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FERS Retirement Income Formula:
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The FERS (Federal Employees Retirement System) retirement income consists of an annuity and supplement that provide financial security for federal employees after retirement. This calculation helps estimate total retirement income from these two components.
The calculator uses the FERS retirement income formula:
Where:
Explanation: The formula simply adds the annuity and supplement amounts to calculate the total retirement income under the FERS system.
Details: Accurate retirement income calculation is crucial for federal employees to plan their post-retirement finances, budget effectively, and ensure financial stability during retirement years.
Tips: Enter the annuity amount and supplement amount in USD. Both values must be valid non-negative numbers to calculate the total retirement income.
Q1: What is included in the FERS annuity?
A: The FERS annuity is based on your years of service and high-3 average salary, calculated using a specific formula that varies by retirement age and service duration.
Q2: Who qualifies for the special retirement supplement?
A: The special retirement supplement is designed for FERS employees who retire before age 62 and is meant to bridge the gap until Social Security benefits begin.
Q3: How is the supplement amount determined?
A: The supplement is calculated as if you were age 62 and eligible for Social Security benefits, based on your FERS service and earnings history.
Q4: Are there any reductions to the supplement?
A: Yes, the supplement may be reduced if you have earnings from wages or self-employment above certain limits after retirement.
Q5: When does the supplement stop?
A: The special retirement supplement stops at age 62, when you become eligible for Social Security benefits.