Should I Retire BEFORE or AFTER July 1?

January 28, 2016
It’s a commonly held belief among LEOFF 2 members that they should retire before July 1 in order to maximize the cost of living adjustment (COLA) they will receive. By retiring before July 1, you are eligible to receive your COLA one year sooner than those who retire after. How much does receiving this earlier COLA impact your total retirement benefit? A new video from the LEOFF Plan 2 Retirement Board tells us, and the answer is - not much at all. If you are one of those members concerned about not getting that first year’s COLA, watch this video. It defines COLA banking, explains how it works, and gives examples from real data on the actual impacts of retiring after July 1. [embed][/embed]