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Retirement and Pension Calculator

TRS · CalSTRS · NYSTRS · PSERS · STRS Ohio · MSERS · FRS · FERS · SS · 403(b) · Roth IRA · Combined

Estimate your retirement benefits — all in one place

Calculate pensions and retirement income for teachers, federal employees, and public-sector workers across all 50 states. Built with current 2025 plan formulas, bend points, and IRS limits. Get instant estimates — no account required.

Teacher Pensions Federal Retirement 403(b) / 401(k) / TSP Side-by-Side Comparison
Teacher Retirement System of Texas (TRS)
Annual Annuity = (Years of Service × 2.3%) × 5-Year Final Average Salary
Normal Retirement
Age 60 with 5+ yrs, or Rule of 80 (any age)
Multiplier
2.3% per year of credited service
Final Average Salary
Highest 5 consecutive years of salary
Member Contribution
8.0% of salary (2024)
COLA
Ad-hoc only (no automatic annual COLA)
Early Retirement
Age 55+ with 5% per year reduction
TRS Texas Calculator
Estimate your standard annuity under the Teacher Retirement System of Texas. Uses 2.3% per year of service × 5-year Final Average Salary (FAS).
yrs
$
yrs
Official TRS Site
Rule of 80 check: Age 60 + 25 yrs = 85 ✓ qualifies for unreduced benefit at any age

Understanding Public Pensions in the USA

Defined Benefit vs. Defined Contribution

Defined benefit (DB) plans like TRS, CalSTRS, NYSTRS, and FERS guarantee a lifetime monthly pension based on a formula (years × multiplier × salary). The employer bears the investment risk.

Defined contribution (DC) plans like 401(k), 403(b), and TSP are individual investment accounts. The employee bears all investment risk, but portability is higher and the account can be inherited.

Many public employees have both: a DB pension plus a supplemental DC account (e.g., FERS + TSP, or TRS + 403(b)).

The 80% Replacement Rate Target

Financial planners typically recommend replacing 70–85% of pre-retirement income to maintain the same standard of living. Public pensions often provide 50–75% replacement for long-career employees.

The gap is usually filled by Social Security (for those eligible) and personal savings (403(b), 401(k), IRA, TSP). Teachers in some states (like Texas, Ohio, Louisiana) do not participate in Social Security for their teaching jobs and must save more aggressively.

Use the calculators above to estimate each leg of your three-legged retirement stool.

WEP & GPO: Social Security Offsets

If you worked in a job where you did not pay Social Security taxes (e.g., teaching in Texas TRS, Ohio STRS, or Louisiana TRSL), and you also qualify for Social Security from another job:

Windfall Elimination Provision (WEP) can reduce your own Social Security benefit by up to ~$558/month (2025).

Government Pension Offset (GPO) can reduce spousal/survivor Social Security benefits by 2/3 of your public pension amount.

Note: H.R. 82 (Social Security Fairness Act) repealed WEP and GPO in January 2025, but implementation is ongoing. Check with SSA for current status.

State-by-State Pension Variation

Each of the 50 states runs its own teacher and public employee retirement systems. Formulas, multipliers, contribution rates, and COLA provisions vary widely:

  • Highest multipliers: Massachusetts (MSERS 2.5%), Pennsylvania (PSERS 2.5% Class T-E)
  • Lowest multipliers: Florida FRS (1.6%), Tennessee (1.5%), Mississippi PERS (1.55%)
  • Best COLAs: CalPERS (up to 2%), Maine PERS (CPI-based)
  • No COLAs: Texas TRS, NYSTRS, Florida FRS (post-2011), Ohio STRS — all ad-hoc or none
  • Non-Social Security states (for teachers): TX, OH, LA, MA, IL (Chicago), NV, AK, ME, CO, KY, CA (some districts)

This calculator now includes 8 pension systems covering teachers and federal employees across CA, NY, PA, OH, MA, FL, TX, and the federal government — plus Social Security, 403(b)/401(k) savings, a side-by-side comparison tool, and a combined retirement income aggregator. More state systems (Georgia TRS, Illinois TRS, Kentucky KERS, North Carolina TSERS) will be added in future updates.

Important Disclaimer

This website provides estimates only for educational and planning purposes. Calculations use publicly available 2025 plan documents, simplified formulas, and current-year parameters. Actual benefits may differ due to:

  • Tier-specific rules and legacy plan provisions
  • Purchase of service credit, military service, or out-of-state reciprocity
  • Survivor and joint-and-survivor annuity options
  • Salary caps, contribution limits, and tax treatment
  • Future legislative changes to plan formulas
  • Individual circumstances like disability retirement or early separation

Always request an official benefit estimate from your retirement system before making career or financial decisions. Consult a fee-only financial advisor for personalized advice.

Frequently Asked Questions

What is the TRS Texas pension formula?
TRS Texas uses 2.3% × Years of Credited Service × 5-Year Final Average Salary. Members can retire at age 60 with 5+ years, or any age if age + service ≥ 80 (Rule of 80). Reduced benefits are available from age 55.
How is CalSTRS 2% at 62 calculated?
Annual benefit = Years of Service × Age Factor × Final Compensation (highest 36-month average). The age factor is 2.0% at age 62, lower for earlier ages, and steps up to 2.4% at age 63+. A career factor bonus of +0.2% applies for 30+ years of service.
Do Texas teachers get Social Security?
No. Texas public school teachers do not participate in Social Security for their teaching employment. The same is true for teachers in Ohio, Massachusetts, Louisiana, and several other states. If you have SS earnings from another career, the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO) may reduce those benefits, though H.R. 82 (signed January 2025) repealed these offsets.
What is the FERS retirement formula?
FERS Basic Annuity = Years of Service × Multiplier × High-3 Average Salary. The multiplier is 1.0% standard, or 1.1% if retiring at age 62+ with 20+ years. FERS is a three-tier system: basic annuity + Social Security + Thrift Savings Plan (TSP), with TSP matching up to 5% of salary.
What is the 4% rule for retirement withdrawals?
The 4% rule suggests withdrawing 4% of your retirement savings balance in your first year of retirement, then adjusting for inflation annually. This should provide income for 30+ years with high probability. More conservative retirees use 3%; some use up to 5% for shorter horizons.
How accurate are these pension estimates?
These calculators use publicly available 2025 plan documents and simplified formulas. Estimates may differ from official benefit calculations by 5–15% due to tier-specific rules, purchased service credit, survivor options, and individual circumstances. Always request an official estimate from your retirement system before making financial decisions.
Should I choose Roth or Traditional IRA?
Generally: Roth wins if you expect to be in a higher tax bracket in retirement (common for young earners, those with pensions, or heirs). Traditional wins if you're in a high bracket now and expect lower income in retirement. If brackets are similar, Roth offers simplicity (no RMDs, no future tax-rate risk). Many experts recommend tax diversification — contributing to both Roth and Traditional accounts to hedge against future tax law changes.
What is the Roth IRA 5-year rule?
Two 5-year rules apply: (1) Qualified withdrawals require the Roth IRA to be open for at least 5 years from your first contribution AND you to be age 59½, disabled, or a first-time homebuyer ($10k lifetime cap). (2) Conversion withdrawals each have their own 5-year clock. Principal (your contributions) can always be withdrawn tax- and penalty-free — only earnings are subject to the rules.