Ask The Experts: Retirement

By Reg Jones

FERS-FICA

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Q. I am 65 years old, have 30 years continuous military service and am retired, so I know I will get Social Security next year if I choose. However, I also now have 10 years continuous civilian federal service. My SF-50 indicates FERS-FICA. I am in a full-time indefinite status but have been a GS for three straight years and in NSPS status for two years following that. There have been no breaks in service. I also contribute 7 percent to TSP. If I retire from federal service next year, what, if any, are the retirements benefits under FERS-FICA excluding TSP?

A. Since you are at least 62 years old and have at least five years of civilian service, you can retire any time you want to and receive an unreduced annuity. That annuity would be calculated using the standard formula: 0.01 x your high-3 x all years and full months of service. If you were to apply for a Social Security benefit before reaching your full retirement age, it would be a few percentage points lower than it would be if you waited until you were 66.

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