Is Early Retirement Feasible as a Police Officer?

One could argue that early retirement is just another option within the job spectrum, like any other career. However, the feasibility of retiring early varies widely depending on the specific conditions set by the government entity that employs the officer. Whether or not early retirement is a good fit for a particular individual often depends on the terms of their individual retirement system.

Feasibility: How Does It Work?

In some departments, officers can retire as early as 50 years old with a certain percentage of their final salary post-retirement. For instance, my own department allows this, and I did just that. Ever since, I've never looked back.

My early retirement meant my monthly check is 90% of what I was making before retirement, with minimal annual cost of living adjustments (COLA). If you've planned and saved for your early retirement, it can certainly be a viable option, but such planning and preparation are crucial.

For me, my early retirement was a long-held intention from the moment I decided to quit working for money. I started making my own money since I was 12 years old, and I had no intention of ever working another day again. I served 30 years, and now it's time to relax and enjoy the remaining years I have left, having earned this.

Stress and Quality of Life

Just like law enforcement officers, I endured countless stresses during my 30-year law enforcement career. Undoubtedly, the stress had its toll. Many police officers tend to live shorter lives compared to their counterparts in non-law enforcement professions. A 30-year career in service to others has taken its toll, so it's time to bask in the peace of retirement.

Retirement Systems and Vesting

The feasibility of early retirement also highly depends on the retirement system in place. Most officers look at their 20-25 years as a full career. Typically, vesting in retirement benefits might take around 20 years. In my case, my department's retirement system only took five years to vest, but at a rate of 2.5 times my base pay, leaving me with less than my working salary. Additionally, there's no accrual of vacation and sick time, and other benefits like overtime, holiday, and shooting pay are no longer part of the package.

Medical retirements also play a role. Early in one's career, medical retirements often pay more than the regular retirement plan, and they usually come with tax advantages. However, even with medical retirement, the compensation is still significantly lower than the base salary earned during active duty.

Other Forms of Early Retirement

However, to get a regular pension, an officer must generally work 20 years, the exact number varying by state and department. Some officers may opt to work longer to secure a higher pension. Others might look into injury-related retirements, particularly for mental health issues. These options provide flexibility but often come with their own set of challenges.

In conclusion, while early retirement in law enforcement is a viable option, it comes with significant changes in lifestyle, financial adjustments, and a shift in responsibilities. Whether early retirement is the right choice depends on an individual's circumstances, retirement expectations, and the specific terms of their employment contract.