OPM Retirement

FERS Retirement Calculator

Federal Employees’ Retirement System—FERS is the retirement system for federal employees. All federal employees can be retired through the FERS but must become eligible.

Generally, a federal employee who’s aged 62 with 5 years of service or 60 with 20 years of service can get FERS benefits. In addition to that, those minimum retirement ages of 30 can be retired with 10 years of service but with reduced benefits.

The FERS benefits a federal employee will get depends on the highest average pay. It’s mostly calculated based on 1% of high 3 average pay and multiplied by years of service. So, the longer you work for the federal government, the higher your FERS benefits is likely to be.

How do FERS contributions work?

A federal employee can contribute up to 11% of basic pay to a Thrift Savings Plan. The federal government adds automatically 1% of the basic pay to the federal employee’s account.

If a federal employee leaves service he or she can withdraw their retirement contributions. The federal employee can also wait until the retirement age to apply for retirement annuity if qualified. So, you can get your contributions back if you decide not to be a part of FERS anymore.

What’s recommended is that if you’re eligible to receive full benefits, wait it out. If not, it may the best to withdraw your contributions.

Federal Employees’ Retirement System Calculator

Start calculating FERS below. Enter your coverage type, years of service, current basic pay, covered years, retirement age, years in retirement, and the replacement rate.

How to calculate the replacement rate?

The replacement rate refers to the portion of your pre-retirement income that’s going t be replaced with retirement income. For example, if you’re earning $50,000 annually and you want your combined retirement income stream to be $30,000, your replacement rate is 60%. Make the math for yourself and enter the correct replacement rate on the FERS retirement calculator.

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