Page 11 - HRD Connect 2024 Q1
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HRD Connect
RETIREMENT 101:
WHEN CAN I RETIRE?
Melissa Zamora
Juggling your career and personal life can be challenging; however, it is
vital to take some time to consider your financial well-being,
particularly when it comes to planning for your retirement. Whether
you're a seasoned employee or just starting your career,
comprehending the ins and outs of your pension and deferred
compensation benefits is crucial for ensuring a secure and comfortable
retirement.
THE FOUNDATION: CALPERS
The County of Monterey is proud to offer a robust pension benefit plan
through the California Public Employees’ Retirement System (CalPERS),
designed to provide financial stability during your retirement years. Here
are key points to keep in mind:
Understanding the Basics:
·You must earn a minimum of 5 years of service to vest.
·You must meet the minimum retirement age depending on your
retirement formula. For example, if your retirement formula is 2% at
62, you must be at least age 52 to retire. Not sure what is your
retirement formula? Create a MyCalPERS account to check!
·Your Benefit Factor is based on your age at retirement and increases
with every birthday quarter until you reach your maximum Benefit
Factor. In other words, the older you are at retirement, the higher
your Benefit Factor.
·Use the formula below to calculate your retirement benefit or go to
MyCalPERS to calculate your retirement estimate:
