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The pension replacement rate, or percentage of a worker's pre-retirement income that the pension replaces, varies significantly across states and benefit tiers within state retirement systems. Whether or not a worker is enrolled in social security can significantly impact how secure a public worker’s retirement is.
Birth Year. Full Retirement Age. 1937 or earlier. 65. 1938. 65 and 2 months. 1939. 65 and 4 months. 1940. 65 and 6 months. 1941. 65 and 8 months. 1942. 65 and 10 months
State of Wisconsin Investment Board: $109,960 $105,155 N/A N/A 9 North Carolina Retirement: $106,946 $96,094 88.3% 7.3% 10 Washington State Investment Board: $104,260 $86,615 85.5% 7.7% 11 Ohio Public Employees Retirement System: $97,713 $96,304 80.2% 7.5% 12 New Jersey Division of Investment: $80,486 $76,361 N/A N/A 13 Virginia Retirement ...
Regarding Social Security, there's a little-known rule that can greatly impact your monthly benefits: your payments are calculated based on your 35 highest-earning years. If you haven't worked a ...
If you're within 36 months of your full retirement age, the Social Security Administration reduces your monthly payout by 5/9 of 1% for each month you claim early. Beyond 36 months, the program ...
Then in 1978, The State Earnings-Related Pension Scheme (SERPS) replaced The Graduated Pension Scheme from 1959, providing a pension related to earnings, in addition to the basic state pension. Employees and employers had the possibility to contribute to it between 6 April 1978 and 5 April 2002, when it was replaced by the State Second Pension .
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