Q. I plan on retiring in 1½ years. I will be 56 and have 23 years federal service. I bought back my three years of military time, but I understand that I will not be able to use that unless I do 30 years. I am FERS and was born in 1958, so my minimum retirement age is 56. Will I be able to retire at 56 with 23 years of federal service?
A. You could retire under the MRA+10 provision. However, your annuity would be reduced by 5 percent for every year (5/12 percent per month) that you were under age 62. To avoid the age penalty, you could retire and postpone the receipt of your annuity to a later date. Note: Regardless of when you retire, you will receive credit for those years of active-duty service for which you made a deposit in determining your length of service and in your annuity computation.