The teaching profession is hard but good. All the teachers I know say they feel the career can be a challenge, but they also find it very rewarding. At the top of their achievements, they note making a positive difference in the lives of the students under their care is most important. While some may find the job undervalued, there are also many perks. Along with special certifications, paid training, and a good portion of the year off, you have to wonder what else? They also have great retirement benefits in the form of a teacher’s pension. If you’re looking into the profession or already in it, you may want to look at how your pension grows each year. Do so by checking out these top 5 pension calculators for teachers.
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1. State-Specific Pension Calculators
Any teacher should start by looking at their state-specific pension calculators. These calculators are specific to the rules governing your state and teacher retirement funds. They can give you scenario-based projections that include maximum plans, several optional plans, and partial lump-sum plan payouts. Some of the most popular state-specific calculators are the ones for Georgia and Chicago.
2. Bankrate
Bankrate is one of the op pension calculators out there. It asks you for a lot of information to help you come up with the most accurate projections of your teacher retirement contributions. Along with demographic information, it asks about your respective retirement and life expectancy age. You can also plug in information about your spouse and information about the payout you will receive (joint or single). COlA Adjustments, insurance costs, and expected ROI are also considered. It’s a simple tool with only a few pieces of data to input, making it simple but not necessarily the most comprehensive calculator.
3. 360 Degrees of Financial Literacy
This calculator is courtesy of the American Institute of CPAs. It includes a little more detail than the Bankrate calculator. The CPA calculator accounts for household income and what percentage of that income you save yearly. Also, it accounts for salary increases, pre-retirement income, length of retirement income, and monthly pension income you expected to generate at retirement. Once calculated, you will get retirement savings to report. It details which portion will come from Social Security, how much is paid out to you annually, and when the funds will run out.
4. Value Your Pension Calculator
This is a great calculator if you have COLA adjustments included in your pension. Along with the basic demographic information and retirement age and account balances to date, it goes into COLA-specific data. You can input fixed-dollar adjustments, COLA partial yearly benefit adjustments, and COLA entire benefit percentages.
5. T. Rowe Price Retirement Calculator
If you’re looking for more than just a pension calculator, this could be the perfect tool for you. T. Rowe Price calculators are top-rated in the industry. They are comprehensive and provide you with an investment score to see if you are on track for meeting your financial retirement goals. It looks at all of your current retirement savings from Qualified Retirement Accounts, annual contributions, and investment risk level. Afterward, it produces a confidence score and offers you insight into the next steps.
Here are just a few pension calculators for teachers can you think of more?
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Shatel Huntley has a Bachelor’s degree in Criminal Justice from Georgia State University. In her spare time, she works with special needs adults and travels the world. Her interests include traveling to off-the-beaten-path destinations, shopping, couponing, and saving.
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