When Can I Retire?
Choosing your retirement date is an important decision and there are many factors HOOPP recommends that you consider. Whatever you decide, HOOPP is here to help you through the process.
Earlier than 65
If you are vested, you can retire as early as age 55, usually with a reduction in your pension, or you can retire at age 60 without any reduction.
The reduction reflects how long you've belonged to the Plan and your age at the time of retirement. The reductions are permanent, and apply to any pension that may be payable to your qualifying spouse after your death.
Later than 65
If you work past age 65, you can continue to contribute to HOOPP and build benefits until November of the year in which you turn age 71. Pensions that start after age 65 will be increased to reflect the fact that you are starting your pension payments later.
This upward adjustment, which applies to the benefits earned up to your 65th birthday, is 0.5% for each month after the month you reached age 65 up to and including the month of your retirement.
This Retirement Table provides you with a breakdown of the percentage of your pension you will receive given specific years of eligibility you have completed:
The Retirement Table
Completed Years of
Eligibility Service |
Percentage of Pension Payable |
| |
Age 55 |
Age 56 |
Age 57 |
Age 58 |
Age 59 |
Age 60+ |
| 2-14 |
70.0% |
76.0% |
82.0% |
88.0% |
94.0% |
100% |
| 15 |
77.5% |
82.0% |
86.5% |
91.0% |
95.5% |
100% |
| 16 |
79.0% |
83.2% |
87.4% |
91.6% |
95.8% |
100% |
| 17 |
80.5% |
84.4% |
88.3% |
92.2% |
96.1% |
100% |
| 18 |
82.0% |
85.6% |
89.2% |
92.8% |
96.4% |
100% |
| 19 |
83.5% |
86.8% |
90.1% |
93.4% |
96.7% |
100% |
| 20 |
85.0% |
88.0% |
91.0% |
94.0% |
97.0% |
100% |
| 21 |
86.5% |
89.2% |
91.9% |
94.6% |
97.3% |
100% |
| 22 |
88.0% |
90.4% |
92.8% |
95.2% |
97.6% |
100% |
| 23 |
89.5% |
91.6% |
93.7% |
95.8% |
97.9% |
100% |
| 24 |
91.0% |
92.8% |
94.6% |
96.4% |
98.2% |
100% |
| 25 |
92.5% |
94.0% |
95.5% |
97.0% |
98.5% |
100% |
| 26 |
94.0% |
95.2% |
96.4% |
97.6% |
98.8% |
100% |
| 27 |
95.5% |
96.4% |
97.3% |
98.2% |
99.1% |
100% |
| 28 |
97.0% |
97.6% |
98.2% |
98.8% |
99.4% |
100% |
| 29 |
98.5% |
98.8% |
99.1% |
99.4% |
99.7% |
100% |
| 30 + |
100% |
100% |
100% |
100% |
100% |
100% |
* Based on age at retirement
A Retirement Plan in Action
At age 65, Maryam qualifies for a monthly pension of $1,800, but she decides to work for another 18 months. When she retires, her monthly pension is $1,874.
As a result of working past age 65, Maryam's pension increases by 9% of the $1,800 she had accrued up to age 65 (0.5% multiplied by 18 months), for an increase of $162 per month, and she ends up with a total monthly pension of $2,036 ($162 + $1,874).
For more information about your retirement date, please contact a Client Services Representative. Additionally, information can be found in our member booklet, Getting You Ready: Retirement Planning (PDF).
