Retirement is a stage of tremendous change and transformation. Approach this time with curiosity and preparation to dive into fresh life experiences and build new connections. Planning for this moment is essential to making it seamless and pleasant — knowing when you can retire is the first step on this journey.
What Is the Retirement Age in PA?
The full retirement age (FRA) is 67, which is when you can receive full benefits. Although this is the official PA retirement age, you can still choose to stop working at a younger age. When you choose to retire impacts tax, medical, and pension fund benefits.
How Early Can I Retire in PA?
In Pennsylvania, as in other states, you’re free to retire whenever you’re ready to. However, consider these factors as you near your FRA eligibility:
- Medicare: Medicare is an insurance program that covers retirees’ hospital, medical and other health care needs. Eligibility for this government insurance starts at 65. Before then, individuals can apply for Medicare benefits if they have a disability, ALS or End-Stage Renal Disease (ESRD). If you retire early, you can use independent health coverage until you qualify for Medicare benefits.
- Social Security: According to Social Security, the national FRA is 67 for people born from 1960 onwards. This is when you become eligible for your full benefits. You and your spouse can receive reduced monthly benefit payments from age 62. If you begin collecting benefits at 62, you will earn a reduced amount of 70%, increasing the later you retire.
- Retirement income benefits: This state is also one of 13 states that will not tax your retirement income, including your 401(k), IRA distributions or pension once you reach the FRA. You can enjoy more of your income than in other states, as you only have to pay federal income tax.
These factors have a direct impact on your access to your retirement income, tax levels and living standards. Consider them when deciding the best time for your retirement.
The Retirement Age for PA Government Workers
Your retirement age may differ if you’re a Pennsylvania state or public school employee. The Pennsylvania State Employees Retirement System (SERS), handles state workers’ employment savings and policies. The system allocates benefits according to a pension formula and service classes. Depending on your class of service, you can retire officially with SERS benefits at 50, 55, 60 or 65.
The Public School Employees’ Retirement System (PSERS) manages funds for public school employees. PSERS’ retirement age depends on your years of service, which fits you into a service class. As a public school worker, you can receive benefits as early as 60 if you’ve been in public service for 30 years or more. With a minimum of three years of service, you can retire at age 67. Learn more about your PSERS class and age eligibility as you plan your later life.
PA’s Age-Related Programs for Retirees
Pennsylvania has a dedicated Department of Aging. This department prioritizes the needs of older adults through initiatives like Aging Our Way, PA, a roadmap for meeting seniors’ needs. The PA government’s benefits programs for the older adult population include:
- Tax rebates
- Housing rebates
- The PACE/PACENET prescription drug initiative
- Free transit services
- Health and wellness programs
- Insurance and legal support
As an older adult retiring in Pennsylvania, you can gain these and more benefits from government initiatives aimed at easing your living.
Enjoy Retirement at Cornwall Manor
Pennsylvania is a culturally rich state with historic sites, natural attractions, outdoor activities and thriving art and social spaces. As you near retirement, this area can offer new and exciting adventures and the necessary living benefits to embark on a new life chapter. All you need to do is find the right community that emphasizes the joy of new beginnings.
At Cornwall Manor, we’ve nurtured an active retirement community many call home. We offer a variety of rehoming options and amenities that can make your move a pleasant one. Our campus has residential transport services, wellness and therapy support and fitness and recreational activities to make your retirement an engaged chapter of your life. Schedule a virtual tour to experience independent living at Cornwall Manor as you plan your retirement.
