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Message
How to estimate pension benefit from employer?
Posted on 12/6/16 at 7:25 pm
Posted on 12/6/16 at 7:25 pm
I searched the stickied threads and couldn't find this answer.
My wife is a public school teacher and has 11 years in the system. Will most likely work until 62 but she could retire after 25 years of work.
When using the Vanguard retirement calculator, it includes the option to "include a pension benefit" with X% of your salary at retirement.
How do I figure out this number? I've searched through RSA's handbook and it's so convoluted with numbers and information that I feel overwhelmed.
Is there an average pension benefit percentage I could plug in just for kicks right now?
My wife is a public school teacher and has 11 years in the system. Will most likely work until 62 but she could retire after 25 years of work.
When using the Vanguard retirement calculator, it includes the option to "include a pension benefit" with X% of your salary at retirement.
How do I figure out this number? I've searched through RSA's handbook and it's so convoluted with numbers and information that I feel overwhelmed.
Is there an average pension benefit percentage I could plug in just for kicks right now?
1
Posted on 12/6/16 at 7:41 pm to StringedInstruments
Alright I'm getting closer here. Found the formula on page 18 of the RSA handbook:
Average final salary of highest 3 years out of the last 10 years X Years and months of creditable services X Retirement Benefit Factor (2.0125%) ÷ 12 = Maximum monthly retirement benefit
So using quick estimates from my wife's salary schedule:
$55k X 25 X .020125 = ~$28000
That's approximately 51% of her salary at retirement. Is that the number to enter on the calculator?
Here's the calculator by the way:
LINK
Average final salary of highest 3 years out of the last 10 years X Years and months of creditable services X Retirement Benefit Factor (2.0125%) ÷ 12 = Maximum monthly retirement benefit
So using quick estimates from my wife's salary schedule:
$55k X 25 X .020125 = ~$28000
That's approximately 51% of her salary at retirement. Is that the number to enter on the calculator?
Here's the calculator by the way:
LINK
This post was edited on 12/6/16 at 7:51 pm
Posted on 12/6/16 at 7:52 pm to StringedInstruments
Sounds right to me. Is there a cap once she gets to a certain number of years?
Posted on 12/6/16 at 10:57 pm to SLafourche07
$55k as a public school teacher?
Congrats.
Congrats.
Posted on 12/7/16 at 12:38 pm to SLafourche07
I don't believe there's a cap.
Posted on 12/7/16 at 12:40 pm to matthew25
Master's degree in Alabama. Average of final three years and looking at the basic state salary schedule, she'd actually be at $56k.
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