Any member can retire at 65 years old, but you can retire with a reduced benefit as early as 50 years old as long as you have 5 years of service credits.

Arizona’s retirement system is in good health. The plan is currently valued at $41.83 billion and has a 10-year rate of return of 10.4%. It is currently 72.3% funded, meaning it has enough money to pay out around $0.72 for every dollar it owes.

Arizona is moderately tax-friendly for retirees. Distributions from retirement savings accounts like a 401(k) or IRA is taxed as regular income, while income from a pension is eligible for a deduction. Arizona’s average state and local sales tax rate is 8.4%.

Unlike many states’ plans, Arizona’s public workers don’t have a vesting period — meaning they’re eligible to gain the right to pension contributions from their employer upon enrolling in the system. However, benefits and refundable contributions available to members will vary depending on a member’s years of service.

Your ASRS retirement pension provides a lifetime guaranteed benefit based on your years of service and final salary. You have a contractual relationship with the ASRS, protected by the Arizona constitution. Your benefit does not “run out” and cannot be reduced.

The ASRS has outperformed the assumed earnings rate of 7.5% six of the last 10 years, with a 10-year average return of 8.9%, adding significant additional value to the trust fund over time….OUTPERFORMANCE.

Florida edges out Arizona for the win, with eight overall victories versus Arizona’s five. With over 700 retirement communities, Florida is truly a haven for seniors; it has no income or Social Security tax, low listing prices and a cost of living below the national average.

The ASRS is a defined benefit plan and is tax qualified under section 401(a) of the Internal Revenue Code. It provides for a lifelong benefit based on years of service earned, or worked, and your ending salary.

Service Retirement. Service retirement is a lifetime benefit. You can retire as early as age 50 with five years of service credit unless all service was earned on or after January 1, 2013. Then you must be at least age 52 to retire.

For more than 50 years, the Arizona State Retirement System has provided retirement security to Arizona’s public servants, including teachers, municipal workers and other government employees. The ASRS proudly serves more than a half-million members, including more than 100,000 retired members.

Arizona State Retirement System – The ASRS is a defined benefit plan. That means that the pension contributions of you and your employer are outlined by law.

The ASRS call center is open during the following hours: Monday through Wednesday from 8 AM to 11:30 AM and then 12:30 PM to 5 PM, except for holidays Thursday and Friday from 8 AM to 11:30 AM and then 12:30 PM to 4 PM, except for holidays.

Our Arizona communities offer a wide range of lifestyle options, sure to fit a wide range of budgets. The cost of retiring in Arizona is fairly consistent across the state, coming in at $3,418 per month for assisted living care and ranging from $1400 to $7,072 per month. Retiring in Arizona Within Your Budget