Q. I’m 44 with 16 years in a covered federal law enforcement position plus three military years (which I haven’t bought back yet). How soon can I retire? When I reach 20 years in service, I’ll be only 48, or do I have to wait to reach 50? Could I retire then, and if so, what would I be leaving on the table?
A. The earliest you could retire on an immediate annuity is age 50. The amount you receive would be based on the enhanced formula for law enforcement officers, which would equal 34 percent of your high-3. You would also receive the special retirement supplement, which approximates the amount of Social Security benefit you earned while a FERS employee. Because you wouldn’t have reached your minimum retirement age, you could earn as much as you like outside the federal government without it affecting your SRS. However, when you reached your MRA, 57, the SRS would be reduced by $2 for every $3 you earned above the Social Security annual limit.
