Currently receiving military pension; will I receive a second federal retirement check from FERS?

2
0

No one has ever explained this to me. I currently receive a military pension. I’ve been working for DODEA for 14 years in civil service position. I’m 58 years old and thinking about an early departure from the work force. Will I receive a second retirement from FERS. I’ve also got over $200,000 in TSP.

Blocked by moderator
Posted by (Questions: 1, Answers: 0)
Asked on October 15, 2018 4:47 pm
455 views
2
Private answer

If you are receiving an active duty retired military pension and you work at least five year under FERS, you will keep your retired military pension (as that is an earned pension) and you can also draw your earned FERS pension. If you leave federal service before age 62 and you wish to draw against your FERS immediately, you would be applying for an MRA+10 retirement, which states it will be reduced 5% for every full year you are under the age 62, which is a for life reduction. If you leave, say today, but postpone drawing your FERS pension until age 62, the amount of the pension is calculated using the same years of service and high-3 average salary as of the day you left federal service. The difference is when you postpone your retirement, you do so to reduce or eliminate the age penalty. And, when you turn 62, you become eligible to draw against your Social Security, which will be in addition to your retired military pay and your FERS. AND when you elect to draw against your TSP, yet another “check in the mail.”

Blocked by moderator
Posted by (Questions: 0, Answers: 296)
Answered on October 15, 2018 8:20 pm