Retirement Is a Forecast, Not a Date: A Guide to Knowing When Enough Is Enough
One of the advantages of working in government is that retirement can be unusually predictable.
One of the dangers of working in government is assuming that means you do not have to plan for it.
A defined-benefit pension is an enormously valuable asset, but a pension by itself is not a retirement strategy. Neither is a 401(k), 457, IRA, Social Security benefit, paid-off house, rental property or brokerage account.
Retirement is really a cash-flow, tax, pension-formula, investment-risk and longevity problem involving all of those things at the same time.
I have spent a lot of time over the years modeling my own retirement from different directions: pension eligibility, credited service, Final Average Salary, deferred compensation, Roth versus traditional savings, Social Security, real estate, mortgages, taxes, investment withdrawals and longevity.
The exercise keeps bringing me back to one question that I suspect eventually confronts every long-term government employee:
At what point am I working because it still makes financial sense, and at what point am I simply working because I have become accustomed to going to work?
The more scenarios I run, the more convinced I become that retirement planning should begin much earlier than most employees think.
My Own Forecast: 45 Today, 57 as the Target
I am currently 45.
My present goal is to retire from full-time government service at approximately age 57, ideally with roughly 36 years of credited pension service based on my anticipated service-credit trajectory.
That gives me about 12 years to continue refining the plan.
But when I say “retire at 57,” I do not necessarily mean that I expect to stop working at 57.
Quite the opposite.
One of my objectives is to eventually transition into higher education, leveraging my Doctor of Public Health degree and decades of government management experience into a role that ideally combines teaching with administrative responsibilities.
I could envision teaching public administration, public health, procurement, budgeting, technology management or related subjects while also working in academic administration.
To me, that is an important distinction:
Retiring from a career is not necessarily the same thing as retiring from productive work.
The objective is to reach a point where the next job is selected because it is interesting, meaningful and intellectually rewarding—not because the mortgage, health insurance or groceries require me to stay in my current position.
That is what financial independence looks like to me.
And it changes the retirement calculation.
If I leave government at 57 with a pension sufficient to cover a substantial portion of ordinary expenses, I potentially have five years before Social Security can even begin at 62, ten years before my current full retirement age of 67, and thirteen years before age 70.
Those years do not necessarily have to be financed by withdrawing aggressively from retirement accounts.
An academic position—even one paying considerably less than my government salary—could provide earned income while allowing my pension, investments and eventual Social Security benefit to play very different roles.
That creates additional options.
I could potentially:
live principally on pension plus academic income;
leave my 401(k), 457 and IRAs largely invested;
use Roth conversions strategically during lower-income years;
defer Social Security if the economics favor waiting;
take Social Security earlier if the economics favor doing so;
continue contributing to retirement accounts available through a new employer; and
pursue work that I find interesting without needing to maximize salary.
That is the retirement I am trying to build.
Not necessarily no work.
Rather, work becoming optional.
A Second Career Can Change the Social Security Calculation
Someone planning an encore career should also remember that claiming Social Security early while continuing to work can create another variable.
Under current 2026 Social Security rules, someone below full retirement age can earn $24,480 before the retirement earnings test begins reducing current benefits. Social Security currently withholds $1 of benefits for every $2 earned above that threshold. A different, higher threshold applies during the year the person reaches full retirement age, and beginning with the month full retirement age is reached, earned income no longer reduces benefits under the earnings test.
Those dollar limits will obviously be different by the time I am 62.
But the planning lesson remains relevant.
If I retire from government at 57, begin working for a university, and am still earning a meaningful salary at 62, claiming Social Security immediately could be less attractive than it first appears because of the earnings test.
On the other hand, if I am teaching only occasionally or have substantially reduced earned income, the analysis may look different.
This is another reason I resist blanket advice such as:
“Always take Social Security at 62.”
Or:
“Always wait until 70.”
The right answer depends on the rest of the financial picture.
Public Higher Education Adds Another Pension Nuance
There is also a government-specific wrinkle for anyone considering a second career at a public college or university.
Under current New York law, a service retiree who returns to certain New York public employment before age 65 can face post-retirement earnings restrictions.
New York's current Section 212 earnings limit is $35,000 annually for most affected public retirees under age 65. Current guidance specifically notes that the temporary earnings-limit suspension applicable to certain school-district and BOCES employees does not extend to colleges and universities. Private-sector employment, self-employment, federal employment and employment for another state generally are not subject to that particular New York public-retirement earnings limit.
That means there could be a significant difference between accepting a position at a public institution such as CUNY or SUNY and working for a private university after retiring from New York public service.
The rules could be very different by the time I reach 57, and waivers or other exceptions can also matter.
But it illustrates exactly why retirement planning cannot stop at:
“My pension begins on this date.”
The next question is:
What am I planning to do afterward, and how does that interact with the pension I just earned?
Start With a Forecast, Not a Retirement Age
A surprising number of people can tell you the age at which they want to retire but cannot tell you what their after-tax retirement income would actually be at that age.
Those are two very different things.
I think retirement planning should begin with several forecasts rather than one retirement date.
What happens if I leave at my earliest pension eligibility date?
What happens if I work another six months? One year? Three years?
What happens if the market declines 25% immediately before retirement?
What happens if I live to 95?
Or 100?
What if my spouse is younger and substantially outlives me?
What happens if inflation remains higher than expected?
What happens if tax rates change?
What happens if I claim Social Security at 62 rather than 67 or 70?
What happens if I receive a major promotion or contractual salary increase shortly before retirement?
What if the raise is retroactive?
What if another six months causes more of that higher salary to enter my pension calculation?
The objective is not to predict the future perfectly.
Nobody can.
The objective is to identify which variables actually change the outcome.
My Preferred Model: Let Pension and Social Security Pay for Ordinary Life
My retirement philosophy has increasingly become this:
If possible, ordinary recurring retirement expenses should be supportable primarily from lifetime income—particularly a government pension and Social Security.
I would prefer to view my 401(k), 457, IRAs and other investments less as money I have to consume every month and more as additional financial capacity.
Those accounts can then pay for expenses that do not arrive neatly in the monthly household budget:
A child's wedding.
A replacement car.
A major home repair.
Travel.
Helping children or grandchildren.
An unexpected medical expense.
Or simply something I want to do later in life.
I therefore think about retirement as having two layers.
The first is the income floor:
Pension + Social Security + potentially other dependable recurring income.
The second is the financial reserve:
457 + 401(k) + IRAs + brokerage investments + cash + real-estate equity.
If the first layer supports ordinary life, the second creates tremendous optionality.
Fidelity advocates a similar framework, suggesting that essential retirement expenses ideally be supported by predictable income sources such as pensions and Social Security while investment assets can support discretionary spending and longer-term growth.
That approach is particularly attractive to me.
If the stock market falls 30% but my pension and Social Security still pay the recurring bills, I may not have to sell stock at depressed prices simply to buy groceries or pay the electric bill.
That flexibility is itself a valuable form of risk management.
Your Pension May Reduce How Much Fixed Income You Need
This income-floor concept also changes how I think about investing after retirement.
People approaching retirement are frequently told that getting older should automatically mean moving more of their portfolio into bonds and other fixed-income investments.
For someone who must withdraw heavily from investments every month, that can make considerable sense.
But a government retiree with a substantial pension may be in a very different position.
If pension and Social Security reliably cover recurring expenses, those lifetime income streams are performing part of the economic function that fixed income would otherwise perform in the household balance sheet.
Morningstar has discussed pensions and Social Security as bond-like components of household wealth and has noted that substantial guaranteed income can increase someone's capacity to maintain equity exposure elsewhere.
That concept particularly interests me because someone retiring at 57 may still have a 40-plus-year investment horizon.
Becoming overly conservative at 57 creates another risk:
not enough growth.
Conceptually, my preferred structure is closer to:
Pension + Social Security = dependable income foundation
Cash and some fixed income = liquidity and near-term reserves
401(k) + 457 + IRAs = longer-term growth capital
That does not mean a pension literally replaces a bond portfolio.
A pension cannot be sold.
It cannot be rebalanced into stocks during a market crash.
It may not perfectly keep pace with inflation.
And an investor who cannot emotionally tolerate seeing stocks decline 40% should not own an aggressive portfolio merely because a spreadsheet says the household can withstand the decline.
My point is narrower:
A substantial pension and Social Security benefit can reduce the need for fixed income inside the investable portfolio.
Age alone should not determine asset allocation.
Withdrawal needs, guaranteed income, time horizon, risk capacity and temperament should.
Do Not Ignore Pension Inflation Risk
A pension also should not be confused with a perfectly inflation-protected asset.
Some government pensions provide cost-of-living adjustments, but those adjustments may not fully match the actual increase in a retiree's household expenses.
That creates another role for equities and other growth assets.
Someone retiring at 57 is not merely trying to preserve today's dollars.
The objective is to preserve purchasing power potentially into the 2070s or 2080s.
That is a very long time to invest too conservatively.
If You Need the Portfolio for Living Expenses, Forecast to 100
Not everyone will be able to cover ordinary expenses entirely through pension and Social Security income.
If retirement assets must supplement regular living costs, my preference is to use an extremely long planning horizon.
My simple starting calculation is:
100 minus retirement age.
Retire at 57?
100 - 57 = 43 years.
I would want to know whether my resources could withstand something approaching 43 years of retirement spending.
If my spouse is younger, I would extend the forecast further.
I do not assume that everyone will live to exactly 100.
I use 100 because the consequences of the two forecasting mistakes are dramatically different.
Dying at 88 with money remaining is generally manageable.
Living to 98 after designing your finances to run out at 90 is not.
Why I Would Be More Conservative Than the 4% Rule
The famous 4% rule is useful as a reference point, but its time horizon matters.
Morningstar's current retirement-income research estimates a starting withdrawal rate around 3.9% in its base case for a 30-year retirement, while extending the horizon to 40 years lowers the modeled starting rate to roughly 3.3%.
That distinction is extremely important for government employees retiring in their 50s.
For my own planning, if I expected to depend materially on portfolio withdrawals for recurring expenses over four decades, I would begin by modeling something closer to 2% to 3%.
That is not a universal safe-withdrawal rule.
It is my own deliberately conservative planning assumption.
If I reach 72 after 15 strong market years and discover that I can safely spend considerably more money, that is an easy problem to solve.
Discovering at 78 that I spent too aggressively at 58 is much harder.
Understand the Pension Formula Before Choosing the Retirement Date
Government employees can make expensive mistakes by relying on hallway advice about pension formulas.
People sometimes describe pensions as though the calculation were simply:
Years worked × pension percentage × final salary.
It can be considerably more complicated.
The answer can depend on:
pension tier;
retirement plan;
age;
credited service;
Final Average Salary;
pensionable versus nonpensionable compensation;
salary-growth limitations;
purchased service;
early-retirement reductions;
special-plan provisions; and
survivor elections.
Even the common shorthand that a pension is based on the “five highest earning years” is not universally true.
Different New York City pension tiers and plans use different FAS rules.
The lesson is simple:
Know your tier. Know your plan. Know your formula.
A Raise Near Retirement Can Be Worth Much More Than the Raise
Suppose someone receives a substantial promotion or contractual increase shortly before becoming retirement eligible.
The immediate thought may be:
“I am eligible. Why stay?”
But perhaps another six months or year allows substantially more of that higher salary to enter the FAS calculation.
A $10,000 increase in FAS is not simply another $10,000 of salary.
Depending on the pension formula, it can permanently increase annual pension income.
If that pension is collected for another 30 or 40 years, the cumulative value can become very significant.
So one of the most important questions approaching retirement is:
What exactly does another month, six months or year of employment buy me?
Not simply:
How much salary will I earn?
Retroactive Pay Can Change the Calculation
Collective bargaining creates another wrinkle.
Government contracts are frequently settled after the period they cover.
An employee could receive a $10,000, $20,000 or larger retroactive payment near retirement.
Someone may naturally assume:
“I have to remain employed until the check arrives.”
That is not necessarily true.
The critical distinction is between retroactive pensionable wages attributable to prior service and separate lump sums or bonuses that may require active employment on a specific date.
Before choosing a retirement date around a labor settlement, I would want answers to four questions:
When was the compensation actually earned?
Is it pensionable?
Will qualifying retroactive wages be applied to the applicable pension earnings period?
Must I still be employed on a particular date to receive a separate payment?
The permanent salary increase may ultimately matter more than the retro check itself.
There Is Also a Point Where Waiting Stops Paying
The opposite can happen.
Suppose my Final Average Salary is essentially established.
I have crossed my important service milestone.
Another year only modestly increases the pension.
Working another year now has a hidden cost:
I give up an entire year of pension payments.
Suppose delaying retirement increases the future pension by $4,000 annually but postpones a $70,000 pension for one year.
Looking solely at the pension:
$70,000 ÷ $4,000 = 17.5 years
It would take roughly 17½ years of the increased benefit simply to equal that one forfeited pension year.
That is not the whole calculation because another year's salary and benefits clearly matter.
But the complete analysis should be:
After-tax salary earned
+ additional future pension
+ employer benefits
+ additional retirement savings
minus pension income forgone
minus commuting and work expenses
minus additional taxes
minus the value of time surrendered.
At some point, continuing to work can create surprisingly little incremental wealth.
Do Not Work So Long That You Lose Money Showing Up
Government workers spend enormous amounts of time asking:
“When am I eligible to retire?”
We should spend equal time asking:
“When does continuing to work stop providing an attractive return?”
There is also an asset that never appears on a pension statement:
time.
A year at 58 is not interchangeable with a year at 88.
That is one reason my own goal is not necessarily to stop contributing professionally at 57.
It is to change what I am doing with my time.
If I can leave government at 57 with financial security and spend the next chapter teaching students, contributing to a university and doing administrative work that uses a different part of my experience, that may have much greater personal value than simply maximizing one more increment of pension income.
Retirement planning should therefore include not only:
What am I retiring from?
but also:
What am I retiring to?
Buy Back Pensionable Service Early—and Vest as Soon as You Can
Anyone early in a government career should investigate prior pensionable service immediately.
If previous public employment, military service or another qualifying period can be credited, investigate it early.
Service credit can affect more than pension size.
It can affect vesting.
Retirement eligibility.
And major pension milestones.
For someone early in a career, becoming vested as quickly as legitimately possible is valuable because careers do not always unfold according to plan.
Someone expecting to remain in government for 30 years may receive an extraordinary opportunity elsewhere after eight.
Think Carefully About How You Finance a Pension Buyback
A pension service purchase creates another decision:
Where should the money come from?
Savings?
Payroll deductions?
Or eligible 457 or other retirement assets?
Using savings preserves investments but reduces liquidity.
Payroll deductions spread the cost over time.
Using retirement assets preserves current cash but removes money that otherwise might compound.
I would compare:
Cost of service purchase
against
additional annual lifetime pension
and then compare that benefit against the opportunity cost of the money used to purchase it.
The correct answer at 30 may be completely different from the correct answer at 56.
The Governmental 457 Is Especially Valuable for Early Retirement
Government employees contemplating retirement before traditional retirement ages should understand the governmental 457.
Under current federal rules, distributions from eligible governmental 457(b) plans generally are not subject to the usual 10% additional federal tax on early retirement-plan distributions, although special treatment can apply to assets previously rolled into the 457 from other plans.
That makes the 457 particularly valuable for someone contemplating retirement in the 50s.
It also means:
Do not automatically roll everything into an IRA merely because account consolidation sounds simpler.
Convenience can eliminate useful flexibility.
New York Tax Treatment Matters
For New York government employees, taxes can materially alter the calculation.
Qualifying New York State and local government pension benefits receive favorable New York income-tax treatment, as does Social Security.
Traditional retirement-account distributions can receive different treatment.
Therefore:
$1 of gross pension income is not necessarily economically identical to $1 withdrawn from a traditional IRA or 457.
Retirement planning should focus on after-tax spendable income, not merely gross pension amounts.
Build Roth Assets and Use Low-Income Years Intelligently
Higher earners should also understand strategies such as backdoor Roth contributions where applicable and, later, traditional-to-Roth conversions.
A particularly interesting planning window can occur after retirement.
Salary disappears.
Pension income begins.
Social Security may not yet have started.
Required minimum distributions may still be many years away.
That period can create an opportunity to convert traditional retirement assets to Roth at deliberately chosen marginal tax rates.
But conversions can have secondary effects.
Before Medicare eligibility, income can affect Marketplace subsidies.
After Medicare eligibility, higher income can trigger Medicare IRMAA premiums.
The goal therefore is not merely:
“Pay less income tax.”
It is:
“Minimize the total lifetime tax and benefit cost.”
RMDs Mean Traditional Accounts Cannot Necessarily Remain Untouched Forever
My preference is to preserve 401(k), 457 and IRA assets whenever pension and Social Security can cover ordinary expenses.
But traditional accounts eventually become subject to required minimum distribution rules.
That strengthens the argument for considering Roth conversions before RMDs begin.
A government retiree with a large pension may eventually have:
pension + Social Security + RMDs
creating more taxable income than is actually needed for living expenses.
That is not necessarily a bad problem.
But it is a problem worth forecasting decades earlier.
And remember:
Being required to withdraw money does not mean being required to spend it.
Unneeded after-tax distributions can be reinvested.
Social Security: “Always Wait Until 70” Is Too Simplistic
Social Security claiming should also be modeled rather than reduced to a slogan.
For someone born in 1960 or later, current full retirement age is 67.
Waiting until 70 produces a higher monthly benefit.
Taking it at 62 produces a lower one.
But the later claimant must live long enough for those larger checks to overcome years of benefits not collected.
Consider someone whose age-67 benefit is $2,000 monthly:
Claim ageApproximate monthly benefitCollected before 7062$1,400$134,40067$2,000$72,00070$2,480$0
Ignoring taxes, COLAs and investment returns, approximate break-even points are around:
62 versus 67: age 78 years, 8 months
62 versus 70: age 80 years, 4 months
67 versus 70: age 82 years, 6 months
That does not mean everyone should claim early.
It means longevity is part of the bet.
What If You Take Social Security Early and Invest It?
There is also an opportunity-cost argument.
If someone claims at 62 but does not need the income, those payments could potentially be invested in diversified index funds.
That gives the early payments years to compound.
It does not guarantee a superior result.
Equity returns are uncertain.
Social Security provides inflation-adjusted lifetime income and valuable longevity protection.
But the investment value of receiving money earlier belongs in the calculation.
Again:
Model it rather than assuming it.
Government Employees Recently Learned Why Assumptions Must Be Revisited
For decades, some government retirees faced reductions under the Windfall Elimination Provision and Government Pension Offset.
Then the law changed.
The Social Security Fairness Act, signed January 5, 2025, repealed WEP and GPO for benefits payable beginning with January 2024.
That is a remarkable example of why a retirement spreadsheet prepared ten years earlier cannot simply be left untouched.
Pension laws change.
Social Security changes.
Tax law changes.
Collective bargaining agreements change.
Markets change.
Family circumstances change.
Your retirement model needs to change with them.
One Good Rental Property Can Be a Useful Third Income Source
For someone with the temperament and financial capacity to manage it, even one well-selected rental property can potentially add:
Cash flow.
Appreciation.
Mortgage amortization.
Inflation sensitivity.
Depreciation.
And diversification.
I would not argue that everyone should become a landlord.
The tax benefits are also frequently oversimplified, particularly for higher-income taxpayers because passive-activity limitations can restrict the immediate use of rental losses.
My interest is broader.
A pension creates one income stream.
Social Security creates another.
A rental property can potentially create a third.
That diversification can be valuable.
Should the Mortgage Be Paid Off Before Retirement?
“Enter retirement debt-free” is another rule I think deserves analysis rather than automatic acceptance.
Owning a home outright unquestionably provides psychological security.
But that peace of mind has an economic price.
A 3% fixed-rate mortgage and a 7.5% mortgage should not produce the same decision.
My preferred comparison is:
Guaranteed return from eliminating the debt
versus
expected after-tax return from keeping capital invested
adjusted for:
Risk.
Taxes.
Liquidity.
Cash flow.
And personal tolerance for debt.
Peace of mind belongs in the model.
But it should not automatically overrule the model.
Sequence-of-Returns Risk Is Why the Income Floor Matters
Average return does not tell the entire retirement story.
When bad returns occur matters.
A major bear market immediately after retirement can be especially damaging when someone simultaneously must sell investments to pay ordinary bills.
This is sequence-of-returns risk.
Consider two retirees who both need $80,000 annually.
One must withdraw the entire $80,000 from investments.
The other receives $75,000 from pension and Social Security and needs only $5,000 from the portfolio.
Those retirees may have identical investment balances but dramatically different practical investment risk.
The second retiree has something extremely valuable:
the ability to tell the stock market, “I do not need much from you this year.”
Health Insurance, Loans and Survivor Elections Still Matter
For someone retiring before Medicare eligibility, health insurance can alter the entire calculation.
Outstanding pension or retirement-account loans can also reduce benefits or create tax complications at separation.
And survivor elections can be worth hundreds of thousands of dollars over a household's lifetime.
A successful plan needs to consider not just:
Will I have enough?
but:
Will my spouse have enough if I die first?
That is another reason I forecast to age 100—and potentially to the younger spouse's age 100.
The Five Numbers Every Government Employee Should Know
Beginning at least five years before the earliest realistic retirement date, I think every government employee should know five numbers.
1. Pension at several retirement dates
Calculate:
Earliest eligibility.
Six months later.
One year later.
The next major service milestone.
And the point at which higher salary is fully reflected in FAS.
2. Social Security at 62, full retirement age and 70
Know the benefit amounts and approximate break-even ages.
3. Essential annual household spending
Separate essential spending from discretionary spending.
My ideal is for pension and Social Security ultimately to cover the essential category.
4. Required portfolio withdrawal
Determine how much of ordinary life actually has to be financed from investments.
If the answer is very little, the portfolio can potentially remain invested much more aggressively.
If substantial withdrawals are required, stress-test them through age 100.
5. After-tax household income
Include:
Pension.
Social Security.
Taxes.
457/401(k)/IRA withdrawals.
RMDs.
Health-insurance effects.
Mortgage payments.
Survivor income.
And other earned income.
For someone like me, I would add a sixth number:
6. How much does my second career need to pay?
Ideally, the answer is:
Not very much.
That is the point.
If at 57 I can accept a university position because I find the work meaningful rather than because I need to replace my current salary, then the retirement planning has accomplished exactly what I wanted it to accomplish.
Retirement Is Ultimately About Optionality
After spending years modeling my own pension, Social Security, deferred compensation, Roth strategies, real estate, mortgages and taxes, I have increasingly concluded that maximizing any single number is probably the wrong objective.
The real objective is optionality.
A pension creates the option not to worry about what the stock market did this week when paying the electric bill.
Social Security creates another lifetime income stream.
Together, ideally, they create a floor capable of supporting ordinary life.
Those income streams may also allow the investment portfolio to remain more growth-oriented than conventional age-based investment advice would suggest.
A governmental 457 creates flexibility for early retirement.
A 401(k), IRA or 457 that is not needed for groceries can pay for a wedding, replacement vehicle, major trip, home repair or unexpected expense.
Roth assets create tax flexibility.
Rental income can provide another source of cash flow.
Low debt reduces required spending.
Understanding Final Average Salary allows retirement timing to become strategic instead of arbitrary.
A conservative withdrawal strategy provides protection against a retirement lasting four decades.
And financial independence can create another opportunity that I think we discuss far too little:
the opportunity to have a second career without needing a second career.
At 45, that is what I am working toward.
My current forecast has me leaving full-time government service around age 57 after approximately 36 years of credited service, assuming my service trajectory develops as planned.
I hope that is not the end of my professional life.
I would like it to be the beginning of a different one.
Ideally, I will take what I have learned from decades of government management, combine it with my DrPH and other academic training, and spend part of the next chapter teaching and part of it contributing administratively within higher education.
Maybe I work full time.
Maybe part time.
Maybe I teach several courses.
Maybe I move between administration, research and the classroom.
The important thing is that the decision should be driven primarily by interest and purpose rather than financial necessity.
That, to me, is what a successful government retirement plan ultimately purchases.
Not simply the ability to stop working.
The ability to decide what kind of work—and what kind of life—is worth doing next.
So my retirement goal is not really:
Retire at 57.
It is:
Reach 57 with enough financial flexibility that the next decision is mine.
That requires understanding the pension formula early.
Buying back qualifying service.
Getting vested.
Using the 457 intelligently.
Building traditional and Roth assets.
Thinking carefully about Social Security.
Understanding taxes.
Modeling mortgages and real estate.
Planning for longevity.
Accounting for a younger spouse.
Maintaining enough growth to protect purchasing power.
And regularly rerunning the forecast as circumstances change.
Most importantly, do not wait until your retirement party to determine whether you can afford to retire—or what you want to do afterward.
By then, the most valuable ingredient in the entire equation—
time
—has already been spent.
This article reflects my personal approach to retirement planning and is intended for general discussion rather than individualized financial, investment, pension, tax or legal advice. References to pensions and Social Security as bond-like or fixed-income-like describe their role as recurring lifetime income and do not mean they are literally bonds or substitutes for every function of fixed-income investments. The 2%–3% withdrawal range discussed here represents my own deliberately conservative planning preference for a potentially 40-plus-year retirement, not a universally applicable safe-withdrawal rule. Pension, post-retirement employment, Social Security and tax provisions can change substantially over time. Employees should verify the rules applicable to their own retirement system, employer and circumstances before making irrevocable decisions.
More from Retirement
Explore related articles on similar topics
Top Paying Jobs in Retirement
Highest paying opportunities related to this article
ABOUT THE ROLE The Retirement System of the City of Detroit is seeking a highly skilled Project Manager Analytics Specialist 4. Reporting directly to the Assistant Executive Director, this role ensures the integrity, transparency, and accountability of financial and operational activities. The specialist supports divisional goals, manages projects from start to finish, and utilizes advanced data analytics to drive change, process improvements, and fact-based decision-making across the organization. KEY RESPONSIBILITIES - Provide vision, leadership, planning, and project coordination for policy operations, processes, and procedures - Plan, direct, train, and supervise employees daily, including work assignment, performance reviews, and career development recommendations - Evaluate the performance of subordinate managers and supervisors - Make decisions on work problems presented by subordinate staff - Analyze data from various database sources and formats for research, systems, and report design - Assist with the implementation of organizational goals, initiatives, and plans - Develop and implement initiatives to improve work processes and drive automation for reporting efficiency - Manage project development and execution from inception to closure - Present analysis results concisely to ensure adoption - Provide recommendations for improving business results, operational efficiencies, and system experiences - Work with department leaders to manage change control and ensure alignment across the department MINIMUM QUALIFICATIONS - Education: Bachelor's degree with a major in data analytics, project management, business, management, organizational development, or a closely related field - Experience: Minimum of five (5) years of managerial/supervisory experience, including daily supervision, assigning, planning, directing, training, coaching, conducting performance reviews, and providing feedback - Experience: Minimum of four to five (4-5) years of project management experience - Preferred Knowledge: Management and supervisor principles, problem solving/decision making, and organizational development - Preferred Skills: Effective written and oral communication, thoroughness and attention to detail, gathering/organizing/analyzing information, coordinating employee actions, and team work/development SPECIAL REQUIREMENTS - A current resume is required for consideration - Any relevant certifications must be attached - Incomplete applications will not be considered SELECTION PROCESS - Interview: 30 percent of total evaluation - Evaluation of Training, Experience, and Personal Qualifications: 70 percent of total evaluation - Additional points may be awarded: Veteran Points (0 to 15 points) and Detroit Residency Credit (15 points) HOW TO APPLY - Submit an application through the official City of Detroit careers portal - Attach a current resume and any relevant certifications to the application - Ensure all application fields are completed, as incomplete applications will not be considered EMPLOYMENT DETAILS - Location: Detroit, Michigan (Coleman A. Young Municipal Center, 2 Woodward Ave ste 316, Detroit, MI 48226) - Department: Pension & Employee Benefits - Job Type: Certified-Regular Civil Service - Bargaining Unit: 9000-Non Union Salary Regular Service General - Job Number: 2026113111004PENcs - Opening Date: 09/09/2026
About the Role - Part-time position specifically for retired Richmond Police Department officers. - Permitted weekly hours are between 29 and 32. - Employees must work over 29 hours a week to remain in the program, but overtime should be avoided. - Rehire as a part-time employee may affect pension benefits if a full-time schedule is worked. Key Responsibilities 1. Perform Regular Patrol duties. 2. Conduct ECO/TDO/Prisoner Watch assignments. 3. Execute Precinct Walking Assignments. 4. Work varying schedules, as dayshift and weekday-only schedules are not guaranteed. 5. Maintain all applicable RPD and DCJS mandated training and certifications. Minimum Qualifications - Must have retired from the Richmond Police Department. - Retirement must have occurred within the last 5 years, or the applicant must still hold a current DCJS certification. - If still employed with the department, must have completed the DROP program. - If the DROP program was not completed, the applicant must be separated from the city for a period of no less than 12 months. - Must be separated from the department for at least one pay cycle and can apply after 30 days. Special Requirements - Must complete Reentry or a modified Basic Training Class with the Training Academy, including 40 hours of In-Service, 4 weeks of Field Training, and any missing re-entry training. - Must pass a physical and drug/alcohol screening. - Must be capable of medium to heavy work, exerting 20 to 50 pounds of force regularly and 50 to 100 pounds occasionally. - Must possess normal visual acuity, hearing, speaking, color perception, sense of smell, depth perception, and texture perception. - Must be willing to work in environments with hazards such as extreme temperatures, noise, traffic, heights, disease, explosives, and violence. Selection Process 1. Application Review: Applications are reviewed to ensure separation and retirement requirements are met. 2. Interview: Candidates must successfully complete an interview. 3. Background Investigation: A thorough background check, including a polygraph exam, is required and may take 60 to 90 days. 4. Medical Screening: Candidates must pass a physical and drug/alcohol screening. 5. Final Selection: Candidates who pass all phases are offered the position. Disqualified applicants may reapply one year after disqualification. How to Apply - Submit an application through the City of Richmond official career portal. - For reasonable accommodations under the ADA during the application or interview process, contact Veronica Kenner at HR-ADA@rva.gov. Employment Details - Employer: City of Richmond Police Department. - Job Type: Part-time permanent. - Benefits: Monthly retirement and pension benefits continue without recalculation. Employees working 25 or more hours per week are eligible for medical, dental, and Deferred Compensation 457 Plan. Vacation and sick time are earned on a pro-rata basis starting at zero hours. - Equal Opportunity: The City provides equal employment opportunities and prohibits discrimination. - Veteran Friendly: Official V3 Certified Company that values veterans and partners with the US Army PaYS Program.
ABOUT THE ROLE The Massachusetts State Retirement Board (MSRB) under the Office of the State Treasurer is seeking a Business Lead for Projects and Data. This role provides business, data analysis, and system support for MSRB operations, focusing on systems like MSRBeyond and MARIS. The position analyzes and manages annual and special projects, leads data acquisition efforts, and works closely with IT and subject matter experts on new and recurring processes to ensure accurate retirement benefit calculations and compliance. KEY RESPONSIBILITIES - Provide leadership and expertise on new and recurring MSRB business projects. - Lead efforts on data acquisition and analysis. - Provide QA and team leadership support for various MSRB processes. - Maintain leadership and expertise on QEBA payments in the PTG system. - Provide QA and MARIS support to internal teams for retirement and survivor benefits, payroll, disbursement, and service purchase calculations. - Support pension reimbursement billing and payment, and semi-annual COLA reimbursement processes. - Support analysis of data for annual actuarial data and annual statement submission to PERAC. - Work with system administrators, business analysts, vendors, and SMEs to research, analyze, and correct data anomalies. - Test application PIRs and participate in MSRBeyond and MARIS development, fixes, and enhancements. - Remain current with changes to M.G.L. c. 32, regulations, and PERAC guidance. - Supervise team members in the absence of or by request of the Director and assist in training. MINIMUM QUALIFICATIONS - At least five years of professional experience working in Massachusetts public employee retirement systems. - High-level knowledge of M.G.L. c. 32, MSRB business operations, and related functions. - Existing knowledge of the retirement plan industry, governing regulations, and related benefit plans. - Experience with retirement benefit software application design, development, testing, implementation, maintenance, and training. - Excellent communication, interpersonal, and organizational skills. - Ability to prioritize projects, handle deadlines, work well under pressure, and resolve complex issues. - Strong analytical skills and the ability to learn quickly. - Competency in the Microsoft Office suite, including Outlook, Word, Excel, Teams, and SharePoint. SPECIAL REQUIREMENTS - Candidates with a bachelor's degree or higher will be given preferred consideration. - Must be able to lift up to 10 lbs and sit for extended periods. - Availability to work remotely if required and travel as necessary. - Employment eligibility restriction: Family members of current Treasury employees are not eligible for employment. - Must complete an In-Office Orientation Period before transitioning to a hybrid schedule. SELECTION PROCESS - Applications will be reviewed for relevant experience in Massachusetts public employee retirement systems. - Candidates will be evaluated on their knowledge of M.G.L. c. 32, software application experience, and analytical skills. - An in-office orientation period is required for all new hires. HOW TO APPLY 1. Visit the official Commonwealth of Massachusetts or State Treasurer career portal. 2. Search for the position using Job ID 260004L3 or the title Business Lead- Projects and Data. 3. Submit your application, resume, and any required documents online. 4. For ADA reasonable accommodations or diversity questions, contact Swee Lin Wong at 617-367-9333. EMPLOYMENT DETAILS - Employer: Office of the State Treasurer and Receiver General (Massachusetts State Retirement Board) - Location: 1 Winter Street, Boston, Massachusetts - Schedule: Full-time, Day shift - Work Model: Hybrid (3 days in office per week, including one Monday or Friday, plus 1 mandatory in-person department meeting per month) - Equal Opportunity Employer: Yes
About the Role - Works in the City of Virginia Beach Department of Human Services as part of a multidisciplinary team. - Provides interventions and support to adults with Intellectual and Developmental Disabilities in a residential environment. - Ensures the health, safety, and well-being of program participants while upholding all Human Rights and Home and Community-Based Service rights. Key Responsibilities 1. Implements Person-Centered Individual Support Plans for up to twelve assigned participants. 2. Assists with meal preparation, hygiene care, and activities of daily living. 3. Completes required documentation showing progress or regression towards participant goals within regulatory deadlines. 4. Reviews and provides feedback on documentation and hourly billing of Direct Support Professional IIs. 5. Signs and verifies quarterly reviews in the electronic health record by the due date. 6. Manages behavioral and crisis situations utilizing Therapeutic Options Techniques. 7. Schedules and escorts participants to medical appointments and ensures proper documentation routing. 8. Identifies and supports participants in community integration opportunities. 9. Prepares and reviews medication administration records, ensuring entries match physician orders, and administers medications utilizing the five Rights. 10. Monitors financial ledgers, completes monthly supply inventories, and conducts household and grocery shopping as a procurement cardholder. Minimum Qualifications - Education and Experience: Any combination of education above the high school level and/or experience equivalent to four years in fields utilizing required knowledge, such as sociology, psychology, or special education. - Licensing: May be required to have or obtain a current and valid driver's license. Special Requirements - Must be willing to work hours in excess of normally scheduled hours for short-term department needs or City-wide emergencies. - A DMV transcript and a Child Protective Services check are required. - Preferred qualifications include CNA certification, two or more years of experience working with adults with Intellectual and Developmental Disabilities, two or more years administering medications, and one or more years utilizing electronic health records. Selection Process 1. Application Review: Applications are reviewed on an ongoing basis until a qualified pool of applicants is found. 2. Evaluation: Responses to supplemental questions are evaluated and must be supported by the application and resume. 3. Interview: Qualified candidates are invited to interview based on their demonstrated experience and qualifications. How to Apply - Complete the online application in its entirety. - Attach a resume, as it is required for this posting. - Ensure all supplemental questions are answered and supported by the provided application and resume details. Employment Details - Employer: City of Virginia Beach, Department of Human Services. - Benefits: Includes health, dental, and life insurance, retirement and savings plans, maternity/paternity and parental leave, holidays, and Paid Leave. - Retirement: Full-time employees must contribute 5 percent of their annual salary toward their VRS retirement account via pre-tax payroll deduction. - Workplace Policy: The City of Virginia Beach maintains a drug-free workplace.
ABOUT THE ROLE The Contra Costa County Office of Education is seeking a specialist to analyze, audit, and reconcile school district payroll and retirement records. The role involves assisting staff and districts with complex issues, training payroll accountants, and safeguarding the agency and districts from penalties, interest, and audit impacts in an evolving legal environment. KEY RESPONSIBILITIES - Analyze, audit, and reconcile school district payroll transmittal records, retirement reports, and deduction registers. - Perform complex accounting work including computation, recording, monitoring, paying, and reporting of payroll and retirement data. - Conduct specialized audits to ensure district employee and employer deductions for STRS, PERS, Social Security, and Medicare taxes are paid and reported accurately. - Train and advise school district payroll accountants and internal staff on various payroll and retirement processes and procedures. - Assist staff and school districts with complex payroll and retirement issues. MINIMUM QUALIFICATIONS - High school graduation or equivalent supplemented by two years of college-level coursework in finance, accounting, or a related field. - Four years of progressively responsible accounting experience in a California public school or government agency involving payroll, financial accounting, and/or retirement reporting. - Valid California driver's license. SPECIAL REQUIREMENTS - Experience in school district payroll, retirement reporting, and payroll tax compliance with knowledge of STRS, PERS, and applicable regulations. - Ability to analyze and resolve complex payroll issues and provide training and technical support. - Strong organizational, communication, and customer service skills. SELECTION PROCESS - Applications will be reviewed for completeness, including all supplemental questions. - Skills testing will be required as a part of the interview process. HOW TO APPLY - Submit a completed application through EDJOIN at https://www.edjoin.org/Home/JobPosting/2258258. - Include a current Letter of Introduction explaining your interest in the position. - Include a current Resume. - Ensure all supplemental questions and required attachments are completed, as incomplete applications will not be considered. EMPLOYMENT DETAILS - Employer: Contra Costa County Office of Education - Department: District Payroll Services Business Services - Job Type: Full-Time - Location: 77 Santa Barbara Road, Pleasant Hill, CA 94523 - Closing Date: October 4, 2026, at 11:59 PM Pacific Time
About the Role The San Francisco Police Department seeks Retired Peace Officers and Reserve Level-I Peace Officers to serve as Special Events Officers, promoting public safety and security at event centers, city-wide events, and municipal venues. Key Responsibilities - Perform duties to promote public safety and security at event centers, city-wide events, and other city venues. - Work special events as required. - Work odd and unusual hours, including evenings, weekends, and holidays. Minimum Qualifications - Education: US High School Graduate, GED, CA High School Proficiency Exam, or AA or higher degree from an accredited US college. - Driver's License: Valid driver's license at application; valid CA Driver License prior to hire. - Training: Passed a patrol-based Field Training Program with home agency as required by POST. - Age: At least 21 years old. - Judicial Record: No felony convictions, no domestic violence convictions, no misdemeanors prohibiting firearm ownership, and not restricted from SF employment. - Experience: Retired with at least two years of experience as a CA Peace Officer with a valid Basic POST Certificate; OR at least two years of experience as a CA Level-I Reserve Peace Officer with a valid CA POST Certificate or Basic Course Waiver. Special Requirements - Meet and maintain POST peace officer employment standards. - Medically retired individuals must confirm this as-needed work will not jeopardize their pension. - Possess physical strength, hearing, speech, and mental capabilities for essential functions. - Provide personal safety equipment (ballistic vest, duty belt, related equipment). SFPD provides the firearm. - Submit POST Certificates or Basic Course Waiver with the application. Selection Process 1. Application review and verification of qualifications. 2. Departmental interview. 3. Psychological and medical evaluations. 4. Thorough background investigation (criminal, driving, employment history). 5. Drug and alcohol screening. 6. DOJ and FBI fingerprinting. How to Apply - Apply online only by clicking the Apply Now button on the job posting page. - Ensure your registered email is accurate and unblocked. Allow emails from @sfgov.org and @smartrecruiters.com. - Retain the confirmation email received after submission. - Contact Sr. Human Resources Analyst Joron Coleman at joron.coleman@sfgov.org for questions. Employment Details - Employer: San Francisco Police Department, City and County of San Francisco. - Position Type: As-needed Special Events Officer. - Equal Employment Opportunity: Encourages women, minorities, and persons with disabilities to apply. Considered regardless of protected categories under the law. - Disaster Service Worker: Subject to Disaster Service Worker requirements.
ABOUT THE ROLE Under the administrative direction of the Executive or Deputy Executive Director, the Employee Retirement Fund (ERF) Compliance Officer is responsible for the overall compliance management of benefits, communications, finance, investments, learning and development, and technology administration. This role oversees the development, implementation, and continuous improvement of policies, procedures, and practices to maintain an effective compliance program for the ERF, ensuring timely financial reporting, custodial relationship maintenance, cash management, budget preparation, and audit coordination. KEY RESPONSIBILITIES - Develop, periodically review, and update compliance policies and procedures. - Evaluate and resolve compliance issues and concerns within the organization. - Develop, implement, and conduct training materials and processes for ERF staff. - Review plan documents for compliance with state and federal laws and regulations, incorporating updates as appropriate. - Review pertinent governmental filings of the Fund’s investment managers and custodian. - Review investment manager contracts and investment guidelines to ensure contract compliance. - Track and monitor all securities litigation where the Fund has an interest. - Review and recommend documentation procedures, including adherence to Texas laws on records management. - Review internal operations as directed by Executive staff across benefits, communications, finance, IT, learning and development, and other areas. - Ensure compliance with open records and open meetings State laws on behalf of the Board and ERF. - Manage a team of office assistants. MINIMUM QUALIFICATIONS 1. Bachelor’s degree in business, communication, accounting, finance, investment, or information technology. 2. Ten (10) years of experience in management or executive leadership roles, OR fifteen (15) years of management/supervisory experience in communication, accounting, finance, investment, learning and development, or information technology. SPECIAL REQUIREMENTS - Relevant professional certifications such as CEBS, CPA, CFA, or ITIL, depending on the assigned area. - Expert knowledge of laws and regulations of the ERF designated pension administration system. - Knowledge of Federal, IRS, and State laws, the Texas Government Code affecting Public Employee Retirement Systems, and Dallas City Code 40A. - Advanced knowledge of the Microsoft Office Suite and public-sector pension plan management best practices. SELECTION PROCESS Candidates will be evaluated based on their qualifications, experience, and alignment with the City of Dallas's commitment to service, innovation, and community. HOW TO APPLY Applicants should apply directly through the City of Dallas careers portal referencing Job Requisition ID: 26-27762 before the application end date. EMPLOYMENT DETAILS - Employment Type: Full time - Location: 1500 MARILLA, Dallas, TX - Application End Date: September 14, 2026 - Equal Opportunity Employer: The City of Dallas is an Equal Opportunity Employer committed to a diverse workforce.