Author Topic: Anyone here works for the State of California?  (Read 2427 times)

VTD0918

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Anyone here works for the State of California?
« on: February 04, 2016, 08:52:52 PM »
Just wondering how many of us here works for the State of California? If you're retiring early before the age of 50, what will do you with your pension?

VTD0918

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Re: Anyone here works for the State of California?
« Reply #1 on: February 04, 2016, 10:47:19 PM »
Just wondering how many of us here works for the State of California? If you're retiring early before the age of 50, what will do you with your pension?
I left a CalPers job when I was 42. My pension was a LEO/Public Safety pension (combined with prior military time) I could start collecting once 50 so began withdrawals then. So that combined with some cash and my 457 money (when needed) supports my retirement.

So glad to hear you were able to retire early working for the state. I'll be 29 years old this year but my plan is to retire from state service in 15 years. I'll be 44 when I retire. Currently, I'm maxing out the 401k and 457. My plan is to use the 457 in early retirement as there is no early penalty for withdrawals. I will wait until I'm 55 to start my CalPers pension. I'll have about 25 years of state service then.

VTD0918

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Re: Anyone here works for the State of California?
« Reply #2 on: February 04, 2016, 10:53:35 PM »
I do and I'm around the same age as you as well.  My plan (assuming I stay with the state until I retire ) is to stay to around the age of 55 (2% @ 55) and take home 65-70% of my pay while using much of my paid time off in my later years to work semi part-time.

This is a great plan to use your paid time off to fund your later years to work semi part-time until you reach 55. This way you're getting 2% at 55. I don't know if I can make it pass 45 years old. My goal is leave the rat race before then. 😁

 

Wow, a phone plan for fifteen bucks!