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Reply to "Help me figure out the cost of "early" retirement"
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[quote=Anonymous][quote=Anonymous]Assume you are 52 now so in 5 years you will be 57 Let's assume your high-3 will be 100,000 at that point if you retire, pension will be 60K (then money not today's money) that pension will stay 60k (no COLA adjustment) until 10 years later when you turn 67. At that point, you will start getting your COLA but your starting point is 60k @ 67. If inflation is high during those 10 years with no COLA, then 60k will worth much less. if you work until 62, let's say your high -3 has gone up to 120,000k and you get 60%+1.5*5%=67.5%. = 81,000 (your starting point when COLA kicks in 5 years later at 67). So if you can hang on until 62, you get 5 more years of earning + 21k per year higher pension (60k vs 81k) + whatever COLA you get on that (COLA on 60k vs COLA on 81k). [/quote] This is really helpful, thank you![/quote]
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