement would be calculated at the rate of 1% for every full year of FERS service, so 21 years of service = 21% x high-3 average salary. However, if you decided to wait until you were age 62 to retire and you had 20 or more years of service (in your case 22 years) the formula would increase to 1.1% x high-3 average salary or 24.2% for life plus your age 62 SSA benefit, if you elected to take your SSA benefit at age 62. Decisions…decisions. Here is a link for your reading pleasure.

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Posted by (Questions: 0, Answers: 353)
Answered on December 6, 2017 11:57 pm