| Originally Posted by Home Wood How does the retirement system in Mass work? I heard something like you can't retire before 55 years old. Is that true? What's the percentage, suppliment, etc.? I'm still tossing the idea around of moving back to Mass in the somewhat near future. Here in NC we currently have 30 yrs of service at 100% pention. The Teamsters have come to NC and our local has dumped IUPA and affiliated with the Teamsters. They could very well get 25 years of service passed. If that happens I can retire here at 46 years old. We can save all the sick time we want right now to use towards 30 years and thinking conservatively I could save at least two years worth, so I could go at around 49. A big factor on moving back will be the retirement issue. I don't want to work longer than I would really have too...decisions decisions.. Oh Ya, Merry Christmas and Happy New Year to you all. - HW |
| Originally Posted by dave2886 From what I've read, you can retire earlier than 55, but your multiplier isn't topped out until age 55. The formula is you multiply your years of service by the multiplier, which assuming you wait till you hit 55, is 2.5. So, for example, if you retire at 55 with 25 years of service, 25 X 2.5 = 62.5% of your salary. The only thing I'm not clear on is how they figure your final salary, whether it's the average of your highest 3 years, or the last 3 years, or what. I'm actually in the same boat as you--at the moment I'm employed here in NC, but am trying to go back home to MA. I can't lie, our retirement is pretty sweet, but it's not going to keep me here, in and of itself. Hope this helped, and good luck in your endeavors. |
| Originally Posted by DJ_USMC_50 Yup in Eastern NC its 66 degrees right now. |
| Originally Posted by Home Wood Hey Dave. How long have you been down here? I've been here 5.5 years. The longer you stay the harder it may be to leave...... |
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