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Return to Article: Retirement Estimate: The Details

• 25303
  

  I heard that there is a shortcut way to figure out how much you get for the CSRS. The formula goes something like this, and is very accurate to within a few dollars.

  Total number of years: Example 30 years service -2 years = 28 years x 2 = 56 years. So you take the number (56)% percent of your gross pay for the month x 12 months, is what your total gross pay for the years is, then you divide that number by 12, is what your monthly gross will be, then you subtract for taxes, health, medical, etc. Hope this helps out the people for CSRS only. Let me know!!!!!

  Alika Posted June 11, 2007 2:08 AM
• 25256
  

  I will be eligible for retirement next year in July. I'm currently paying in for my military service for retirement. HRO has set a deduction thru payroll. Can this deduction be increase on my payroll or can a lump sum be submitted to payoff the remaining prior to retirement.

  Edward B. San Nicolas Posted June 9, 2007 9:44 AM
• 23750
  

  I saw the comments posted 5/11/07 for the CSRS offset employee questioning about Social Security Benefit being reduced if you take it before full retirement age of 66. I'm in that same boat and am very interested in your comments. Thanks Tammy! You are an invaluable asset to us govt. employees.

  Chris Guy Posted May 21, 2007 1:49 PM
• 23263
  

  The exact computation of the high-three average salary is located in chapter 50 of the CSRS and FERS Handbook (on the Office of Personnel Management's Web site). In that chapter you will find a table that converts months / days to a decimal by dividing the number of days by 360.

  If you look in the archive of my columns, you will find a column on CSRS offset. It is called "The Best of Both Worlds" and was written 4/14/06. You can get to this by clicking on the right of the column to the oldest article and then doing it again when you get to that one and keep up the process until you've "clicked" back to April 2006.

  Tammy Flanagan Posted May 14, 2007 10:25 AM
• 23225
  

  In reading over your discussion in "Step 1" regarding the high-3 computation process, it's not clear how, from your example, one derives a specific dollar value for a period of service. For the period of 4 months plus in your example, dating from the commencement of the current CY 2007 pay schedules, what is the specific process through which one would calculate the dollar vaue of this portion of the hypothetical employee's high-3 years of service? Presumably there's some sort of table that would provide the computational factors; if so, where is that located? Thanks.

  Tom Rowan Posted May 12, 2007 10:06 PM
• 23171
  

  How is that pension calculated for CSRS OFFSET? I'm told by Social Security that if I retire before full retirement age (66)they will reduce the Social Security portion of my retirement payment. How does that affect the CSRS portion of the payment?

  connie skelton Posted May 11, 2007 11:19 AM
• 23167
  

  Speaker Pelosi is proposing legislation that will convert COLAs to locality pay over a seven-year period for Federal employees working outside the continguous U.S. This has a positive impact on retirement benefits by raising the salary for the high-three calculation.

  Jonathan Lash Posted May 11, 2007 10:56 AM
• 23161
  

  Good Morning,

  A question if I may;

  I was under CSRS until 1986 when I took a year to work as a contractor to lean more about the equipment I was instructing at Redstone Arsenal, Al for TRADOC (Bradley Fighting Vehicle) before returning to Federal Service in the same job I left (I was gone less than a full year). When I came back I was told I could not go back to CSRS so opted to enter into FERS. My question is this: I have been told there is a third method of figuring retirement when an employee has been under both retirement systems, is this true and where can I find out more about this situation?

  Ken Moore Posted May 11, 2007 10:31 AM
• 23155
  

  My SCD date is 01/29/84. Could you please tell me what my retirement annuity would be if my retirement date was 30/01/08.

  Thank you.

  Christa Fucci Posted May 11, 2007 10:05 AM
• 23153
  

  Under the CSRS computation, when do you use 1.5 vs. 1.75 vs. 2%? Is it the first (oldest) or last (latest) five years for the 1.5 and 1.75? and then all the rest of your service at 2%? Sorry still confused.

  Robyn Becker Posted May 11, 2007 9:56 AM
• 23150
  

  Step one: In the example used would the high 3 years start with June 1, 2004? If not went would it have started?

  ron bowers Posted May 11, 2007 9:45 AM
• 23141
  

  I don't know if i can use this area to get clarification. I am CSRS. My high 3 is 60k, years of service will be 18yrs. at age 66. i calculated as follows:
  .015X60000X5 = 4500
  .0175X60000X5 = 5250
  .02X60000X13 = 15600
  Total 25350 is this annual pension?

  Gilbert soto Posted May 11, 2007 8:41 AM
• 23137
  

  Could you provide a similar breakdown for federal law enforcement officers ? I know a lot of LEO's don't know how their retirement benefit is calculated. Thanks.

  Sylvester Griffin Posted May 11, 2007 8:18 AM
• 23134
  

  Good series of articles about retirement. However, as an employee covered only by FERS from the outset with sufficient savings, I was able to take deferred early retirement. In this day and age, as I have seen many of my colleagues leave federal service early, knowing the rules on leaving early but deferring taking an annuity and rolling over your TSP is vital (re: keeping health insurance). I suggest one article on this topic.

  tom Posted May 11, 2007 7:42 AM
• 23128
  

  Great information -- thanks, Tammy. I attended one of your seminars at the FAA a couple of years ago. I learned a lot then. I'm a year out now -- retiring May 2008. Your articles are helping me learn even more as I near the conclusion of my government career. Again, my thanks. MB

  Mary Beth Ericsen Posted May 11, 2007 6:12 AM