Planning your financial future should involve not just your CalPERS pension, but other deferred compensation such as 401(k) or 457 plans, Social Security, health care, and more. And getting a grasp on these important factors shouldn’t start when you’re near the end of your career—it should start now.
Most good plans start with a list, and your retirement should be no different. To help you, below we’ve compiled our Planning Your Financial Future Checklist. Happy planning!
1. Create a my|CalPERS Account
The best way to get an overview of your personal CalPERS account details is through my|CalPERS. Through your account you can access real-time balances, view your statements, search for health plans, communicate with CalPERS’ experts, and send account information to your bank. Log in or sign up for an account today.
2. Estimate Your CalPERS Pension
Of course, your CalPERS pension is central to understanding your future financial situation. With our online pension benefit calculator, you can get a picture of what your future retirement income could be. You can generate an estimate based on your specific CalPERS information by logging in to your my|CalPERS account, or get a general estimate using the
3. Estimate Your Social Security Benefit
For many CalPERS members, a Social Security benefit will help supplement their income along with their pension. The Social Security Retirement Estimator works much like our calculator, and can help you get a more detailed picture of what your retirement income could look like.
4. Develop a Savings Plan
The fact of the matter is that your CalPERS pension and Social Security combined may not be enough income when you require. Consider deferred compensation or other personal savings when looking at your overall retirement picture. We’ll help walk you through your savings options on our website.
5. Develop a Retirement Budget
Budgeting in retirement is as important as ever for your financial security. We’re happy to give you some pointers on what to expect once you’re no longer working. Check out our video:
Take a look at all of the videos in our Planning Your Financial Future series on our YouTube Channel channel.
6. Plan for Health Care Expenses
An often overlooked expense in retirement is ongoing health care needs. You’ll want to continue your coverage, and you can find health premium rates for retirees on our website. Also online, you can learn more about continuing health care in retirement.
7. Review Your Annual Member Statement
Your Annual Member Statement provides a good accounting of your retirement-related work history as reported by your employer. Find your individual Annual Member Statement by logging in to your my|CalPERS account.
8. Attend a Class or Schedule an Appointment
We’re proud to offer a host of learning opportunities either in-person or from the comfort of your own home. Get information on your own schedule. All upcoming events and classes are available in the Member Education section of our website.