I filed my paperwork to "retire" from a job I no longer have this week.
I turn 55 in December, so it should take effect Jan 1.
It wont be much ($450/mo.) but I set it up to pass to my wife when I am gone.
The amount just happens to match my mortgage payment.
It is a defined benefits plan with the state of Kentucky, and the plan is not funded well.
I figure I better get in while the getting is good because I do not see them raising benefits any time soon. In fact, the plan will likely go away for new hires.
$35K invested, $55K total with interest and employer contribution.
If I get the $450 /mo. for 20 years, it will total $108K, ten years to break even
I plan to keep working my present job forever.