Q: I became fully eligible for Social Security at 66. I am now 67 and will work until I am 68. For each year, limited to five years, Social Security will increase the benefit by 8 percent a year if drawing Social Security is deferred. Is there a similar provision for Federal Employees Retirement System retirement?
A: No. However, a FERS employee who attains age 62 and retires with at least 20 years of service will have the first number in his annuity formula increased from 0.01 to 0.011. The new formula would then be 0.011 x high-3 x years and full months of service.