Q. I am an attorney for the government under FERS. I plan to retire in 2014 with 30 years of service at age 58. My high-3 is $150,000 a year. When I ran the numbers through the FERS calculator, it stated that my special retirement supplement would only be $108 a month. My only income will be my FERS annuity, and I plan to buy the Thrift Savings Plan annuity. Is this correct? I thought my SRS would be around $1,200 a month. My Social Security Administration statement states that age 62, my Social Security benefit will be approximately $1,800 a month.
A. To get the approximate dollar value of the special retirement supplement, I suggest you use the following formula:
Take your estimated Social Security benefit at age 62, multiply it by your total years of FERS service, rounded to the nearest whole year, and divide the product by 40.
Using your numbers, the rough estimate of your SRS would be $1,350.