FERS Supplement Calculator
FERS Annuity Supplement Calculator
The FERS annuity supplement calculator is a valuable tool designed to assist federal employees in estimating their potential Special Retirement Supplement (SRS). This supplement, a unique benefit for FERS employees who retire before age 62, bridges the income gap until they become eligible for Social Security benefits. By inputting relevant information, such as years of service and estimated Social Security benefit, users can gain a clearer understanding of their projected retirement income. While this calculator provides a helpful estimate, it’s important to note that the actual SRS amount may vary based on individual circumstances and official calculations by the Office of Personnel Management (OPM).
FERS Annuity Supplement Calculator
Please note this is an estimate. Actual SRS may vary.
Knowledge is Confidence!
How to use the FERS Social Security Supplement Calculator
To project the supplement amount, enter the following information:
Years of Service
Only enter your current years of service. You can add months with decimal points. For example, 20 years and 6 months = 20.5 years
Estimated Social Security
The project monthly benefit for your Social Security at Age 62 when you retire.
What is the FERS Supplement
The FERS supplement is designed to fill the gap between retirement and the age at which federal retirees can start receiving Social Security benefits. Essentially, if you retire before age 62, the supplement will be paid to you until you reach that age, acting as a bridge to your Social Security benefits. The supplement is calculated based on your years of FERS service and aims to approximate the Social Security benefit you earned while working as a federal employee under FERS.
What are the key features of the FERS annuity supplement?
One of the key features of the FERS annuity supplement is that it is provided to eligible retirees in addition to their basic FERS annuity. The supplement is calculated using a formula that considers your years of service and estimated Social Security earnings at age 62. Another important feature is that the supplement could be reduced if your earnings from post-retirement employment (earned income) exceed certain limits, identical to Social Security’s earnings limits. It’s important to understand these features to ensure you maximize your retirement benefit.
What are the eligibility requirements for the FERS annuity supplement?
To be eligible for the FERS annuity supplement, you must meet specific conditions. The eligibility criteria are stringent to ensure that only those who have dedicated substantial years of service qualify for the supplement. Ensuring that you meet these eligibility requirements is the first step in securing the FERS supplement.
To be eligible for the FERS Special Retirement Supplement, federal employees must meet the following criteria:
- Retire with an Immediate Retirement, which means MRA with over 30 years of service or Age 60 with at least 20 years of service.
- MRA+10 is not eligible
- For Special Provision Employees
- Any age with 25 years of service OR
- Age 50 with over 20 years of service retirement
- Early Retirement with VERA or VSIP (starting after you reach MRA)
Have a Conversation with a Fed-Expert
Financial Planning for Federal Employees is unique. Not only do you need to understand aspects of retirement planning relevant to all retirees, advisors need to understand how Federal Benefits would affect your plan at retirement, but 5, 10, or 30 years after retirement. Meet with a financial advisor for federal employees will ensure that you are talking to the right professional and getting better advice.
FERS Social Security Supplement
We assist federal employees and service members in managing their retirement savings and are financial advisors for federal employees. We assist in professional education in navigating the various retirement topics such as the FERS Special Retirement Supplement, FERS Supplement Calculation and more. Find out how we can help you and your agency in retirement planning and education.
Social Security Supplement FERS Calculator
Should you retire prior to 62 to get the supplement? The FERS supplement ends at 62 so is that really your best choice? Speak with an financial advisor that knows federal benefits so we can help you plan. You can learn more about this decision from our article below.
FERS Supplement Workshops - FERS Webinars
Sign up today for our Federal Retirement Seminar here. Interested in having PlanWell host a FERS seminar for your agency? Reach out, and we can coordinate with your agency’s HR to have an on-site federal retirement seminar. PlanWell can do a FERS seminar or CSRS seminar.
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Secure your financial future with the expertise of a Financial Advisor for government employees near you. Choose PlanWell Financial Planning and benefit from our experienced TSP retirement planning specialists. Choose a TSP expert for federal employees. Contact us today to embark on your journey toward a secure and prosperous future.
Financial Planner for Federal Employees Near Me
Plan your federal retirement with the expertise of a TSP Financial Planner near you. Choose PlanWell Financial Planning to sit with a Financial Planner for federal employees and benefit from our experienced ChFEBC team. Contact us today to receive your personalized FERS estimate.
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When you are left wondering how to plan for retirement, PlanWell Financial Planning can guide you every step of the way. From establishing goals to implementing strategy and mitigating risk, we will make sure that your retirement plans are taken care of. To reach us, you can fill out our online form here, call, or email for any of your retirement planning needs. We’d love to help.
