Q. I am 56 now. Can I take early FERS retirement now because of bad health? My wife works and I haven’t worked in 4-5 years.
A: Early retirement for a former employee isn’t an option. Depending on your years of service, you could apply for a deferred retirement at age 62 with five years of service or 60 with 20. You could also apply for a deferred retirement at your minimum retirement age with as few as 10 years of service; however, your annuity would be reduced by 5 percent for every year you were under age 62.