January 7, 2009
Retiring From the Civil Service ??” Calculate your Benefits
When retiring from the civil service there is a system for figuring what your retirement benefits will be. The Civil Service Retirement System can be complicated to understand. There is a program available that allows you to plug in your personal information, such as total number of years service and your pay rank and it will calculate what you can expect in retirement benefits.
The civil service retirement calculator will then provide an estimated basic annual annuity, annuity with survivor benefits and the actual survivor benefit total. Depending on your employment status and what your personal life dictates at the time of retirement, you will know if the annuity with survivor benefits and survivor benefit applies.
An explanation of how the federal government formulates their calculation
There is a method of determining retirement benefits for those in civil service. The government has a formula that they follow called the CSRS. The formula is complex and not very easy to follow. A civil service retirement calculator can be a big help. This calculator simplifies the figures and gives a very close estimate of what retirement benefits will be. The calculator even takes into consideration any unused leave you may have and adds that to your years served. The calculations are based on a work year of 261 days not on the standard calendar year.
If you are married your spouse has benefits under the Civil Service Retirement System as well. These survivor benefits are just over half of the annuity payments received by the retiree. This program is designed to care well for the spouse of those in Civil Service. The goal is to offer the best survivor benefits possible to the spouses.
Your high 3 salary is an average of the highest 3 years base pay or salary that you earned in any three-year period. This is basically a calculation of the average of the last three years salary.
A civil service retirement calculator can easily be found on line and they are easy to use and very accurate as long as accurate information is provided. You need to be sure that you input correctly your years of service any unused leave and your average salary along with the age you wish to retire.
The federal government also provides an online calculator that would be your best option to use. Using the new retirement system, government workers are encouraged to retire at the age of 60. If you are closely approaching that age, then it is time to start calculating your retirement annuity benefits.
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