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By Reg Jones

Penalty for early retirement?

February 16th, 2012 | Reductions in force

Q: My activity is offering VSIP/VERA. I am 56 and have 22 years in service under FERS. Do I get the 5-percent penalty if I accept the offer? Am I allowed to withdraw monthly on my TSP? Can I receive the Social Security supplement?

A: You won’t be penalized for being under age 62 if you are approved for early retirement. And, because you were born between 1953 and 1964, you’ll be eligible to receive the special retirement supplement.

Tags: Early retirement, FERS

FedLine Home | Permalink | February 16th, 2012

Comments

Eagle25 Says:
February 16th, 2012 at 6:38 pm
Be forewarned: I’m 56 and retired 12/31/11 due to a Govt reorg. On 2/16/11, I was told by OPM that I will start receiving my first partial monthly check in the whopping amount of $159.00 beginning within the next 2 weeks. When I asked about the social security supplement due to my age, they said I won’t receive it until they finalize the full retirement payments which will be in about 9 months. 9 Months! I could live on the partial with the supplement included until OPM got it caught up but not on the $159 a month! So if you don’t have a whole year’s worth of money stashed away, plan on living in poverty. I had 27 years in Federal Govt. and this is unacceptable.