Retirement security challenge week 4

One of the most common questions we receive is: “How much can I expect to receive in retirement?”

You can use the Benefit Estimator tool to get an idea of your monthly retirement income. Your monthly amount will likely be higher by the time of your actual retirement date. Nevertheless, this tool will allow you to see what your monthly income could look like.

Challenge 4: Estimate your retirement benefit.

Take the 5-minute challenge:
Estimate your retirement benefit with the Benefit Estimator.

How to access the Benefit Estimator tool:

  • Log in to your online account.
  • In the top navigation menu, you will see your retirement plan name (ie: PERS 2).
  • Select your plan name to open the drop-down menu.
  • Select Benefit Estimator.
  • The next few pages will ask you a few simple questions about your age and when you would like to retire. We recommend the four-step process that will walk you through the steps, one at a time.

The final page will give you your Estimated Monthly Benefit (based on the information provided). This is an estimate of how much you can expect to receive in retirement based on your current salary.

Bonus challenge:

If you have an investment account with DCP or Plan 3, enter your monthly benefit estimate into your VOYA retirement calculator.

  • Log in to your online account.
  • From the welcome screen you will see info for “Your Supplement Retirement Plans” towards the bottom.
  • Select the link for Deferred Compensation Program. This will open the VOYA site in a new window.
  • Select the orange drop down link for your retirement savings.
  • Select the option for your other retirement and savings info.
  • Enter your estimated monthly pension income. (Use the dollar amount of your Estimated Monthly Benefit from the steps above.)

National Retirement Security Month

It’s National Retirement Security Month. This October, we’re encouraging our 335,000 active members to join a weekly challenge to set you up for a secure retirement. Each week, we’ll be focusing on quick financial wellness resources.

Sign up for DRS news updates to receive the weekly challenges in your inbox.

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