Last month we added a tiny note at the end of our newsletter reminding people that they can access their pension information at www.benefitsaccess.org  This month we want to specifically highlight one tool of that website, which is the Retirement Projection Tool.

This tool enables you to estimate what your monthly pension payout will be when you retire. There are a number of factors that you can adjust including your age at retirement, how much your housing will cost, how much of your current income you’re looking to replace in retirement and many other factors. Once you enter all your particular pieces of information, you can run the projection.

It’s a great tool to see where you’re at right now as you head towards retirement. While the numbers may not be entirely accurate when you’re younger, as you get closer to retirement they truly will give you a sense of where you’ll stand in retirement and whether you may need to use the last few years of your ministry doing some catch-up so that you are ready for retirement.

Wespath has created an educational video that walks you through the Retirement Projection tool. You can check that out here.

We encourage you to set up your Benefits Access account today and then run a retirement projection. Knowledge is power. As always, if you have questions, please reach out to us in the Benefits Office.

Last Updated on June 28, 2024