When is the best time to retire?

There is not necessarily a “best” time to retire; however, you may want to consider several things when making your decision to retire:

Cost-of-Living Adjustments

Cost-of-living adjustments (COLAs) are issued each July 1 to retirees and beneficiaries who have been receiving a payment for at least six months. Therefore, if you retire by January 1 of any given year you are entitled to a COLA July 1 of that same year. If you retire after January 1, you are not eligible until July 1 of the following year.

Payout for Annual Leave, Holiday and Comp Time

If you are considering retiring at the end of the year, you should remember that you may receive annual leave, holiday pay and comp time in the pay period following your last pay period. You may want to consider delaying your retirement to January 1, so that this payoff is made in the following tax year. 

Show All Answers

1. What is the ERS?
2. Are employee contributions required?
3. What does a defined benefit retirement plan mean?
4. Does the Commission make a contribution?
5. How does being IRS qualified affect you as a member?
6. Who oversees the ERS?
7. Where is the money; is it protected?
8. How much of my pension benefit comes from my contributions?
9. Is there a maximum amount of credited service I can earn?
10. When do I start paying income taxes on my retirement annuity?
11. How does accumulated sick leave affect my benefit?
12. Are loans possible from the plan?
13. What if I don’t leave a surviving spouse or children?
14. When can I expect to receive my first retirement check?
15. How do I apply for retirement benefits?
16. Is there a cost-of-living adjustment to protect against inflation?
17. Is there life insurance when I retire?
18. When is the best time to retire?
19. What deductions are taken from my retirement check?
20. Can I have my benefit check directly deposited into my bank?
21. Is there Disability Retirement?