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OPM.gov / Frequently Asked Questions / Retire FAQ / Pre-Retirement
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Pre-Retirement

Questions and answers

At retirement, each $100 in your voluntary contributions account (including interest earned) will provide an additional annuity of $7 a year, plus 20 cents for each full year you are over age 55 at the time you retire. You may also choose to share the additional annuity by electing a survivor annuity. However, your additional annuity would then be reduced by 10 to 40 percent depending on the difference between your age and the age of the person designated to receive the survivor annuity.

You also have the option to withdraw all voluntary contributions with interest at any time before receiving an annuity. In this case you have two options:

  • If the amount of the voluntary contributions, plus interest, is more than $200, you can roll the funds into an Individual Retirement Account (IRA) or other qualified retirement plan to defer income tax.
  • You may withdraw the money and pay a 20% tax on the contributions and interest.

If you want to withdraw your voluntary contributions, you should submit a Form RI 38-124 to OPM. You should submit your request at least 60 days before your expected retirement.

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