UncleHoney
Full time employment: Posting here.
Four of us at the salt mine are nearing retirement and we've had a number of discussions over lunch about the company pension plan and retirement process. One of the things that was a sticking point was the loss of 7.3% of your pension for each year before age 62. The way the available information reads is if you go before your birthday you lose 7.3%.
Monday morning I emailed a pension forcast request to our benefits people to get the latest information so I could do some planning since I'll be 62 in 12 months. Just for grins I had them give me an estimate for this September too, just to see how big a dent I would take by retiring early.
When the form came back several hours later I almost fell off my chair. By taking my pension this September my pension check would only go down by about 3.5%. I quickly shot an email back to find out about the 7.3%. The answer was I did get credit for partial years of your age.
Another little tip they gave me was if I work one day into a new month I get full credit towards my pension for that month.
So the plans have changed and October 1, 2007 is the day.
Monday morning I emailed a pension forcast request to our benefits people to get the latest information so I could do some planning since I'll be 62 in 12 months. Just for grins I had them give me an estimate for this September too, just to see how big a dent I would take by retiring early.
When the form came back several hours later I almost fell off my chair. By taking my pension this September my pension check would only go down by about 3.5%. I quickly shot an email back to find out about the 7.3%. The answer was I did get credit for partial years of your age.
Another little tip they gave me was if I work one day into a new month I get full credit towards my pension for that month.
So the plans have changed and October 1, 2007 is the day.