Congratulations. You’re living the good life.
If you are Tier 1 or 2, your benefits are awesome! You get to enjoy an extra 10 years of retirement!
If you are Tiers 3, 4, 5, or 6: not so fast. Your benefits get reduced 5% for every year you take them before age 60 or 62. Why? Back when they were trying to decide how to cut taxes and not provide the awesome benefits they’d given for the last 60 years, a deal was cut. Teachers who’d worked a long time in the system had their benefits preserved, while newer teachers had their benefits cut. But they said that would be ok because new teachers would have time to get used to the system.
Did teachers get hosed? Yes. Do you need to plan around it? Yes.