However you are counting down the days, the biggest question at this time is, “Are you eligible to retire in one year?” Below are the requirements that must be met to be eligible for each respective retirement.
| AGE | Years of Service |
|---|---|
| 62 | 5 |
| 60 | 20 |
| MRA* | 30 |
- MRA – Minimum Retirement Age
- Under CSRS = 55
- Under FERS it is determined by your birth year
- Born in/after 1970 your MRA is 57
- Born 1953-1964 MRA is 56
| AGE | Years of Service |
|---|---|
| 50 | 20 |
| Any Age | 25 |
- Early retirement is only available in certain cases
- Usually offered during major reorganization or reduction in force
| Age | Years of Service |
|---|---|
| 62 | 5 |
| MRA | 30 |
| MRA | 10 |
- You have the option to leave federal service before you meet the age/service requirements and defer payment until they are met.
- MRA with 10 but not 30 years will result in a reduced benefit for each year under 62, unless you have 20 years of service when you reach age
Your next steps include gathering information about the benefits to which you may also be eligible for such as:
- Thrift Savings Plan payment options
- Other entitlements based on employment
- Foreign Service
- Social Security
- Pensions from private industry
- Individual Retirement Accounts (IRA).
Once you have that information you will want to also
- Ensure that your beneficiary forms are up to date
- Check your life insurance elections
- Elect survivor benefits
- Begin the process of buying back your military time (post 1956)
Where can you find this information/Get help breaking it all down?
https://www.opm.gov/retirement-services/csrs-information/planning-and-applying/#url=One-Year-Away