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Combined Retirement Income Calculator
TRS Texas members typically do not participate in Social Security for their teaching employment — SS section will be auto-disabled below.
Social Security auto-disabled because TRS Texas members don't participate in SS for this employment. If you have SS earnings from another career, enable this manually after considering WEP/GPO.
What replacement rate should you aim for?
The common rule of thumb is 70% to 80% of pre-retirement income. It is a reasonable starting point, and it is wrong for a lot of public employees in both directions.
It can be too high because certain costs genuinely disappear. You stop contributing to the pension, which for an STRS Ohio member is 14% of salary and for a CalSTRS member 10.205%. You stop paying Social Security payroll tax if you were paying it. Commuting costs go. A mortgage may be paid off.
It can be too low because of things people forget. Health insurance before Medicare eligibility at 65 is the big one — a retiree at 60 can face premiums of several hundred dollars a month, often deducted directly from the annuity. Early retirement also tends to increase spending on travel and hobbies rather than decrease it.
The replacement rate that actually matters
Rather than targeting a percentage, work out what you spend now, subtract what genuinely stops (pension contributions, payroll tax, commuting, mortgage if applicable) and add what starts (health insurance premiums, more discretionary time). That number is your target. It is usually somewhere between 65% and 90% of gross, and where you land in that band depends mostly on health insurance and housing.
The three sources, and who has which
| If you are in... | Pension | Social Security | Savings |
|---|---|---|---|
| TRS Texas, CalSTRS, STRS Ohio, MSERS | Large — the main source | Usually none from this job | 403(b) or 457(b), entirely voluntary |
| PSERS Pennsylvania, Florida FRS | Smaller | Yes, full coverage | DC account and voluntary savings |
| FERS | Small (1.0% or 1.1% per year) | Yes, full coverage | TSP with up to 5% agency contribution |
This table explains why comparing multipliers across states is misleading. A Texas teacher with a 2.3% multiplier and no Social Security is not obviously better off than a Florida employee with a 1.60% multiplier who also gets Social Security and pays only 3% in contributions. You have to add the pieces up, which is what this page is for.
If you are outside Social Security, the pension is the whole thing
Teachers in Texas, California, Ohio and Massachusetts generally earn no Social Security for that employment. There is no second leg to fall back on if the pension falls short, which makes voluntary savings in a 403(b) or 457(b) far more important than it is for someone with Social Security underneath them. It is also why the absence of a COLA in Texas matters so much: nothing else in the picture is inflation-adjusted either.
Turning savings into income
Your pension and Social Security arrive as monthly payments. Your 403(b) balance does not — you have to decide how much to take. The widely cited 4% rule says you can withdraw 4% of the starting balance, adjust it for inflation each year, and have a high chance of the money lasting 30 years.
It is a useful anchor with real caveats. It was derived from historical US market data over specific periods, it assumes a particular stock-bond mix, and it is sensitive to what markets do in your first few years of retirement. Someone who retires into a sharp downturn and keeps withdrawing at the same rate runs a materially higher risk of running short — that is sequence-of-returns risk, and it is the single biggest difference between a DC balance and a pension.
- Having a pension makes the 4% rule safer for you than for most people. If the pension covers your fixed costs, you can cut discretionary withdrawals in a bad year without going hungry. Flexibility is what makes withdrawal rules work.
- Consider drawing more early and less later if you retire before Social Security starts. Bridging a few years from savings so you can delay Social Security to 70 raises your guaranteed inflation-adjusted income for life.
- Watch the tax interaction. Pension income plus large Traditional withdrawals can push you into a higher bracket and increase the taxable share of Social Security. Having some Roth money gives you room to manage that.
What this calculator does not model
Taxes, health insurance premiums, survivor benefit elections that reduce the monthly pension, inflation over the course of retirement, and market volatility in the savings component. It is a gross, present-value sketch of where your income comes from. Treat the replacement rate as directional and get an official pension estimate plus a Social Security statement before making a decision.
Frequently asked questions
What percentage of my salary should my retirement income replace?+
70% to 80% is the usual rule of thumb, but it is a starting point rather than an answer. Subtract what stops at retirement — pension contributions, payroll tax, commuting — and add what starts, principally health insurance before Medicare at 65. Most people land somewhere between 65% and 90% of gross.
Why does my pension look small compared to a teacher in another state?+
Check whether you are covered by Social Security. Systems that include Social Security, such as Florida FRS, PSERS Pennsylvania and FERS, generally have lower multipliers because the pension is only one part of the total. Systems outside Social Security have higher multipliers because the pension has to do all the work.
Should I delay Social Security if I have a pension?+
Often yes. Delaying from 67 to 70 raises the benefit by 24%, and that increase is inflation-adjusted for life. If your pension covers your fixed costs and you can bridge the gap from savings, delaying buys you more guaranteed inflation-protected income, which is exactly what a pension without a COLA lacks.
Is the 4% rule reliable?+
It is a reasonable anchor rather than a guarantee. It was derived from historical US market data and is sensitive to returns in the first years of retirement. Having a pension covering your fixed costs makes it considerably safer, because you can reduce discretionary withdrawals in a bad year without real hardship.
Sources
Every figure on this page comes from one of the following. Where a plan does not publish a number we needed, the page says so rather than guessing.
- SSA — Retirement benefits planner — claiming ages and benefit estimates
- SSA — my Social Security account — your actual earnings record and benefit estimate
- IRS — Required minimum distributions FAQs — when withdrawals become mandatory
Keep reading
Compare pension systems
Which systems include Social Security and which leave you without it.
Social Security calculator
Estimate the second leg with 2026 bend points.
403(b) and 401(k)
Project the savings component with current contribution limits.
How pension COLAs work
Why an un-indexed pension shrinks in real terms over a long retirement.
Plan data on this page was last checked against the system’s own published material on September 19, 2026. Retirement systems change their rules; if you spot something out of date, tell us.