Quote:
Originally Posted by HomeWood
New Hampshires retirement is not nearly as good,50% after 20 years. I'm lookng at 80% after 30 years and I plan to have a couple years worth of sick time to retire early with at around age 48 or 49. It's possible that we will get a 25 yr retirement passed here and then I could be done at around age 44!
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Just so we are not comparing apples & oranges here.
While it is true that if you are a fulltime officer or firefighter in NH you receive 50% at 20 years, at 30 years service you receive 75%.
Additionally, the percentage you receive is not computed on base salary, but on an average of the best three years highest salary. So, with some minor restrictions all overtime, traffic and outside details and final payout get figured towards your final pension number. That is why recently we have had a number of Group II retirees retire at annual salaries exceeding the actual base salary of the last year of service. It also explains the recent struggles in Concord to make a number of changes to the State backed retirement system.
Finally, you "vest" in the retirement system at ten years. You are eligible for full retirement at age 45 with twenty years of service (Group II only). So, an individual that entered Group II at age 18 can retire with 27 years service and around 70% of the average of his best three years take at the ripe old age of 45.
And then you can go get a part-time job at the local pizza parlor to supplement your income....or just join the NHMP!
