• Question
  • Early retirement versus full retirement

    Asked by a 44 year old woman from North Beach, MD on 1/20/2014

    How much of a monetary difference there between retiring after 15 years of teaching versus 30 years of teaching? I currently make $80K and can make about $96K after 30 years.

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  • Categories: Public Employee Retirement System - PERS, Pensions and Retirement Benefits

Answers

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  • Pensions increase both with the number of years you work and any wage increases, so I would guess you would get something between 2 and 2.5 times as much unless the school forgoes pensions in the meantime. You should contact your school's human resource representative to get a better number.

  • Login to rate this answer:   Answered on 1/23/2014
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.