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Prepare for retirement at any age

The Office of Personnel Management created a 51-minute video was to help employees understand some common questions regarding various retirement plans.

COLUMBUS, Ohio --

If you are a Civil Service Retirement System (CSRS), CSRS Offset, or Federal Employees Retirement System (FERS) employee and have questions regarding a retirement annuity, the Office of Personnel Management (OPM) has created a 51-minute video to help employees understand some common questions.

Topics discussed in the video include:

·         Which is my retirement system?
·         How much of my salary is contributed to my retirement system?
·         When can I retire?
·         What service is creditable toward my retirement eligibility and annuity benefit?
·         How can I estimate my monthly annuity benefit?
·         What reductions could apply to my annuity benefit?
·         How can I prepare for retirement?

To view the video, go to http://www.opm.gov/RetirementOverview.

If after watching the video, you feel it is a bit overwhelming to calculate a monthly annuity benefit yourself, don’t stress. For employees within two years of retirement, send your request for a retirement estimate to https://resourcesapps.hr.dla.mil/Programs/RERS/Warning.aspx (CAC required), and your DLA Benefits team will complete an estimate for you. If you are not within two years of retirement, you can go to Employee Benefits Information System (EBIS) at https://www.ebis.hr.dla.mil/ebisii/login.aspx (CAC required), and the system will calculate the estimate for you. Click the “Calculators” link in the top menu.

By simply entering some basic information, such as salary and anticipated retirement date, you can instantly calculate an estimate of your future monthly retirement annuity.

EBIS contains two options for calculating instant estimates of your FERS or CSRS retirement annuity: 
◾Quick Estimate: Provides you with an unreduced monthly annuity within a few minutes. 
◾Advanced Estimate: Factors in deductions for a survivor annuity, federal taxes, health, and life insurance. 
 
If you have questions about the video, please email Benefits@opm.gov.

For further information on retirement or a question regarding your benefits, contact the DLA Benefits Center.