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The Federal Employees' Retirement System (FERS) is the retirement system for employees within the United States civil service. FERS became effective January 1, 1987, to replace the Civil Service Retirement System (CSRS) and to conform federal retirement plans in line with those in the private sector. FERS consists of three major components:
A 65-year-old retiring today can expect to spend $157,500 in healthcare and medical expenses throughout retirement, according to the Fidelity Investment Retiree Health Care Cost Estimate for 2023.