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Retiring in a Few Years?

There are several choices to make and things to think about as you get close to retirement: Retirement eligibility, “early” retirement vs. “normal” retirement, future health insurance costs, which retirement annuity option to elect, and so on. The following is some information to point you in the right direction!

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Our Primary Resources

In addition to the information below, here are some of the most important resources available to you as a member looking for information on retiring:

Normal vs. Early Retirement

“Early” retirement means taking a permanently reduced benefit before you’ve hit the requirements for full, “normal” retirement. “Normal” retirement is determined using a few factors: your age, years of service with the ASRS, and the date you became a contributing member. 

A good resource for comparing “early” and “normal” retirement eligibility is the ASRS Retirement Eligibility web page.

The Impact of When You Retire

The timeframe you choose to retire will impact your future monthly lifetime benefit. Not only “early” retirement vs. “normal” retirement, but you can also increase your future pension benefit by continuing to work after hitting normal retirement, accruing additional service years, and increasing your graded multiplier. The graded multiplier is part of your pension calculation - as you accrue service years, you cross certain thresholds, which gives your pension calculation a percentage increase. You can view the breakdown of graded multipliers and the pension benefit calculation on our Estimate Your Benefits page

Want a personalized retirement benefit estimate? Visit your secure myASRS account. Once logged in, click on the “Retirement” link under the Your Benefit Estimates section in the left-hand menu. There, you can compare estimates of normal versus early retirement, when the next multiplier to increase your pension happens, how much it could increase your monthly benefit, as well as generate estimates for custom retirement dates. You can also see how different retirement annuity options affect your monthly benefit.

Retirement Annuity Options

Is there anyone you wish to provide for in the event of your passing? The annuity option chosen at retirement will determine the type of benefit, if any, your beneficiary will receive should you pass away while receiving a pension from the ASRS. Your annuity options range from guaranteed payments for your lifetime alone (the biggest benefit amount), or guaranteed payments for your lifetime and those of your beneficiaries (a reduced benefit).

It’s important to have a clear understanding of your options, though, as in most cases there’s no ability to change your selection at any point in the future once the ASRS has processed your application. 

You can view a description of all your options on our Retirement Annuity Options pageLogging into your secure myASRS account shows you an estimate of how much benefit you’d receive with each retirement option considered.

Retiree Health Insurance

Many new retirees have questions concerning health insurance, including where to get it from and how much it’ll cost. The ASRS does offer health insurance plans for our retirees and their eligible dependents, with a variety of plans available to both non-Medicare and Medicare-eligible individuals. However, it’s not required for you to obtain coverage through the ASRS, as you may have other options available to you, including COBRA coverage through an ASRS employer, coverage through a spouse, or perhaps coverage from a different employer if you plan to continue working after retirement. 

To view information on plans offered from the ASRS, visit our retiree Healthcare page. (Note: Rates currently listed for our retiree health insurance plans are for the current plan year, and subject to change each year.)

How to Apply for Retirement

Once you’re ready to retire, log into your secure myASRS account, click the “Retirement” option under the Apply Now menu, and follow the prompts! If you have questions, you can also send us a secure message from your myASRS account and one of our Retirement Specialists will be happy to help!

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