Ian Brown has been working in sales for 25 years. He is turning 60 at the end of this year and is seriously considering retirement at the end of the year. Can he afford to retire?  His date of birth: 31 December 1964 He started to work at TDS in 31 December 2004  His base pay for the last three years is as follows: January to December 2024 $72,000 January to December 2023 $70,000 January to December 2022 $68,000  TDS has a defined benefit pension plan that uses the following formula to determine payout:  FAE (last 3 years) x 1.45% x years of service Notes: 1. The normal retirement age based on the company's pension plan is 65 but employees can  opt for early retirement as early as at age 60. 2. To qualify for early retirement with an unreduced pension before the normal retirement  age of 65, the employee must satisfy the rule of 85, i.e. age + service should be at least 85. 3. There is a 25% reduction in his monthly pension benefits if the rule of 85 is not met.