Q. I plan on retiring four days after my 62nd birthday with 18 years and 11 months. Since I met the age limit, will I be penalized for not having the years? Also, will I have my retirement calculations done with the 1.1 multiplier?
A. Anyone who is at least age 62 can retire with as few as five years of service and receive an unreduced annuity. Because you will have fewer than 20 years of service, your annuity will be calculated using the standard 1 percent multiplier.