This tool is designed to estimate future retirement income for individuals employed by the state of North Carolina. It takes into account factors such as years of service, average final compensation, and chosen retirement plan (e.g., Teachers’ and State Employees’ Retirement System – TSERS). An example would be a 30-year employee with an average final compensation of $60,000 using the calculator to project their annual retirement benefit.
Accessing such a planning resource is crucial for informed decision-making regarding retirement. It facilitates a better understanding of potential financial security during retirement years, allowing employees to adjust savings and investment strategies accordingly. The development of this type of resource represents a commitment to employee well-being and financial literacy.