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<blockquote data-quote="Catatonic" data-source="post: 1105369" data-attributes="member: 7966"><p>To be clear here, when I say retire, I mean working until retirement age.</p><p>Taking early retirement has, and always has, penalties involved.</p><p>Sorry if that was not clear.</p><p></p><p>The supervisor was born in 1953 ...maybe he was grandfathered in a different plan???</p><p>And I mentioned above, he was working until he was eligible for retirement ... not early retirement.</p><p></p><p>Were these people looking at their payouts at full-retirement age?</p><p>Full-retirement age is 65 for a person with less than 35 years of service.</p><p>Their pension would be reduced if they took early retirement ... losing 3% per year before age 65.</p><p>If they were 55 with 34 years of service, they would lose 30% of their pension.</p><p>Full-retirement age is 60 for a person with 35 years of service or more.</p><p>If they were 55 with 35 or more years of service, they would lose 15% of their pension.</p><p></p><p>I worked to 58 yrs and 5 months with 40 years service and was penalized 4.7% myself.</p><p></p><p>Few people retire at 55 these days ... its usually 58 years or older like I did.</p><p></p><p>I predict in another 5 years, few people will retire before age 62 and 65 if they don't have 35 years.</p></blockquote><p></p>
[QUOTE="Catatonic, post: 1105369, member: 7966"] To be clear here, when I say retire, I mean working until retirement age. Taking early retirement has, and always has, penalties involved. Sorry if that was not clear. The supervisor was born in 1953 ...maybe he was grandfathered in a different plan??? And I mentioned above, he was working until he was eligible for retirement ... not early retirement. Were these people looking at their payouts at full-retirement age? Full-retirement age is 65 for a person with less than 35 years of service. Their pension would be reduced if they took early retirement ... losing 3% per year before age 65. If they were 55 with 34 years of service, they would lose 30% of their pension. Full-retirement age is 60 for a person with 35 years of service or more. If they were 55 with 35 or more years of service, they would lose 15% of their pension. I worked to 58 yrs and 5 months with 40 years service and was penalized 4.7% myself. Few people retire at 55 these days ... its usually 58 years or older like I did. I predict in another 5 years, few people will retire before age 62 and 65 if they don't have 35 years. [/QUOTE]
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