[goravens]

I am 58 years old & recently down sized from my employer of 23 years. I have since started to work for the state. I have a defined benefit plan that offers reduced early retirement at age 55. What would be the penalties / reduced benefits be if I started to receive pension payments now?

[jeffp]

I am 58 years old & recently down sized from my employer of 23 years. I have since started to work for the state. I have a defined benefit plan that offers reduced early retirement at age 55. What would be the penalties / reduced benefits be if I started to receive pension payments now?

You really need to talk with the benefits or human resources dept of the company you use to work for and determine what the reduced benefits would be if you took payments starting now and how much they would increase for each year you delay and if there are any penalties. Usually they are quite helpful or can refer you to the plan administrator.

If you are considering stopping work completely and living off these payments you should consider what the impact would be on social security earnings and benefits when you reach that retirement age.