ABA Family Legal Guide

The Rights of Older Americans

Pensions

Traditional Pension Plans

I am fifty-five years old and I want to retire now. Can I start collecting my pension at once?

Maybe. All pensions set a "normal" retirement age, often 65. They usually set a minimum retirement age as well, perhaps 55, 60, or 62. Check with your pension plan administrator. You may be able to collect benefits now, or you may have to wait until you are older. Remember that benefits usually are calculated partly on the basis of your age. The younger you are when you retire, the smaller the benefits, but presumably you will get them for a longer period.