That one’s simple- No. You certainly can, and I’m not trying to dissuade anyone from doing so, but the fact is that:

• You DON’T have to call HR and request the retirement booklet
• You DON’T have to call in to attend a counseling session where they probably won’t answer most of your questions
• You can download it off of the OPM.gov website, fill it out and send it in.

Or we can do that for you for no charge whatsoever.

At Commonwealth Strategy Advisors, we specialize in guiding Federal Employees and USPS workers through the complexities of retirement planning. Our services include personalized pension and benefit projections tailored to your unique situation. We assist with retirement paperwork to ensure you don’t miss any critical steps. Our strategic planning services for FERS retirement help you understand your options and optimize your benefits. With zero-cost assistance, we empower you to make informed decisions that pave the way for a secure financial future.

FERS (Federal Employees Retirement System) is the retirement program for most Federal employees. It includes three components:

• A basic FERS annuity (pension) based on your service years and High-3 salary
• The Special Retirement Supplement “SRS” (if you qualify)
• Social Security benefits
• The Thrift Savings Plan (TSP), a tax-advantaged retirement savings plan with employer matching contributions.

Your FERS annuity is calculated using this formula:
Multiply your High-3 Salary by the length of your FERS career and multiply by .01.

Example: Your annuity estimate says your High-3 Salary is $75,265, and you have 22 creditable years of service (CYS). Your annual annuity will be ($75,265 x 22) x .01, equaling $16,558 annually or about $1,380 monthly. If you retire at age 62 or later with 20 or more CYS, you would multiply by .011 to reflect the 10% bonus. This is why FERS employees between age 60 and 62 with 20+ creditable years of service may want to reconsider leaving before hitting that age 62 milestone. However, everyone’s situation is different.

When you retire, your TSP funds remain invested as they were while you worked. Fund allocations can be changed anytime through your TSP.gov account. Your options for accessing, or not accessing your account are as follows:

• Do nothing- You won’t be required to withdraw funds until your Required Minimum Distributions begin (this applies to both traditional and ROTH accounts).
• Set up systematic withdrawals.
• Take a partial or complete lump-sum distribution
• Take a life annuity
• Roll it into an IRA

Eligibility depends on your age and years of service:

• MRA (Minimum Retirement Age) + 10 years (reduced benefits).
• MRA + 30 years (full benefits).
• Age 60 + 20 years or Age 62 + 5 years (full benefits).
• For FERS Employees, your MRA is between 56 and 57, depending on your birth year.

• If you are retiring with full eligibility, you will retain your health benefits with no lapse in coverage. For those who retire under the Minimum Retirement Age (MRA) plus 10 provision, health and life insurance coverage is suspended until your annuity begins.
• You must be covered for health insurance at the time of retirement and
• You must have been continuously covered by FEHB, TRICARE, or the Civilian Health and Medical Program for Uniformed Services (CHAMPUS):
  • for five years immediately before retiring; or:
  • during all of your federal employment since your first opportunity to enroll

If you have 30 or more creditable years of service, knowing your MRA means knowing when you can retire with full benefits. What year were you born?

Birth Year:

• 1953-1964: 56
• 1965: 56 and 2 months
• 1966: 56 and 4 months
• 1967: 56 and 6 months
• 1968: 56 and 8 months
• 1969: 56 and 10 months
• In 1970 or later: 57