Consider your initial date of service
People with a job within the government or receiving a defined benefit pension from their employers, should inform the human resources department about their job start date before planning their last days of employment, advises Jason Silverberg.
The financial expert says people should try retiring on the date following the anniversary of their first day of service. “This will give you one more full year of service credit toward your pension calculation without working beyond that date without credits,” he adds.
As a matter of fact, there are pension plans that consider an employee’s age when determining eligibility for retirement and the monthly benefit amount. Therefore, it’s essential that you find out all there is to know about your company’s retirement rules so you can make the most of them.