Q. I am 56 and trying to decide whether to retire. I have 30 years of service. I am under the FERS retirement system. I was told if I retire my FERS retirement annuity will not receive COLAs or increase until I am 62. Is this true? I know the FERS supplement does not receive COLAs. I was expecting to receive COLAs, otherwise I will continue to work until 62. FERS retirement is not looking so good afterall.
A. Yes, it’s true. You won’t receive any COLAs on your annuity until you reach 62. That’s the law.