Hello everyone, I'm David Packard. I'm a financial advisor with Bridgeland Financial. Welcome to today's first minute. What is the high three? The high three is very important to the calculation for your first pension. It is a basis to determine what you receive in retirement. The high three is the 36 consecutive months of your highest pay. Just because you get a raise and you work one month into the next year with that raise does not mean that your entire annual salary goes towards your high three. This is a mistake I see a lot of people make. Only one month will be considered. Also, your entire annual salary is generally not included in the high three. In general, the high three excludes night differential allowances, bonuses, awards, and overtime. So when attempting to calculate your high three, remember to exclude those things. For most people, but not all, their high three will be the last 36 months they worked. However, that does not have to be the case. There is a calculation we can do here at Bridgeland Financial using your LES that will let us know what counts towards your high three. I hope you enjoyed this video. If you have any questions, suggestions, or if you want us to run a high three calculation, please fill in the form below. Until next time, this is David Packard, financial advisor with Bridgeland Financial, saying stay safe.
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How to calculate your high 3 for federal retirement Form: What You Should Know
Mar 24, 2024 — The starting salary for your FEB/POP is the sum of your salary and your cost-of-living adjustment. Your FEB/POP Pension Calculator Calculation of your FEB/POP pension depends on your age and your years of federal service. The table below explains how the pension and retirement age calculations are determined. Age in Years of Federal Service Your FEB/POP Pension Calculator Age in Years of Federal Service Your FEB/POP Pension Calculator Example Calculations Mar 24, 2024 — The High-3 average wage is based on salary and salary plus cost-of-living adjustment. Mar 24, 2024 — The pension calculation for a retiring employee earning two salary levels will be the difference between the high-3 average salary and the retirement age as determined by Mar 24, 2024 — The pension calculation for a retired employee earning three salary levels is calculated as follows: 1. Salary Level (the highest salary in three consecutive years in federal service). 65,000. 2. Retirement Age. Age 65. The salary and retirement age values are updated every January 1 and February 1 annually until the pension is paid. Mar 24, 2024 — Your pension calculation is based on your years of federal service and your years of high-3 salary. As an example, assume an applicant currently working for the federal government and working 2 years of high-3 salary = 65,000. Mar 24, 2024 — If the applicant retires with a pension of 65,000 at age 62 in December 2024 they would have to work another 2 years to get his/her pension of 60,000. This is done to compensate for the increased federal health care requirement. Mar 24, 2024 — The pension calculation for a retiring employee earning two salary levels is based on salary and salary plus cost-of-living adjustment. Age in Years of Federal Service Your FEB/POP Pension Calculator Age in Years of Federal Service Your FEB/POP Pension Calculator Example Calculations of High-3 Retirement Calculations Mar 24, 2024 — Retirement Age: Age 65 in December 2023. Mar 24, 2024 — Your pension calculation is updated based on this information. Mar 24, 2024 — Pension calculator assumes 60,000 pension and 1.5 years worked years.
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