Retiring before the normal retirement age will affect your pension. Here are the key points to consider.
Key points to consider for early retirement
The normal age of retirement is 65; however, you can retire early and begin receiving your pension as early as age 55.
If you are considering early retirement, you should keep in mind the following:
- You will receive a reduced pension if you do not meet the minimum age and service criteria for an unreduced pension
- You will receive a bridge benefit until age 65 or your death
- You can buy a temporary annuity to supplement your retirement income until age 65 or your death, whichever comes first
- You are responsible for choosing the date your pension will start and you must apply to start your pension
- You may be eligible for an unreduced pension before you reach normal retirement age
- If you do not apply to start your unreduced pension when you are eligible, you will not be entitled to have your pension backdated to a previous date
- You may want to talk to an independent financial advisor about which start date is best for you and your situation
- Your health care coverage as a WorkSafeBC employee will end when your employment ends, although you are still covered for some health care costs through WorkSafeBC as a retiree. These benefits are not guaranteed.
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