Is Early Retirement an Option With OPERS? (Ohio Public Employees Retirement System)

Much detail has to go into an early retirement decision, including household income and expenses, taxes, and the loss of a few more years’ wages. If you are considering not totally retiring and working somewhere else - is the grass really greener on the other side?

One distinct advantage that can help early retirees is that you can take money out of your deferred comp without a penalty but you are still responsible for the normal tax liability on the amount you withdraw. If you roll over your deferred comp or PLOP to a self-directed IRA and take a distribution prior to age 59 ½, you may be subject to a 10% early distribution penalty and taxes depending on the circumstances surrounding the withdrawal.

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