RE: Am I ready to Retire? Part Three - the role of my Tax Free Savings Account
(Edited)
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Im trying to figure out when to retire. I have a defined benefits pension, one of the last I suspect. There is so many rules and penalties it's not even funny. I have about 27 years in the company and if I retire this year, I'll lose about 60% of the pension to penalties.
Nice 10 ouncers!
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There should be professional advice available and it may be worth paying a fee to untangle all the pension rules and present you clear options.
Penalties can be brutal.
My municipal pension plan is a defined benefit plan, it does have a certain criteria for early retirement especially for police, fireman, emergency etc. that always face high stress conditions and career impairing injuries would allow full retirement as early as 55.
Otherwise it's 65.
My union had some good advice and help.
I'm still tinkering and fine tuning over a spreadsheet year over year.
I hope you can find your answers.
Thanks for coming aboard me blog @fat-elvis
!BEER