Early Retirement Benefits

LAPP has different pension options available to you, including the possibility of early retirement before the age of 65. Depending on your health and wellbeing, or just your plans for retirement living, the flexibility to retire early is another good reason why Your Plan has Value.

If you're eligible, you can retire with an unreduced pension as early as age 55. To do that you would need 30 years paid service with LAPP (including buying back prior service from another plan), which, added to the age 55, would give you what we call the 85 Factor. You can achieve your 85 Factor at any age between 55 and 65 and still retire early with an unreduced pension. You can learn more about that under the Your Life with LAPP section at When Can I Retire?

Early retirement isn’t for everyone and it's important to note that another way Your Plan has Value is that as long as you keep working, and your salary and/or years of service continue to increase, your pension benefit will continue to grow. An unreduced pension is not the same as a 'full pension,' although some incorrectly call it that. Your pension will continue to get 'fuller' as long as it keeps growing with salary and/or service. There is a limit on service after 35 years with LAPP, but not with salary, and as your salary continues to increase so will your pension.

In other words, it's vitally important to make sure you're aware of all the options before you choose to retire early.