What Is Retirement Age in Missouri?
Retirement is a significant milestone in everyone’s life. It marks the end of one’s working career and the beginning of a new phase filled with leisure, relaxation, and the pursuit of personal interests. However, retirement age varies from state to state, and understanding the specific retirement age in your state is crucial for effective retirement planning. In this article, we will focus on Missouri and explore the retirement age criteria for its residents.
Retirement Age Eligibility in Missouri:
In Missouri, the retirement age eligibility criteria depend on various factors, including the retirement system you are a part of. Let’s take a look at the retirement age requirements for different retirement systems in Missouri:
1. Missouri State Employees’ Retirement System (MOSERS):
For employees enrolled in MOSERS, the general retirement age is 67, which is considered the normal retirement age. However, early retirement is possible at age 55, provided the employee has completed at least five years of service. Early retirees may experience a reduction in their monthly benefits.
2. Public School Retirement System of Missouri (PSRS):
For individuals enrolled in PSRS, the normal retirement age is 60. However, reduced benefits are available at age 55 with at least five years of service. Additionally, there is a special rule known as the “Rule of 80,” which allows retirement with full benefits when the sum of your age and years of service equals 80 or more.
3. Missouri Local Government Employees’ Retirement System (LAGERS):
LAGERS has a normal retirement age of 60. However, employees can retire early at age 55 with ten years of credited service. There is also a “Rule of 80” provision for LAGERS, allowing retirement with full benefits when your age and years of service sum up to 80 or more.
4. Missouri Department of Transportation and Highway Patrol Employees’ Retirement System (MPERS):
MPERS offers regular retirement at age 60 with 30 years of credited service or at age 62 with five years of credited service. Early retirement is possible at age 55 with ten years of credited service, but benefits may be reduced.
Frequently Asked Questions (FAQs):
Q1. Can I retire before the normal retirement age in Missouri?
A1. Yes, early retirement is possible in Missouri, but the eligibility criteria vary depending on the retirement system you are enrolled in. Generally, early retirement is available between the ages of 55 and 60, with a specified number of years of service.
Q2. Will my retirement benefits be reduced if I retire early in Missouri?
A2. Yes, retiring before the normal retirement age may result in reduced benefits. The reduction in benefits varies depending on factors such as the retirement system, the number of years of service, and the age at which you choose to retire.
Q3. Is there a maximum retirement age in Missouri?
A3. No, there is no maximum retirement age in Missouri. You can continue working as long as you wish, even after reaching the normal retirement age. However, delaying retirement beyond the normal retirement age may result in increased benefits.
Q4. What happens if I retire before I am eligible for Medicare in Missouri?
A4. If you retire before becoming eligible for Medicare at age 65, you will need to explore alternative health insurance options. This may include purchasing private health insurance or utilizing COBRA continuation coverage from your employer.
Q5. Can I work part-time after retirement in Missouri?
A5. Yes, you can work part-time after retirement in Missouri. However, working part-time may affect your retirement benefits, so it is essential to understand the rules and regulations of your specific retirement system.
In conclusion, the retirement age in Missouri varies depending on the retirement system you are enrolled in. It is crucial to familiarize yourself with the specific retirement age requirements and eligibility criteria to effectively plan for your retirement. Consulting with a financial advisor or contacting the appropriate retirement system authorities can provide you with further guidance and ensure a smooth transition into this new phase of your life.