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
- 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.