Question by  Tessa (55)

What happens to your state pension rate after moving to another state?

I want to move to Florida.


Answer by  moneychick (167)

I do not think your retirement is adjusted according to the cost of living. So if Florida is more expensive than your current state then your current retirement rate may not be enough for you to live off of. You can check to see what your interest rate is now and ask your financial adviser to assist you.


Answer by  nuttree (1596)

Pensions are based on your work and earnings during your active employment years. If you earned your pension by working as a public employee, you can receive the same pension even if you move after retirement. Florida, and other Sunbelt states, are full of retirees collecting collecting pension paid by the states where they used to live and work.


Answer by  JohnHolmes (2660)

You will most likely be frozen in at what you already had prior to the move. It will not increase with a move to a state that pays a higher rate. You may also not be eligible for certain benefits if you move out of the state so check with your employer prior to the move.

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