Retirement Benefits Calculator

Updated : Sep 16, 2019 in Articles

Retirement Benefits Calculator


Welcome. You can generate an estimate of your CalSTRS monthly retirement benefit in minutes online by going to CalSTRS.com. Clicking on the calculators icon, then selecting the Retirement Benefits Calculator. Before you get started, here are a few things you’ll need to know: The benefit structure you fall under. Your current service credit balance. The salaries from your last three years of work. If you’re nearing retirement, you may also want to know the amount of any unused sick leave. CalSTRS will convert it to service credit at retirement. If you’re not sure whether you’re under the CalSTRS 2% at 60 or CalSTRS 2% at 62 benefits structure or how much service credit you’ve accumulated, you can find this information on your Retirement Progress Report or your myCalSTRS account or on the estimate you previously may have received from a CalSTRS benefits specialist. Once you have this information, you’re just a few clicks away from receiving your estimate. First, select whether or not you fall under the CalSTRS 2% at 60 benefits structure. Then enter your projected retirement date and your birth date. Next, enter the years of service credit you expect to have at retirement. You can determine this number by adding the service credit you already have, to the years you expect to earn between now and retirement. The most service credit a full time member can earn in one school year is one year. For CalSTRS 2% at 60 members, you may have purchased non-qualified airtime service credit in the past. If so, enter the amount of years you purchased here. Next, enter the amount of unused sick leave days you have followed by the amount of base service days in your contract. At retirement any unused sick leave days you’ve accumulated will be converted into service credit. If you are unsure of this amount it’s okay to leave this area blank. Do you expect to receive a two-year service credit retirement incentive from your employer? For more information about this program, contact your employer or see the CalSTRS Member Handbook Now, enter your salaries from your last three years of work. Last, you’ll need to decide if you’d like to include an option beneficiary in your calculation. That is, do you want to provide a lifetime monthly benefit to someone after your death? If so, enter the beneficiary’s birth date and select your relationship to them from the drop-down menu. For the online estimate you can select only one beneficiary. All the required fields are now complete. To finish, click calculate and your estimate will appear on the screen. Simply repeat this process as many times as you’d like by clicking on reset to compare different retirement dates or other estimate scenarios. Thanks for watching.

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