LAPP has different pension options for members, including the possibility of early retirement for those who want to retire earlier than the normal retirement age of 65. Depending on a person’s health and well-being or just his or her plans for retirement living, the flexibility to retire early is another good reason why Your Plan has Value.
If you are eligible, you can retire with an unreduced pension as early as age 55. To do that you would have to have 30 years paid service with LAPP, which added to the age 55 would give you what we call the “85 factor”. You can achieve your 85 factor at any age between 55 and 65 and still retire early with an unreduced pension. You can read more about that under the Your Life with LAPP section at When Can I Retire?
Early retirement isn’t for everyone and it is important to note that another way Your Plan has Value is that as long as you keep working and your salary and/or years of service continue to increase, your pension benefit will continue to grow. An unreduced pension is not the same as a “full pension”, although some incorrectly call it that. Your pension will continue to get “fuller” as long as it is still able to grow with salary and/or service. There is a limit on service after 35 years with LAPP, but not with salary. As your salary continues to increase, so will your pension.
So make sure you check out all the options before you choose to retire early.