You'll receive per year during retirement.
You'll contribute from your transition date until you reach 30 years of service.
You'll contribute after you reach 30 years of service.
After being retired for years, you'll recover the costs from your increased contributions through your additional pension income. At that time, you'll be approximately years old. You can find information on life expectancy and a simple life expectancy calculator on the Social Security website.
You'll pay higher contributions from your transition date until you reach 30 years of service, but your pension income will be higher during retirement. You may wish to consider investing in a retirement savings account as a way of increasing your future retirement income.
Things to Consider:
-Higher pension income in retirement.
-Decrease in current take-home pay. Contributions will decrease to their current rate once you reach 30 years of service.
-Your pension factor will change from 1.5% to 1.25% once you reach 30 years of service.