FERS Retirement Calculator

Estimate your total retirement income as a federal employee under the Federal Employees Retirement System (FERS). This calculator projects your income from all three FERS pillars: your FERS Basic Annuity (pension), Thrift Savings Plan (TSP) withdrawals, and Social Security benefits. See how your years of service, retirement age, and high-3 salary combine to determine your financial future.

This tool is for any federal civilian employee covered by FERS who wants a clear picture of their retirement outlook. Whether you're planning to retire soon or are decades away, understanding these numbers is the first step. For a broader view of your finances, compare these results with our general retirement calculator or see how your TSP contributions stack up with the TSP match calculator. Planning for Social Security is also key; use the Social Security calculator for a deeper dive.

The calculator provides a complete FERS retirement score based on your income replacement percentage. You will see a detailed breakdown of your monthly and annual income, the projected value of your TSP at retirement, and year-by-year charts showing how your income sources work together throughout your retirement.

Begin with the FERS Basic Annuity section. Enter your "High-3 Average Salary," which is the average of your highest 36 consecutive months of basic pay. Next, input your current "Years of Creditable Service" and the "Planned Retirement Age." Your "Current Age" helps the calculator determine how many more years you will work and contribute.

Move to the Thrift Savings Plan (TSP) section. Provide your "Current TSP Balance" from all funds (G, F, C, S, I, and L funds). Then, estimate your "Expected Annual Return" based on your investment allocation and risk tolerance. Finally, enter your planned "TSP Withdrawal Rate," which is the percentage of your TSP you plan to withdraw each year in retirement, similar to the 4% rule.

In the Social Security section, input your "Estimated Monthly SS Benefit" at your planned start age. You can find this estimate on your statement at SSA.gov. Then, enter the "SS Start Age" when you plan to begin receiving benefits. Use our Social Security break-even calculator to help decide on the right age.

For a more precise projection, open the Advanced Options. Here you can adjust your "Life Expectancy," the general "Inflation Rate," and the specific "FERS COLA Rate" you expect your pension to receive annually. Once all fields are complete, click the calculate button to see your detailed FERS retirement projection.

High-3 Average Salary

This is the foundational number for your FERS pension calculation. It represents the average of your highest 36 consecutive months of basic pay. It does not include overtime, bonuses, or other special pay. A higher high-3 salary directly translates to a larger FERS annuity.

Years of Creditable Service

This is the total number of years you have worked in a position covered by FERS. It can also include certain types of military service if you have made a deposit to "buy back" that time. Each year of service increases the size of your annuity, making it a critical factor in your retirement income.

Planned Retirement Age & Current Age

Your planned retirement age determines your eligibility for an immediate, unreduced pension and whether you qualify for the enhanced 1.1% annuity multiplier. Your current age is used to calculate your remaining years of service until retirement, which impacts your total service credit and the growth of your TSP balance.

Current TSP Balance

This is the total amount you currently have saved in your Thrift Savings Plan. It serves as the starting principal for projecting your future TSP growth. A larger starting balance provides a stronger foundation for investment returns to compound over time.

Expected Annual Return & TSP Withdrawal Rate

Your expected annual return is your best estimate of the average growth rate of your TSP investments. This will depend on your allocation across the G, F, C, S, and I funds. The TSP withdrawal rate is the percentage you plan to take out each year. A common starting point is 4%, but your personal rate may differ based on your needs and desire to preserve the principal. Our nest egg withdrawal calculator can help you test different rates.

Estimated Monthly SS Benefit & SS Start Age

Your Social Security benefit is the second pillar of your FERS retirement. Enter the monthly amount you expect to receive, which you can find on your official Social Security statement. The start age is critical, as claiming at 62 results in a reduced benefit compared to waiting until your full retirement age (typically 67) or age 70. Learn more about when to take Social Security.

FERS COLA Rate

The FERS Cost-of-Living Adjustment (COLA) is an annual increase to your pension designed to help it keep pace with inflation. It's important to note that FERS COLAs are often calculated differently than Social Security COLAs. This input allows you to model how your pension income may grow over a long retirement.

This calculator models your retirement income by projecting each of the three FERS pillars separately and then combining them into a comprehensive, year-by-year forecast.

First, it calculates your FERS Basic Annuity. It determines your total years of service at your planned retirement age. It then applies the appropriate FERS multiplier—1.0% for most retirements, or an enhanced 1.1% if you retire at age 62 or later with at least 20 years of service. It also calculates any applicable early retirement reductions if you plan to retire under the MRA+10 provision before age 62.

Second, it projects your TSP balance. It takes your current balance and grows it until your retirement age using your expected annual return. From retirement onward, it models annual withdrawals based on your chosen withdrawal rate and continues to apply investment returns to the remaining balance.

Third, it incorporates your Social Security benefit, adding that income stream starting at your selected age. The year-by-year projection then sums the income from these three sources, applies the FERS COLA to your annuity, and tracks your TSP balance over your entire retirement until your life expectancy.

The FERS Retirement Score is based on the income replacement percentage—the ratio of your total first-year retirement income to your high-3 salary. A higher percentage generally indicates a more financially secure retirement.

The calculator uses several key formulas to project your FERS retirement income.

FERS Annuity Formula

The basic formula for the annual FERS pension is:

FERS Annual Annuity = High-3 Salary x Total Years of Service x FERS Multiplier

The FERS Multiplier is determined by your age and service at retirement:

• 1.1% if retiring at age 62 or later with 20+ years of service.
• 1.0% for all other standard retirements.

Early Retirement Reduction Formula

If you retire under the MRA+10 rule (at your Minimum Retirement Age with 10-29 years of service), your annuity is reduced for every year you are under age 62.

Reduction Percentage = (62 - Retirement Age) x 5%

Reduced Annuity = FERS Annual Annuity x (1 - Reduction Percentage / 100)

TSP at Retirement Formula

Your TSP balance is projected to grow from your current age to your retirement age.

Years to Retirement = Retirement Age - Current Age

TSP at Retirement = Current TSP Balance x (1 + Expected Annual Return / 100) ^ Years to Retirement

Annual TSP Income Formula

Your initial income from the TSP is based on your withdrawal rate.

Annual TSP Income = TSP at Retirement x (TSP Withdrawal Rate / 100)

Your ability to retire with an immediate, unreduced pension depends on meeting specific age and service requirements. Understanding these rules is crucial for planning your retirement date.

Unreduced Voluntary Retirement:

• Age 62 with 5 years of service: You can retire with a full, unreduced pension.
• Age 60 with 20 years of service: You can retire with a full, unreduced pension.
• Minimum Retirement Age (MRA) with 30 years of service: You can retire with a full, unreduced pension. Your MRA is based on your birth year, but for anyone born in 1970 or later, it is 57.

Reduced Voluntary Retirement (MRA+10):

• MRA with 10-29 years of service: You can choose to retire, but your pension will be permanently reduced. The reduction is 5% for each year you are under age 62. For example, retiring at age 57 under this rule would result in a 25% reduction (5 years under 62 x 5%).

You can postpone receiving your pension to avoid this reduction. For example, if you retire at MRA with 10 years of service, you can defer your pension application until age 62 to receive the full, unreduced amount.

The Federal Employees Retirement System is designed as a three-tiered system to provide a stable retirement income from different sources.

1. FERS Basic Annuity: This is a defined benefit pension plan. You and your agency contribute a small percentage of your pay to the FERS retirement fund. In return, you receive a guaranteed monthly payment for life based on your salary and years of service. This provides a stable, predictable income floor.

2. Thrift Savings Plan (TSP): This is a defined contribution plan, similar to a private-sector 401(k). You contribute your own money, and your agency provides a generous match—up to 5% of your basic pay. Your retirement income from the TSP depends on how much you contribute, the government match you receive, and the investment performance of your chosen funds. Use the TSP match calculator to ensure you're getting the full match.

3. Social Security: As a FERS employee, you pay Social Security taxes and earn benefits just like private-sector workers. This provides a third stream of income that is also inflation-protected. Your benefit amount is based on your lifetime earnings history. You can use a Social Security strategy calculator to optimize this benefit.

A strong FERS retirement plan relies on all three pillars working together. A healthy pension, a well-funded TSP, and a strategically claimed Social Security benefit create a diverse and resilient income stream.

The calculator provides several key metrics to help you assess your FERS retirement plan.

• FERS Retirement Score: This score is based on how much of your high-3 salary your total retirement income replaces. A higher score (closer to 100) suggests a stronger income replacement rate.
• Total Monthly/Annual Income: This is the combined income you can expect from your FERS annuity, TSP withdrawals, and Social Security once all three are active.
• FERS Annuity: This shows your monthly pension amount. The sub-text indicates which multiplier (1.0% or 1.1%) was used in the calculation.
• TSP at Retirement: This is the projected value of your TSP when you retire. It also shows the estimated monthly income that your withdrawal rate will generate.
• Income Replacement: This percentage shows how your first-year retirement income compares to your high-3 salary. Many financial planners suggest a target of 70-85% for a comfortable retirement.
• Income by Pillar Chart: This visualizes how your income is composed over time, showing when Social Security kicks in and how your FERS annuity (with COLA) and TSP withdrawals contribute each year.
• TSP Balance Chart: This chart projects your TSP balance throughout retirement, accounting for both investment growth and annual withdrawals. A sharp decline may indicate your withdrawal rate is too high.

If your projected retirement income is lower than you'd like, there are several levers you can pull to improve your outlook.

• Work Longer: Each additional year of service increases your high-3 salary (through pay raises) and your years of service, both of which directly boost your FERS annuity.
• Target the 1.1% Multiplier: If you are approaching retirement with nearly 20 years of service, consider working until age 62 to qualify for the 1.1% multiplier. This is a 10% increase in your lifetime pension.
• Maximize Your TSP Match: At a minimum, contribute 5% of your basic pay to your TSP to receive the full 5% agency match. Not doing so is leaving free money on the table. Use the 401(k) contribution calculator to see how increasing contributions impacts your savings.
• Increase TSP Contributions: Beyond the match, increasing your contributions up to the annual limit ($23,500 in 2026) can significantly grow your TSP balance.
• Delay Social Security: Waiting to claim Social Security until your full retirement age or age 70 can dramatically increase your monthly benefit for life. See how different ages compare in when to take Social Security: 62 vs 67 vs 70.
• Review TSP Investments: Ensure your TSP fund allocation aligns with your risk tolerance and time horizon. A more aggressive allocation earlier in your career can lead to higher long-term growth.

1. Missing the Full TSP Match: The single biggest mistake is not contributing at least 5% to the TSP. The 5% government match is a guaranteed 100% return on your contribution.
2. Misunderstanding MRA+10 Reductions: Many employees are unaware of the permanent 5% per year penalty for retiring under the MRA+10 provision before age 62.
3. Forgetting to Buy Back Military Time: If you have eligible active-duty military service, failing to make a deposit to have it credited under FERS means a smaller pension.
4. Ignoring Taxes: Your FERS annuity, TSP withdrawals (from the traditional TSP), and a portion of your Social Security are generally subject to federal income tax. Plan for how retirement withdrawals are taxed.
5. Setting TSP Withdrawals Too High: An aggressive withdrawal rate can deplete your TSP too early, leaving you reliant solely on your annuity and Social Security later in life.