A tool provided by the state government assists individuals in estimating their potential retirement income and planning accordingly. These resources often incorporate factors like salary, age, years of service, and contribution rates to project future financial scenarios. For instance, an employee contributing to the Connecticut State Employees Retirement System (SERS) can utilize this resource to forecast their monthly pension benefit upon retirement.
The significance of such instruments lies in their ability to empower individuals to make informed decisions about their financial future. They provide clarity on whether current savings and planned contributions are sufficient to meet retirement goals. Historically, access to reliable retirement planning resources has been limited, making state-sponsored tools increasingly valuable for public employees and others seeking financial security in their later years.
