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Federal Pension Formula:
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The Federal Pension Retirement Calculator estimates the annual annuity for federal employees based on years of service and high-3 average salary. This calculation is essential for retirement planning for government employees.
The calculator uses the federal pension formula:
Where:
Explanation: The formula calculates the annual retirement benefit by multiplying 1% of the high-3 average salary by the total years of federal service.
Details: Accurate pension estimation helps federal employees plan for retirement, understand their expected income, and make informed decisions about retirement timing and financial planning.
Tips: Enter years of service (including partial years as decimals) and high-3 average salary in USD. Both values must be positive numbers.
Q1: What is the high-3 average salary?
A: The high-3 average salary is the average of your highest 3 consecutive years of basic pay during your federal service.
Q2: Are there different multipliers for different retirement systems?
A: Yes, some special categories (like law enforcement or air traffic controllers) may use 1.7% instead of 1% for certain years of service.
Q3: How are partial years of service calculated?
A: Partial years are calculated proportionally. For example, 6 months of service would count as 0.5 years in the calculation.
Q4: Does this include other retirement benefits?
A: This calculation shows the basic annuity only. It does not include Social Security, TSP, or other retirement benefits.
Q5: When can federal employees retire?
A: Retirement eligibility depends on age and years of service. Common combinations include age 62 with 5 years, age 60 with 20 years, or MRA (Minimum Retirement Age) with 30 years.