A financial tool designed to estimate retirement income from two distinct sources: the federal Social Security program and the California State Teachers Retirement System (CalSTRS). This tool assists individuals, particularly educators in California, in projecting their potential combined retirement benefits. For example, an educator can input their estimated years of service, final compensation, and projected retirement age to receive an approximation of their monthly income from both systems.
These projections are crucial for retirement planning, enabling individuals to understand their potential financial security in retirement. Access to estimated figures allows for informed decisions regarding savings, investment strategies, and retirement timelines. The historical context reveals the growing importance of such tools as individuals increasingly bear the responsibility of managing their own retirement savings alongside traditional pension systems.
