Reply to Help me figure out the cost of "early" retirement

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[quote=Anonymous]I understand there are health/emotional/psychological costs to consider but I'm trying to figure out just the financials to best plan for the future - so please just respond with financial advice only.

I'm an employee of a state government (NY) who will have 30 years of service credit when I am 57 years old.  At that rate I can:

1) retire with a pension of 60% of my final average salary (calculated by adding the three highest years of my earning); or
2) keep working and earn an additional 1.5% added to the pension amount (so 61.5% after 31 years, etc.)

The pension has a COLA but if I retire before 62 I need to wait ten years to get it, whereas if I wait until 62 I get it after 5 years.

I'm saving in a 457 fund as well but probably not as aggressively as I should.  My youngest child will be done with college when I am 56.

My husband can work from anywhere and has no interest in early retirement but I would love to not be tied to a specific location one day.  I am just trying to figure out how much I am "missing out on" by not staying another ten years or so until I am of "regular" retirement age.  If anyone has a way to figure out the math based on the above criteria I would love to hear it.  By the time I retire I will be at the top of my pay grade so I will receive modest step increases but nothing major.[/quote]

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