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Early Retirement (Reduced Benefits) You may retire early with a reduced retirement benefit after you reach age 50 and complete 15 years of creditable service as an officer. You may also retire early with a reduced retirement benefit at any age, with 25 years of creditable service and at least 15 years as an officer.

You can retire and receive an unreduced monthly retirement benefit after 28 years of service or at age 65 or older. You can retire early, at age 60, or at age 55 with 25 years of service, and receive a reduced monthly retirement benefit. You must have at least five years of earned service to receive a benefit.

No. The state laws that govern the retirement plans PEBA administers do not include provisions to allow a member to borrow funds from his retirement account.

$10,000 earnings limitation Act 102 of 2021 increased the earnings limitation for some retired SCRS members who work in the state's public schools.

You will need a few sources of income coming in monthly to pay for these costs: Social Security Income: A couple would bring in an average of $3,086 per month. Level Income Annuity: $85,000 in retirement savings would generate an additional $357.00 a month for life.

At its September meeting, the Board unanimously voted to approve a 2.5% cost-of-living adjustment (COLA) increase for eligible retirees and beneficiaries in 2023.

South Carolina offering some of the most prestigious beaches in the country. Incredible golf retirement communities. Low retirement taxes and low cost of living. Amazing parks and plantation mansions for touring.

Is South Carolina a Good State to Live in or Retire to? South Carolina is a good state to live in or retire to because its climate is mild, and the state is, overall, affordable. A survey by Retirement Living has ranked South Carolina as the #4 best state to retire to.