Browsing: Deferred retirement

Q. I am 61 and will be 62 in September. I would like to retire at age 62. I have eight years of federal civilian service and bought back three years and eight months of military service. I know I cannot retire until I am 62. Due to a current civil legal action that I have, I would like to resign my position within the next 30 to 60 days. This would mean a deferred annuity with a retirement date of Sept. 30. My boss is looking to suspend me from duty without pay due to this situation pending the final results of…

Q. I have 14 years of federal service and resigned in July 2011 to enter the private sector. When I resigned, I was 52 and under FERS. When can I apply for my deferred annuity, and do I have the option of taking it earlier than age 62? I also understand that if I elected to take it earlier than 62, I would be penalized 5 percent per year based on what age I elect to take it (starting at 56).

Q. I was given a directed reassignment from Washington, D.C., to St. Louis, to be effective this July. At that time, I will have the age and 29 years and eight months of service (CSRS), four months shy of 30 years of service in a quasi-government agency. If I refuse the directed reassignment (paid for by the government) what penalties would be applied to my retirement, if any? There is a catch: If I accept the directed reassignment, I will not be allowed to retire for two years from the effective date of the reassignment. If I accept and retire before the two-year period, I will…

Q. I’m a federal employee now, but I will leave my job and move to another state. I’ll be 60 years old in November. By the time I leave, I will have worked in my present job for five years and six months. Also, I’ve worked at the Federal Reserve for 6 months as a government federal employee. My retirement is under FERS. Can the months I worked at the Federal Reserve be counted or combined to add to my five years and six months as a federal government employee? If it is, it will be six years of federal…

Q. I had 32 years in civil service and resigned at the age of 52. I left my retirement in place to file at a latter date. I am 61. When can I file for my CSRS retirement? I was told when I resigned by human resources I had to be 62. Is this true, or can I file and get retirement at age 61?

Q. I am 50, have 20 years under FERS and am thinking of retiring in six years when I reach my MRA of 56. If I do this, will I get health insurance coverage right away? Also, can I retire at 56 but delay retirement payments until 60 (or is it 62?) so I can avoid the 5 percent-per-year reduction in the payout? My main concern is keeping health insurance in place as soon as I retire at 56 — I can afford to delay the payout.

Q. I have read several of your responses to MRA+10 retirement questions about how to avoid a reduced annuity by postponing benefits. In some responses, you have given the age of 60 and in others the age of 62 even though they all had over 20 years of service. So I am confused. If I retire at the age of 56 with 25 years of federal service, can I collect unreduced benefits at the age of 60, or do I have to wait until age 62?

Q. I will have been a federal employee for five years on Aug. 31. I will be 61 years old. I would like to leave federal service effective on that date. Will I be entitled to a pension? If so, how do I determine the amount. What is the financial impact if I wait to retire until August 2014 when I am 62?

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