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I have 30 years of service and am eligible to retire on July 1, 2010. What are the financial considerations whether to retire and take the incentive or continue working?

April 26, 2017considerations eligible financial July 1 retire service

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I have 30 years of service and am eligible to retire on July 1, 2010. What are the financial considerations whether to retire and take the incentive or continue working?

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If you decide to retire on July 1, Aug. 1, or Sept. 1, 2010, your final average compensation will be multiplied by 1.6 percent, instead of 1.5 percent. This 0.1 percent increase multiplied by 30 years of service results in an additional 6.67percent retirement allowance. Retiring this year does not guarantee that you will receive more in retirement than you would receive if you worked a little longer. For example, if you continue working two more years and receive your regular salary during that time, your retirement allowance would likely be higer than if you retire this year with the slightly higher multiplier.