Get Inquiry Regarding Pension Credits

While the main aim of a pension is to give you an income throughout your retirement, you have the flexibility to take out lump sums whenever you want from the age of 55 – and, in most cases, up to 25% of the total value of your pension can be withdrawn tax free.

The law raised the full retirement age beginning with people born in 1938 or later. The retirement age gradually increases by a few months for every birth year, until it reaches 67 for people born in 1960 and later.

Exemptions to the Government Pension Offset You filed for and were entitled to spouse, widow, or widower benefits before April 1, 2004. Your last day of employment at the job was before July 1, 2004. You paid Social Security taxes on your earnings during the last 60 months of government service.

Pension Credits are units that measure the amount of time you have worked in employment covered by the Plan. Pension Credit is earned based on your Earnings Credit or your days of covered employment.

Normally you can only access your pension before your normal minimum pension age if you're in ill health. Be careful if you're offered early access to your pension pot as these offers are generally scams designed to fool you into transferring your pot into bogus schemes. You could lose a lifetime's worth of savings.

In most cases, the answer is yes, you may still work while receiving a pension—but with a few limitations. Since pensions are considered part of your compensation package, they generally may not be taken away for any reason.

If you belong to one, your pension provider will usually send you an annual benefit statement. If you don't receive a statement, you can ask for one. The statement shows how much pension you might get.

Many factors go into deciding when to retire. Age 50 – You can take advantage of catch-up contributions to your 401(k), 457, IRA, and 403(b). ... Age 62 – You are eligible to begin reduced Social Security payments. ... Age 65 – Your Medicare eligibility begins.