Early Retirement Rules In Miami-Dade
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FAQ
Under the FRS Pension Plan, early retirement can be taken instead of normal retirement if you are vested and within 20 years of your normal retirement age. Your benefit is reduced by 5% for each year you are under your normal retirement age.
For normal retirement and to receive your full monthly benefit, you must be age 65 with at least 8 years of service or have 33 years of service regardless of age.
A worker can choose to retire as early as age 62, but doing so may result in a reduction of as much as 30 percent. Starting to receive benefits after normal retirement age may result in larger benefits. With delayed retirement credits, a person can receive his or her largest benefit by retiring at age 70.
Pension Plan Retirement Age and Eligibility If an employee chooses to retire before reaching these thresholds, they can still retire early at age 55 with at least six years of service, but their benefits will be reduced by 5% for each year they retire before the normal retirement age of 62.
What Is the Rule of 55? Under the terms of this rule, you can withdraw funds from your current job's 401(k) or 403(b) plan with no 10% tax penalty if you leave that job in or after the year you turn 55. (Qualified public safety workers can start even earlier, at 50.)
However, you unfortunately cannot begin receiving Social Security retirement benefits at 55. The earliest age you can begin drawing Social Security retirement benefits is 62. But there's a catch – taking Social Security benefits prior to reaching your full retirement age results in a reduction of your benefit amount.
