If you have 10 or more years of service, you can retire at the Minimum Retirement Age (MRA).
Normally, a federal employee is eligible to retire from federal service when:
- The employee has at least 30 years of service and is at least age 55 under the Civil Service Retirement System, or age 56 under the Federal Employees Retirement System;
- Has at least 20 years of service and is at least age 60; or
- Has at least five years of service and is at least age 62.
However, there are exceptions...
The Office of Personnel Management may allow agencies to temporarily lower the age and service requirements in order to increase the number of employees who are eligible for retirement, thus encouraging more voluntary separations via early retirement.
Under this type of retirement, your annuity will be reduced for each month that you are under age 62. The reduction is 5% per year (5/12 of a percent per month). However, your annuity will not be reduced if you completed at least 30 years of service, or if you completed at least 20 years of service and your annuity begins when you reach age 60.
You can reduce or eliminate this age reduction if you choose to have your annuity begin at a date later than your Minimum Retirement Age. You can choose any beginning date between your MRA and 2 days before your 62nd birthday.
Determine Your MRA
| If your year of birth is… | Your Minimum Retirement Age is… |
|---|---|
| Before 1948 | 55 years |
| 1948 | 55 years, 2 months |
| 1949 | 55 years, 4 months |
| 1950 | 55 years, 6 months |
| 1951 | 55 years, 8 months |
| 1952 | 55 years, 10 months |
| 1953 to 1964 | 56 years |
| 1965 | 56 years, 2 months |
| 1966 | 56 years, 4 months |
| 1967 | 56 years, 6 months |
| 1968 | 56 years, 8 months |
| 1969 | 56 years, 10 months |
| After 1969 | 57 years |
Early Optional Retirement
If your agency undergoes a major reorganization, reduction in force, or transfer of function, and a significant percentage of the employees will be separated, or will be reduced in pay, the head of your agency can ask the U.S. Office of Personnel Management (OPM) to permit early optional retirement for eligible employees. If your agency gets approval to permit early optional retirements, eligible employees will be notified of the opportunity to retire voluntarily.
Health Insurance Implications
Keep in mind there are early retirement options with health insurance implications.
Upcoming Tele-Seminars
Thursday, November 21st
Noon – 12:45 p.m.
Thursday, December 5th
Noon – 12:45 p.m.
Thursday, December 12th
Noon – 12:45 p.m.
Order your custom retirement report
Our free “14-page report” will illustrate your stand-alone & combined Pension, Social Security and TSP options & other income for any age & time you select.