To find your perfect retirement age you’ll want to make sure your benefits/money at your chosen retirement age line up with your retirement goals. Image: Olivier Le Moal/Shutterstock.com
By: Dallen HawsThere are certain retirement ages for federal employees that come with a lot of perks.
Consequently, there are often mass exits once these ages are reached.
However, every age has its pros and cons.
Here are the best ages for federal employees to retire.
Magic Ages
The two most common ages to retire are 57 and 62.
Age 57 lets you retire early and get the FERS Supplement but you give up the 10% pension bonus that comes at 62.
Magic 57
What makes 57 so magic is that it is or near the MRA (minimum retirement age) of most current federal employees.
That means it is often the earliest age someone becomes eligible for a full retirement.
In this case, a full retirement would mean a full pension, the FERS Supplement, and being able to keep your health insurance for the rest of your life.
So if you want to get out as soon as possible with full benefits then you may want to shoot for your MRA.
You can find your MRA here on this chart based on your birth year:
| If you were born | Your MRA is |
|---|---|
| Before 1948 | 55 |
| In 1948 | 55 and 2 months |
| In 1949 | 55 and 4 months |
| In 1950 | 55 and 6 months |
| In 1951 | 55 and 8 months |
| In 1952 | 55 and 10 months |
| In 1953-1964 | 56 |
| In 1965 | 56 and 2 months |
| In 1966 | 56 and 4 months |
| In 1967 | 56 and 6 months |
| In 1968 | 56 and 8 mo |
| In 1969 | 56 and 10 mont |
| In 1970 and after | 57 |
Source: OPM
But There’s a Catch
But not everyone can get a full retirement at their MRA. To get a full retirement at your MRA you have to have 30 years of service.
If you do have 30 years of service then you are fully eligible to get a full pension and the FERS Supplement.
If you have less than 30 years of service but more than 10 then you can retire at your MRA but your pension will be reduced and you won’t get the FERS Supplement.
What is the FERS Supplement?
The FERS supplement is an additional payment (on top of your pension) that pays out from retirement until age 62.
It is designed to bridge the gap between retirement and Social Security.
So if you are fully eligible to retire before 62 then you’d get the FERS Supplement until 62.
If you retire after 62 then you’ll never get the FERS Supplement.
The Magic of 62
Age 62 is an extremely popular age to retire. This is because if you are age 62 with at least 20 years of service then you qualify for a 10% increase to your FERS pension for the rest of your life.
This is a big benefit!
Many people decide it is worth working a little extra to make it to 62 to get the bonus for the rest of their lives.
This is often a no brainer if you were planning to work until near 62 anyway.
Can I Get the FERS Supplement and the 10% Bonus?
As you’ve probably noticed, if you retire before 62 then you could qualify for the FERS supplement but you have to retire 62+ to get the 10% bonus.
Is there any way to get both of these benefits?
Nope. By definition they are mutually exclusive.
Qualifying for one means you don’t qualify for the other.
The only exception to this would be if you retire before 62 and receive the FERS Supplement until 62 at which point you return back to work and then retire again (this time after 62) to qualify you for the 10% bonus.
But What if I’m Special Provisions?
If you are a firefighter, law enforcement officer, or air traffic controller, you know that the retirement rules are different for you.
You are able to retire at age 50 with 20 years of service or at any age if you have 25 years of service.
However, the 20 or 25 years have to be special provision years. If you don’t have enough special provision-specific time then you’d fall under the traditional FERS retirement rules.
For example, if you work 10 years under special provisions then move to a traditional position then you’d fall under the traditional retirement rules.
And it is only traditional FERS who qualify for the 10% bonus at 62.
What’s Your Magic Age?
There are certainly some ages that are more popular for retirement than others.
However, that doesn’t mean they make sense for you.
To find your perfect retirement age you’ll want to make sure your benefits/money at your chosen retirement age line up with your retirement goals.
Dallen Haws is a Financial Advisor who is dedicated to helping federal employees live their best life and plan an incredible retirement. He hosts a podcast and YouTube channel all about federal benefits and retirement. You can learn more about him at Haws Federal Advisors.
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See also
Alternative Federal Retirement Options; With Chart
Primer: Early out, buyout, reduction in force (RIF)
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