Q. If I retire at age 62 with 16 years’ service, will I take any type of cut to my FERS pension?
A. No. Anyone who retires at age 62 or later with at least five years of service won’t be penalized. However, since you have fewer than 20 years of service, your annuity will be computed using the standard formula: 0.01 x your high-3 x your years and full months of service. If you had 20 or more years, the first multiplier would be increased to 0.011.