Understand Your CalPERS Benefits
You likely already know you’re paying into your future CalPERS pension each month with an automatic deduction from your paycheck. But do you know what it means to be part of a defined benefit plan, how your retirement amount is calculated, and your options to set additional money aside for retirement?
The earlier you develop an understanding of your CalPERS benefits and other retirement income sources, the more prepared you’ll be to make informed decisions over the course of your career.
Take an online, self-paced retirement education class to learn about these topics and more.
If you prefer live presentations with the opportunity to ask our experts questions, we offer in-person and virtual CalPERS Benefits Education Events (CBEEs) throughout the year.
Log in to myCalPERS to view dates and enroll in upcoming classes and events. You can also enroll by calling the CalPERS Customer Contact Center at 888 CalPERS (or 888-225-7377).
Run Retirement Estimates
Consider the following retirement streams: your CalPERS pension, Social Security, and your personal savings. Will those income sources be enough to match the lifestyle you want in your golden years?
If you don’t know how much you’ll get in retirement income, you won’t know how much to save today. That’s why we’ve got an online estimate tool for your CalPERS pension. Social Security has its own as well.
- Estimate your monthly pension benefit in one of two ways:
- Estimate your monthly Social Security benefit in one of two ways:
Supplement With Deferred Compensation
In addition to your pension and Social Security, another retirement income option is available through CalPERS deferred compensation plans. These additional revenue streams can play a critical role in your retirement income, especially if you were hired on or after January 1, 2013, and are a California Public Employees’ Pension Reform Act (PEPRA) member.
If you’ve already started a deferred compensation plan, consider increasing your monthly contribution whenever you get a raise. If you were recently promoted, you may be in a position to pay into both pre-tax and after-tax plans.
Depending on your employer, other savings products or plans may be available with pre-tax or after-tax customizability.
Develop a Retirement Budget
Reaching your retirement goals is much easier when your money is managed well. A key aspect of that is forecasting your future and budgeting around key areas.
- Determine how much you will need in retirement, taking into account inflation, your lifestyle and state of residence, and post-retirement goals such as travel.
- To plan for health care expenses, you can:
- Evaluate your risk and determine how much vehicle, home, or life insurance is needed.
- Seek a qualified professional to assist with estate planning.
Avoid procrastination and start setting yourself up for a successful retirement today. By identifying retirement income sources, and developing a budget and sticking to it, you can improve your chances of a successful retirement from public service. After all, no one ever complains that they have too much money in retirement.