Planning your federal retirement requires getting a good estimate of the income you can count on once you separate from service. Here are some calculators to help you get started.
The Thrift Savings Plan (TSP) Retirement Income Modeler
The TSP Retirement Income Modeler uses information specific to your account to help you determine your savings goals. To use this tool, simply log in to “My Account.”
The Federal Ballpark E$timate®
The Federal Ballpark E$timate (FBE) includes your projected federal annuity (pension) and TSP benefits to help you identify how much you need to save for a comfortable retirement. To learn more, read the FBE Overview.
The OPM Retirement Quick Guide
To help you complete and submit an error-free retirement application, this easy-to-read three-page guide provides step-by-step guidance. You can also enter the date of your separation to keep track of where you are in the retirement process. To learn more, download the Quick Guide.
“Take the time to review your earnings history for accuracy because your benefits are based on these records.”
Your Online Social Security Statement Using your birth date, your Social Security statement provides your Full Retirement Age (FRA) and personalized estimates of your monthly benefits based on your earnings to date. Estimates assume you’ll continue to earn your current yearly salary until you start your benefits. It also includes a chart that shows your estimated, monthly retirement starting at age 62, which is the earliest you can apply for benefits, and every year thereafter through age 70. Take the time to review your earnings history for accuracy because your benefits are based on these records. To access your statement, go to “my Social Security account.”
Other Social Security Calculators
For complete information on the following, go to: Social Security Benefit Calculators.
- Quick Calculator: Provides a rough estimate of your Social Security retirement benefit based on your current earnings. It also provides estimated disability and survivor benefits if you die or become disabled today.
- Online Calculator: You must have a copy of your earnings record because you’ll need to enter your covered earnings for each year. This calculator is more accurate than the Quick Calculator and requires that your browser be JavaScript-enabled.
- Detailed Calculator: This program is the most powerful of all the calculators and is capable of computing almost any type of Social Security benefit. To use it you need to install it on your computer.
- Life Expectancy Calculator: Projected life expectancy based on age and gender.
If you need help estimating your retirement income, connect with an FRC® trained advisor.
