The FERS pension calculator is a tool used by the Department of Veterans Affairs (VA) to calculate an estimate of an individual’s FERS pension benefits. The calculator takes into account an individual’s years of service, salary history, and other factors to estimate their pension benefit.
The FERS pension calculator can be found on the VA’s website.
Fers Retirement before 62
If you are a veteran who is eligible for both Social Security and Veterans Affairs (VA) benefits, you may be wondering whether you should take your benefits from one program or the other first. The answer depends on several factors, including when you want to start receiving benefits and how much income you need in retirement.
If you start receiving benefits from one program before you are eligible for the other, you may be able to switch to the other program later and receive a higher benefit. For example, you can receive reduced Social Security benefits as early as age 62, but you won’t be eligible for reduced VA benefits until age 65. If you start receiving Social Security benefits at 62 and then switch to VA benefits at 65, your VA benefits will be increased to make up for the lower Social Security benefits you received earlier.
On the other hand, if you wait until you are eligible for both programs before you start receiving benefits, you may be better off taking the higher benefit from one program and the lower benefit from the other. For example, if you start receiving Social Security benefits at 67, you will receive a higher benefit than if you had started receiving benefits at 62. However, if you start receiving VA benefits at 65, you will receive a higher benefit than if you had waited until 67 to start receiving VA benefits.
The best way to decide when to start receiving benefits from each program is to compare the number of benefits you would receive at different ages. You can use the Social Security Administration’s benefits calculator and the VA’s benefits calculator to compare the number of benefits you would receive from each program at different ages.
Once you have decided when to start receiving benefits from each program, you will need to decide how to receive your benefits. You can receive benefits from both programs at the same time, or you can choose to receive benefits from one program first and then switch to the other program later.
If you decide to receive benefits from both programs at the same time, you will need to decide how to allocate your benefits between the two programs. You can choose to receive a certain percentage of your benefits from each program, or you can choose to receive a certain amount of benefits from each program.
If you decide to receive benefits from one program first and then switch to the other program later, you will need to decide when to switch. You can switch at any time, but you may want to wait until you reach retirement age or until you have a change in your financial situation.
How to calculate your high 3 for federal retirement
Unfortunately, there is no definitive answer to this question since it varies depending on individual circumstances. However, as a general guide, you can multiply your years of service by your highest average salary over 3 years.
For example, if you have worked for the federal government for 20 years and your highest average salary over 3 years is $50,000, your high-3 would be $1,000,000.
Keep in mind that this is just a general guide and your specific situation may be different. If you have any questions, it’s best to speak to a financial advisor or retirement specialist.
How do I request a federal retirement estimate?
The Office of Personnel Management (OPM) provides a FERS Pension Calculator on its website that can give you an estimate of your retirement benefits. You can also contact OPM’s Retirement Information Office to request a benefits estimate.
To use the retirement calculator:
- Go to the OPM website: https://www.opm.gov/
- Under the “Retirement” heading, click on the “Calculators” link.
- On the “Calculators” page, scroll down to the “Federal Employees Retirement System (FERS)” section and click on the “FERS Retirement Estimate Calculator” link.
- On the “FERS Retirement Estimate Calculator” page, enter your personal information and service history.
- Click on the “Calculate” button to see your estimate.