Retirement Rules For State Government Employees In Cook
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Employees of Cook County become eligible for a pension when they've worked for Cook County at least 10 years.
You must work at least 5 years with the Federal Government before you are eligible for a FERS Federal Pension, and for every year you work, you will be eligible for at least 1% of your High-3 Average Salary History. Automatic deductions that can range from .
To receive a pension benefit, you must have a minimum of 10 years of credited service with SERS. You may retire at: Age 67, with 10 years of service credit. Between ages 62-67 with 10 years of credited service (reduced 1/2 of 1% for each month under age 67).
You may retire: At age 55 with 10 years of credited service (reduced 1/2 of 1% for each month under age 60). If you take a reduced benefit, it is effective throughout your retirement. At age 60 with 10 years of credited service.
You can receive Social Security retirement benefits as early as age 62. However, we'll reduce your benefit if you start receiving benefits before your full retirement age. For example, if you turn age 62 in 2025, your benefit would be about 30% lower than it would be at your full retirement age of 67.
Opportunities in retirement Changes to your lifestyle. Volunteering opportunities. Become a coach or mentor. Learning for fun. Develop hobbies and interests. Working part-time after you retire.
Financial Planning Review your retirement accounts, social security, pension, etc. and get the most up-to-date projections. Test your plan! Create a retirement budget and, for a couple of months, practice living within this budget.