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Retiring at 62 with 9 years versus 63 with 10 years

What would be the impact in my retirement pay if I retire when I turn 62 with 9 years in the federal government rather than working until I’m 63 with 10 years?

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Posted by Mac (Questions: 1, Answers: 0)

Asked on May 24, 2018 6:41 pm

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Private answer

If you retire at age 62 with 9 years of service, your retirement would equal 1% for every year, or 9% x your high-3 average salary. If you retired at age 63 with 10 years, you have one additional year salary and your pension will now equal 10% x high-3 average, this is, of course, presuming the law does not change to a high-5 during that period.

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