age for retirement benefits
If you leave Federal service before you meet the age and service requirements for an immediate retirement benefit, you may be eligible for deferred retirement benefits. To be eligible, you must have completed at least 5 years of creditable civilian service. In 2003, it was $890. Workers can start collecting Social Security retirement funds when they turn 62. However, this is the early retirement age -- the full retirement age depends on when you were born. For instance, if you were born between 1943 and 1954, you receive full benefits if you retire at age 66. If you were born in 1960 or later, your full retirement age is 67. Drawing benefits at 62 results in an approximate 20 percent reduction in benefits received. The benefits are permanently reduced -- that is, they won't go back up once you reach your full retirement age. While you're working, your future benefit amount increases the closer you get to full retirement age. If you retire at the MRA with at least 10, but less than 30 years of service, your benefit will be reduced by 5 percent a year for each year you are under 62, unless you have 20 years of service and your benefit starts when you reach age 60 or later. Your Reduced Early Retirement Benefit is determined on your base amount. There is a reduction based on your age at your effective date. Your benefit amount will be reduced by 6.67% for each year or partial year you are under the age of 65 at your effective date. You must have become disabled, while employed in a position subject to FERS, because of a disease or injury, for useful and efficient service in your current position. The disability must be expected to last at least one year. Reduced Early Retirement Benefit at Age 62, 63, or 64 Reduced Early Retirement Benefit at Age 60 or 61. An Early Retirement Benefit is available to an eligible participant who is between the ages of 60 and 64. There are two kinds of Early Retirement Benefits: Early Retirement and Reduced Early Retirement. The kind of Early Retirement Benefit a participant is eligible for depends on age, effective date and the number of years a participant has been out of covered employment. FERS Information Eligibility. Eligibility is determined by your age and number of years of creditable service. In some cases, you must have reached the Minimum Retirement Age (MRA) to receive retirement benefits. Use the following chart to figure your Minimum Retirement Age. The more years you have until retirement, the less you will have to save each month to reach your goal. No matter your age, for every 10 years you delay starting to save for retirement, you need to save 3 times as much each month to catch up. Early Retirement Benefit: A participant is eligible to receive an Early Retirement Benefit, when they meet the following requirements: 1  The participant is vested, and. 2  The participant age 62, 63 or 64, and.  The participant is retired from the electrical industry, and.
65