Q: I am 54 with 21 years of combined military and federal service. I fall under the CSRS plan. The highest paygrade I have had is GS-7. How do I figure out my pay for retirement, what is the formula? I would like to get a general idea of how much my pay would be at this point and time if I could retire.
A: For CSRS employees, the formula is:
0.015 x your high-3 x 5 years of service, plus
0.0175 x your high-3 x 5 years of service, plus
0.02 x your high-3 x all remaining years and full months of service
You can either get out a pencil and paper and do the arithmetic or go to www.FEDbens.us and use the handy software you’ll find there.