It depends on the provisions in your plan. If your plan is a defined benefit plan, you may not be able to start receiving benefits until age 65. Many plans, however, provide for payment of pension benefits at an earlier age (although they frequently reduce the amount of the monthly benefit to reflect the fact that you would start receiving the benefits sooner). Even if you are able to take early retirement, it often pays to consult a tax lawyer and a highly qualified financial advisor to assess all the implications of early retirement.

(Reviewed 9-08)