Federal FERS Retirement Annuity Calculator
Use this calculator to estimate your basic FERS (Federal Employees Retirement System) annuity. This calculation is based on your years of creditable service, your "High-3" average salary, and your age at retirement. It does not include Social Security benefits, TSP withdrawals, or survivor benefit reductions.
Enter your total years of creditable federal service.
Your highest average basic pay earned during any 3 consecutive years of service.
Your age when you plan to retire from federal service.
Understanding Your FERS Retirement Annuity
The Federal Employees Retirement System (FERS) is a three-tiered retirement plan that includes a Basic Benefit Plan (annuity), Social Security, and the Thrift Savings Plan (TSP). This calculator focuses specifically on the Basic Benefit Plan, often referred to as your FERS annuity.
Key Components of the FERS Annuity Calculation:
- Years of Creditable Service: This is the total number of years and months you have worked in federal service that count towards your retirement. Generally, this includes all periods of federal civilian service for which retirement deductions were withheld, as well as military service if a deposit was made.
- High-3 Average Salary: This is the highest average basic pay you earned during any 3 consecutive years of service. These three years do not have to be your last three years of service, but they typically are. Basic pay includes your salary, but generally excludes overtime, bonuses, and allowances.
- Multiplier: The multiplier is a percentage applied to your High-3 average salary and years of service.
- For most FERS employees, the multiplier is 1% (0.01).
- However, if you retire at age 62 or older AND have at least 20 years of creditable service, the multiplier increases to 1.1% (0.011). This can significantly boost your annuity.
The Basic FERS Annuity Formula:
The formula for your basic FERS annuity is straightforward:
Annual Annuity = High-3 Average Salary × Years of Creditable Service × Multiplier
Example Calculation:
Let's consider a federal employee with the following details:
- Years of Creditable Service: 30 years
- High-3 Average Salary: $85,000
- Age at Retirement: 62 years old
Since this employee is 62 years old and has 30 years of service (more than 20), they qualify for the 1.1% multiplier.
Annual Annuity = $85,000 × 30 × 0.011 = $28,050
Monthly Annuity = $28,050 / 12 = $2,337.50
If the same employee retired at age 60 with 30 years of service, the multiplier would be 1%:
Annual Annuity = $85,000 × 30 × 0.01 = $25,500
Monthly Annuity = $25,500 / 12 = $2,125.00
Important Considerations:
- Social Security Supplement: If you retire under FERS before age 62 and meet certain criteria (e.g., MRA+10), you may be eligible for a FERS Annuity Supplement until you reach age 62. This calculator does not include that supplement.
- Thrift Savings Plan (TSP): Your TSP is a separate retirement savings plan similar to a 401(k). This calculator does not account for your TSP balance or withdrawals.
- Survivor Benefits: If you elect to provide a survivor annuity for your spouse or other eligible individual, your basic annuity will be reduced. This calculator provides the gross annuity before such reductions.
- Cost of Living Adjustments (COLAs): FERS annuities are subject to annual COLAs, which typically begin the year after you retire. This calculator provides your initial annuity amount.
- Minimum Retirement Age (MRA): Your MRA depends on your birth year. You must meet both age and service requirements for immediate, unreduced retirement.
This calculator provides an estimate for planning purposes. For precise figures, always consult with a benefits specialist from your agency or the Office of Personnel Management (OPM).