The Secret FERS Benefit-THE FERS SUPPLEMENT

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THE FERS SUPPLEMENT

The FERS supplement is a benefit that is relatively unknown. Congrats on being in the group that knows about it.

In a nutshell, the FERS supplement is meant to supplement one’s income between the time they retire and the time they turn 62(The age when they could technically start social security). But not all FERS are eligible for this supplement. You have to be eligible for an immediate retirement which means you must have:

-30 years of creditable service and have met your minimum retirement age
-or having at least 20 years of service and be at least 60 years of age

Assuming you’re eligible, that you’re ready and want to retire, and you’re not yet age 62, this is how you calculate it:
Divide your years of creditable service by 40, then multiply the answer by your age 62 SS benefits (Please take note that you can find your age 62 social security benefit at page 2 of SS statement)

((Years of Credit Service) / 40 ) X (You Age 66 SS Benefits)



To qualify for the benefits, it is not mandatory to start taking social security at age 62. This supplement will only last until age 62 no matter when you start drawing social security. For most FERS, it doesn’t make sense to start drawing social security at age 62 so you will want to have some way to provide for yourself between the time that this supplement stops and you start drawing social security.

For example, if Joe, a FERS Employee, was enjoying the FERS supplement but wasn’t planning to take social security until age 66. He’d have to have the funds/income to fill the 4 year gap.

Now, It doesn’t make sense for everyone to try to qualify for this benefit. It has to work for every other aspect of your plan. While you can find unlimited information online about your benefits, it is your responsibility to decide how to best take advantage of these benefits to help you reach your goals.