Can I retire at MRA 56 without losing too much benefits

[enano]

I am a Fed civilian employee, age 56 and thinking about retiring at 56. I've read that I could loose about 30% of montly earning. Does anyone have any specifics about the whole picture; TSP and social security??
Any info would be appreciated...

 

[freebird5825]

This site may be useful.
Retirement Eligibility

Click on either CSRS or FERS and it will take you to tables with the basic requirements.

 

[jdw_fire]

I am a Fed civilian employee, age 56 and thinking about retiring at 56. I've read that I could loose about 30% of montly earning. Does anyone have any specifics about the whole picture; TSP and social security??
Any info would be appreciated...

i would be happy to help you through it but i will need specifics: years of service, average high 3 salary, TSP balance, projected SS, other assets and income streams.

 

[patster67]

I'm interested in the answer as well, also a fed civilian employee, can retire at 56 and 6 months. I don't think I can touch my TSP until 59.5 years but the annuity will come the month after retirement. I'm still 13 years away, and with so many unknowns, I'm not sure I can do it but I'm gonna try!

 

[enano]

Can I retire at 56 without loosing too much benefits....

i would be happy to help you through it but i will need specifics: years of service, average high 3 salary, TSP balance, projected SS, other assets and income streams.

Thanks,
I am almost 52 and have worked for 10 years. High 3 would be 85K,Projected SS at 62 is $1,240.00 and about 110K in TSP now.
Projected at 66 SS is 1940.00(If I can make to that age ehh)
What are your thoughs....

 

[patster67]

enano - hope you can get out before they make it a high 5!!!

 

[jdw_fire]

Thanks,
I am almost 52 and have worked for 10 years. High 3 would be 85K,Projected SS at 62 is $1,240.00 and about 110K in TSP now.
Projected at 66 SS is 1940.00(If I can make to that age ehh)
What are your thoughs....

at age 56 you will have 14 years of service. with a high 3 of $85k you will get $85k/yr*14 yrs*1%/yr*70%(penalty due to using the MRA+10 rule for retirement)= $8330/yr from FERS, and there will be no diet-COLAs till you reach 62 yo if i remember correctly

if you wait till 62 you will have 20 years of service. with the same high 3 of $85k you will get $85k/yr*20 yrs*1.1%/yr= $18,700/yr from FERS

is that what you wanted to know?