The Tier 6 Retirement Calculator is designed to be an aid in your retirement planning. By entering your own data, you can get a close approximation of what your retirement benefits will be at retirement. The calculations are only as good as the information you provide. But this gives you the ability to do “what-if” scenarios to assist you in planning your retirement. Prior to selecting your actual retirement date, you should contact StanCERA for an official estimate of your retirement benefits, including options that are not represented with this calculator.
The compensation used to calculate your retirement benefit is limited by statutory law to the Social Security Wage Base that’s in effect the year you retire. This calculator DOES NOT take into account what that limit may be in the future. The Social Security Wage Base in effect for 2013 is $113,700 and increases each year with inflation. Unfortunately, there is no reliable way to estimate what the wage base will be on your future retirement date. Please keep this in mind when you use the calculator. The calculator WILL NOT limit your benefit if your future pensionable compensation exceeds the wage base in effect the year you retire. Please contact StanCERA staff if you have questions regarding this aspect of your benefit.
Final Compensation Example
Sarah Smith, a general tier 6 member of age 30, is planning to work 25 years for the county. She would estimate her retirement as follows:
- She enters 55.00 as her “Age at Retirement”.
- She enters 25.00 as her “Years of Service”.
- After she estimates her highest earnings (base pay plus paid differentials) for 36 consecutive months as $160,500.00 and divides it by 36 months, she enters 4458.33 as her “Final Compensation” .
After Clicking on the “Calculate My Allowance” button, Sara Smith’s “Estimated Retirement Allowance” is: $1,448.
Please note: If you have multiple types of service, you should do a separate estimate for each type of service and add each estimate together. Only use the amount of service earned in each type.