I am considering 62 as my earliest practical retirement age, based on the pension bump from 1. to 1.1% per year of service. For every year worked past that, the pension should increase by 1/3 the salary COLA (assuming high 3 is still the rule), plus 1.1%. Therefore, as long as the annual pension COLA exceeds the salary increase by 1.1%, you are losing ground by staying employed.md2018 wrote: ↑Thu Nov 03, 2022 7:38 pmJust remember that you will not get a COLA once you retire until after you turn age 62. And the cola is based on whatever the cola for that year is set at.
For example:
Salary ___ Pension COLA
(increase)___ (break even)
0.0%______ 1.1%
0.5%______ 1.3%
1%________ 1.4%
2%________ 1.8%
3%________ 2.1%
4%________ 2.4%
5%________ 2.8%