How will retirement be calculated or affected if I am hired into FERS system at the age of 57.

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I was hired into a Federal government position at the age of 57 and would like to know how retirement age and benefit amounts are calculated if I stay for 10 years+ …until at least 67.

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Asked on October 17, 2019 6:56 pm
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Thank you Elaine. So to clarify, if I had 30 years of fed service in this same job, it would be 30% of the highest 3 salaries? It’s that simple to calculate for any amount of time?

( at October 17, 2019 10:11 pm)
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To qualify for a retirement check under FERS, you must have a minimum of 5 years of federal civilian service. Once you have met that requirement, your retirement will be calculated at the rate of 1% for every year of FERS service, so 10 years would provide you with 10% x high-3 average salary.
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Answered on October 17, 2019 8:49 pm
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The formula for regular FERS is 1% for every year of service unless the retiring employee is age 62 or older AND has 20 or more years of service then the formula increases to 1.1% x years/months of creditable service.

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Answered on October 18, 2019 1:09 am