Ask The Experts: Retirement

By Reg Jones

1.1 percent calculation at 62

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Q. When do you get the 1.1 percent calculation? I will turn 62 in January 2016. If I retire in February of that year, would I get the 1.1 percent, or would I have to finish out that year?

A. To have the higher multiplier used to calculate your FERS annuity, you must be at least age 62 and have 20 years or more of service. It doesn’t matter what time of year you reach the 62/20 combination.

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