FERS Retirement Calculator
Calculate your Federal Employees Retirement System (FERS) pension. Estimate your FERS basic benefit, TSP balance, and total retirement income based on years of service and high-3 salary.
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About This Calculator
The Federal Employees Retirement System (FERS) is the retirement plan for federal civilian employees hired after 1983. FERS provides retirement income from three sources: the FERS Basic Annuity (pension), Social Security, and the Thrift Savings Plan (TSP). Understanding how these components work together is essential for federal employees planning their retirement.
FERS Basic Annuity Formula: Your FERS pension is calculated using a straightforward formula based on your years of creditable service and your "high-3" average salary (the highest average basic pay over any 3 consecutive years). The multiplier is typically 1% per year, or 1.1% if you retire at age 62 or older with at least 20 years of service.
The Three Parts of FERS:
- Basic Annuity: The defined benefit pension from OPM
- Social Security: Full Social Security benefits (unlike CSRS)
- Thrift Savings Plan (TSP): Your federal 401(k)-style account
FERS Retirement Eligibility:
- Immediate: MRA with 30 years, age 60 with 20 years, or age 62 with 5 years
- Early (MRA+10): MRA with 10 years (reduced benefits)
- Deferred: Age 62 with 5 years (if separated before MRA)
This calculator estimates your FERS basic annuity and total retirement income. For Social Security estimates, see our Social Security Calculator. For TSP planning, visit our TSP Calculator or 401(k) Calculator.
How to Use the FERS Retirement Calculator
- 1Enter your high-3 average salary (highest 3 consecutive years).
- 2Input your total years and months of creditable federal service.
- 3Enter your planned retirement age.
- 4Select your retirement type (regular, early, deferred).
- 5Enter your current TSP balance for total income projection.
- 6Choose survivor benefit option if applicable.
- 7Check COLA eligibility (typically at age 62).
- 8Review your estimated FERS basic annuity.
- 9See total monthly income including TSP withdrawals.
- 10View COLA projections showing how your annuity grows over time.
FERS Basic Annuity Calculation
Understanding how your FERS pension is calculated.
The Basic Formula
FERS Annuity = High-3 Salary × Years of Service × Multiplier
Multiplier Rules
| Condition | Multiplier |
|---|---|
| Under age 62 | 1.0% |
| Age 62+ with less than 20 years | 1.0% |
| Age 62+ with 20+ years | 1.1% |
High-3 Calculation
What Counts:
- Basic pay (including locality)
- Shift differentials (some positions)
- Cash awards up to certain limits
What Doesn't Count:
- Overtime pay
- Bonuses (most)
- Travel allowances
- Housing allowances
Example Calculation
Employee retiring at 62 with 30 years:
- High-3 salary: $100,000
- Years of service: 30
- Multiplier: 1.1% (age 62+ with 20+ years)
- Annual annuity: $100,000 × 30 × 1.1% = $33,000
- Monthly: $2,750
FERS Retirement Eligibility
Different paths to FERS retirement.
Minimum Retirement Age (MRA)
| Birth Year | MRA |
|---|---|
| Before 1948 | 55 |
| 1948 | 55 + 2 months |
| 1949 | 55 + 4 months |
| 1950 | 55 + 6 months |
| 1951 | 55 + 8 months |
| 1952 | 55 + 10 months |
| 1953-1964 | 56 |
| 1965 | 56 + 2 months |
| 1966 | 56 + 4 months |
| 1967 | 56 + 6 months |
| 1968 | 56 + 8 months |
| 1969 | 56 + 10 months |
| 1970+ | 57 |
Immediate Retirement Options
| Requirement | When Benefits Start |
|---|---|
| MRA + 30 years | Immediately |
| Age 60 + 20 years | Immediately |
| Age 62 + 5 years | Immediately |
MRA+10 (Early Retirement)
Requirements:
- Reached MRA
- At least 10 years of service
Reduction:
- 5% for each year under age 62
- Example: Retire at 57 = 25% reduction
Postponed Annuity Option:
- Can begin unreduced annuity at age 62
- No benefits between separation and 62
FERS Supplement (Special Retirement Supplement)
Bridge income for those retiring before 62.
What Is the FERS Supplement?
The FERS Supplement is a benefit that approximates the Social Security benefit earned during federal service. It bridges the gap between FERS retirement and Social Security eligibility at age 62.
Who Qualifies
Eligible:
- Immediate retirement (MRA+30 or 60+20)
- Discontinued service retirement
- Certain early outs (VERA/VSIP)
Not Eligible:
- MRA+10 retirees
- Deferred retirees
- Disability retirees
How It's Calculated
Formula: FERS Supplement = Estimated Social Security × (FERS Years / 40)
Example:
- Estimated SS at 62: $2,000/month
- FERS years: 30
- Supplement: $2,000 × (30/40) = $1,500/month
Important Limitations
Earnings Test:
- Subject to Social Security earnings limit
- Reduced if you earn above limit (~$22,320 in 2024)
- $1 reduction for every $2 over limit
Duration:
- Ends at age 62 (when SS eligible)
- Not eligible for COLA
Survivor Benefits
Protecting your spouse with FERS survivor annuity.
Survivor Benefit Options
| Option | Survivor Receives | Cost to Annuity |
|---|---|---|
| Full | 50% of annuity | 10% reduction |
| Partial | 25% of annuity | 5% reduction |
| None | $0 | No reduction |
Important Rules
Spouse Consent Required:
- Spouse must consent in writing to less than full survivor benefit
- Notarized form required
When It Pays:
- Survivor annuity begins day after retiree's death
- Continues for survivor's lifetime
- Eligible for COLA (same as retiree)
Cost-Benefit Analysis
Example - $3,000 Monthly Annuity:
| Option | Your Annuity | Survivor Gets |
|---|---|---|
| Full | $2,700/mo | $1,350/mo |
| Partial | $2,850/mo | $675/mo |
| None | $3,000/mo | $0 |
Insurable Interest
Alternative Option:
- Can name someone with insurable interest
- Higher reduction (based on age difference)
- Used when no eligible spouse
COLA (Cost of Living Adjustments)
How your FERS annuity keeps up with inflation.
FERS COLA Rules
When COLA Begins:
- Age 62 for most FERS retirees
- Immediately for disability and survivor annuities
- Special provisions apply
COLA Formula (Different from CSRS)
| CPI-W Increase | FERS COLA |
|---|---|
| Up to 2% | Full amount |
| 2% to 3% | 2% |
| Over 3% | CPI-W minus 1% |
Example:
- CPI-W increase: 4%
- FERS COLA: 4% - 1% = 3%
COLA Impact Over Time
Starting annuity: $30,000
| Year | 2% COLA | 3% COLA |
|---|---|---|
| 5 | $33,122 | $34,778 |
| 10 | $36,570 | $40,317 |
| 15 | $40,378 | $46,739 |
| 20 | $44,578 | $54,183 |
| 25 | $49,218 | $62,818 |
Diet COLA Problem
FERS receives smaller COLAs than CSRS, causing purchasing power erosion over long retirements. Consider:
- TSP investments for inflation hedge
- Part-time work in early retirement
- Delaying Social Security to age 70
TSP and Total Retirement Income
Combining FERS with TSP for complete retirement picture.
The Three-Legged Stool
| Component | Typical % of Retirement Income |
|---|---|
| FERS Annuity | 25-40% |
| Social Security | 25-40% |
| TSP/Savings | 20-40% |
TSP Contribution Limits (2024)
| Type | Limit |
|---|---|
| Regular contributions | $23,000 |
| Catch-up (50+) | $7,500 |
| Total possible | $30,500 |
Agency Matching
Automatic 1%:
- Contributed regardless of your contribution
Matching:
- First 3%: dollar-for-dollar match
- Next 2%: 50 cents per dollar
- Total possible: 5% match
Minimum to maximize match: 5%
TSP Withdrawal Strategies
4% Rule:
- Withdraw 4% annually for sustainable income
- $500,000 TSP = $20,000/year = $1,667/month
Combining Income Sources:
| Source | Monthly |
|---|---|
| FERS Annuity | $2,500 |
| Social Security | $2,000 |
| TSP (4% rule on $400k) | $1,333 |
| Total | $5,833 |
Pro Tips
- 💡Maximize your high-3 by working toward promotions in your final years.
- 💡Consider working until 62 with 20 years for the 1.1% multiplier.
- 💡Contribute at least 5% to TSP to get full agency matching.
- 💡Buy back military time early to minimize interest costs.
- 💡The FERS supplement is subject to earnings limits if you work.
- 💡Consider delaying Social Security to 70 for maximum benefits.
- 💡Full survivor benefit costs 10% but protects your spouse for life.
- 💡FERS COLA starts at 62 - factor this into early retirement planning.
- 💡Keep TSP funds invested for continued tax-deferred growth.
- 💡Check your service computation date (SCD) for accuracy.
- 💡MRA+10 reduction is permanent - consider waiting until 62.
- 💡Use OPM's retirement calculator for official estimates.
Frequently Asked Questions
The high-3 is the average of your highest basic pay over any 3 consecutive years of federal service. It typically includes your base salary plus locality pay. For most employees, this is their final 3 years, but it could be any 3-year period. Overtime, bonuses, and most allowances don't count toward high-3.
