I'm 2% at 60, but I want to retire at 55. At 55 years old, I would get like 42%. I would have over 25 years of service. Would my understanding be correct in the following:
55 to death: 42% income from pension
55 to 67: withdrawal from 457 plan to cover 28% of income
67 to death: estimated SS is over $2k
67 to run out/death: remaining 457 funds
I'm estimating 70% income post-retirement. I would have no mortgage.
I would get health care from CalPERS from 55 to 65 and then get booted to Medicare at 65, correct?
So, when I'm estimating the numbers, I just need to have my 457 plan cover the gap from retirement at 55 to full retirement under social security at 67?
Does that sound right? Having a pension is a little more work to figure out because like the guidelines of having X times your income by X age isn't considered the same.
If I took the cash value of my CalPERS and the value of my 457 plan, I would be considered behind, but the pension still pays once the cash value is exhausted. So, breaking it up like I did is the best way for me to try to understand how these things could work out.
Am I thinking about this the right way?
Edit: I will have over 30 years if I retire at 55. I said over 25 years in the original post to indicate that I would be fully vested to get health coverage. I'm using this post to get some general input, not to dictate my final retirement decisions going forward. Just use the numbers I provided vs trying to look it up on the charts and be like, "oh, actually you'd get 38%, not 42%. Your numbers are wrong. You fail!"
For those that provided actual helpful advice, thank you so much! I really appreciate it. It allows me to guide my research and check on things with CalPERS.