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For the federal government, agencies have to offer early retirement first. The requirements are age 50 and 20 years of service or 25 years and any age. Your pension is immediate with an additional supplemental income at age 55 ir born before 1970 or age 57 after 1970. You will get health insurance, life insurance.
I don’t know much about retirement as I still have at least 20 years to go but I know it’s possible. Happened during DRP 1.0 and 2.0 for a lot of our 50 year old employees under VERA.
You should probably talk to the reps at your soonest FERS event.
Yes it kicks instantly. No waiting. I retired at 54. You don’t lose any benefits . At 50, you must wait until you turn 57 to get the supplemental .