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Early Retirement

An Early Retirement Pension is a pension that starts before normal retirement age. The monthly amount of an early retirement pension is less than that of a regular pension, because the pension will presumably need to be paid over a longer period of time. In order to qualify for an Early Retirement Pension, you must be at least 55 years of age and have at least ten pension credits.

The amount of the early retirement reduction depends upon how old you are at retirement. If you have not yet reached age 58 when you retire, benefits are reduced by 0.5 percent for each month by which your early retirement date precedes what would have been your normal retirement date. If you have reached age 58 when you retire, benefits are reduced by 0.25 percent for each month by which your early retirement date precedes your normal retirement date.