Factors affecting the cost of your retirement:❏ Life expectancy❏ Health❏ Activities❏ Status of dependents❏ Inflation
What will your annual salary be when you retire?How much income will you need in retirement (as a percentage of your preretirement salary)?
Your number of years to retirement? ___ years
Your percentage of income needed: ___%
Current Salary X Future Value Factor = Estimated Salary
Your Current Salary $ _________X Future Value Factor X x.xxxxx= Your Total Estimated Salary* = $ _________* annual salary indexed for future value
Missouri State Employees’ Retirement SystemMailing Address: PO Box 209 • Jefferson City, MO 65102-0209
Office Location: 907 Wildwood Drive • Jefferson City, MO 65109Phone: (573) 632-6100 • (800) 827-1063
Fax: (573) 632-6103 • E-mail: [email protected] Relay: 7-1-1 (Voice) • (800) 735-2966 (TTY)
www.mosers.org
The Cost of Retirement Future Value Factor Table at 3%
Years Factor Years Factor
1 1.0300 21 1.8603
2 1.0609 22 1.9161
3 1.0927 23 1.9736
4 1.1255 24 2.0328
5 1.1593 25 2.0938
6 1.1941 26 2.1566
7 1.2299 27 2.2213
8 1.2668 28 2.2879
9 1.3048 29 2.3566
10 1.3439 30 2.4273
11 1.3842 31 2.5001
12 1.4258 32 2.5751
13 1.4685 33 2.6523
14 1.5126 34 2.7319
15 1.5580 35 2.8139
16 1.6047 36 2.8983
17 1.6528 37 2.9852
18 1.7024 38 3.0748
19 1.7535 39 3.1670
20 1.8083 40 3.2592
Estimated Salary X Percentage = Amount Needed Annually**
Your Estimated Salary $ _________X Your Percentage X 0.xx= Your Total Income Needed Annually** = $ _________** plus inflation factor
Possible sources of income in retirement:❏ Social Security retirement benefit❏ MOSERS and other Employer retirement benefits❏ Savings and Investments*❏ Reemployment* such as Deferred Compensation, stocks, bonds, IRAs, mutual funds, etc.
How much income will you generate from different sources in retirement?
Your Social Security benefit $ _________+ Your employer retirement benefit +$ _________+ Your savings/investments* +$ _________+ Your reemployment income +$ _________= Yout total income generated +$ _________* prorated annually
Is there a difference between the amount of income you need and income you generate in retirement?
Income Needed $ _________- Income Generated - $ _________= The Difference (if any) = $ _________
Left over money? Or shortfall?
Notes
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Paying for Retirement
Mailing Address: PO Box 209 • Jefferson City, MO 65102-0209Office Location: 907 Wildwood Drive • Jefferson City, MO 65109
Phone: (573) 632-6100 • (800) 827-1063Fax: (573) 632-6103 • E-mail: [email protected] Relay: 7-1-1 (Voice) • (800) 735-2966 (TTY)
www.mosers.org
Missouri State Employees’ Retirement System
What can you do while you still have time?❏ Adjust your expectations❏ Delay retirement dates❏ Push savings/investments to work harder❏ Consider “going back” to work