How does retirement work? | MassCops

How does retirement work?

Discussion in 'Retirement & Investments' started by Home Wood, Dec 25, 2006.

  1. Home Wood

    Home Wood MassCops Member

    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
     
  2. dave2886

    dave2886 New Member

    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.
     
  3. Home Wood

    Home Wood MassCops Member

    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......
     
  4. Delta784

    Delta784 Guest

    For civil service municpal retirement, that's correct, the two factors are years of service and age. The current maximum pension is 80% after 32 years of service and minimum age of 55.

    However, there are different options at retirement. If you want the full 80%, then the pension dies with you. If you want your spouse to continue to receive it, the percentage will be less.
     
  5. Home Wood

    Home Wood MassCops Member

    Only 80% after 32 years and no earlier than 55 huh. That doesn't seem that great. It would be a trade off I guess, live back home where we want to be or stay and retire earlier with more money AND then move back north. By then winter may be part of the History course in school.:rolleyes:
     
  6. Barbrady

    Barbrady MassCops Member

    Probably would be a trade off, if you could afford the Northeast based off NC salary when the time comes?.....it was a mild Christmas up there eh?
     
  7. DJ_USMC_50

    DJ_USMC_50 New Member

    Yup in Eastern NC its 66 degrees right now.
     
  8. Home Wood

    Home Wood MassCops Member

    50's Here in Raleigh, yuck. I hate southern weather!
     
  9. CJIS

    CJIS MassCops Member

    Should rename this thread to "Is there such a thing as retierment?"
     
  10. pahapoika

    pahapoika Subscribing Member

    group 4 civil service ( cops .firefighters , corrections ) 20 years , any age = 50%

    after 20 years it's roughly 2% a year for a total of 80% salary at age 55 or older

    i believe there's 3 retirement options on how to receive your payment
     
  11. dave2886

    dave2886 New Member

    I've been here for almost 7 years now....yeah, my buddies think I'm nuts for wanting to leave, but I've finally realized that there is just no substitute for home. Plus, I'll be able to earn more up there, so even though the percentage is less, it'll still be at least comparable to here.
     

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