Crunching the Numbers: A Short Guide to Retirement Calculators

A good estimate of your post-retirement income is essential to retirement planning. But estimating your income becomes a little tricky when you need to calculate income from several sources. Fortunately, there are retirement calculators available to help you.

online calculators

NYSLRS Benefit Calculator

A good place to start is with the NYSLRS online benefit calculator. Most members can create a pension estimate in minutes using Retirement Online. A Retirement Online estimate is based on the most up-to-date account information we have on file for you. You can enter different retirement dates to see how those choices would affect your benefit.

Social Security Calculators

The Social Security Administration (SSA) hosts a variety of calculators that you may find helpful. The SSA’s Quick Calculator, which uses information you enter, provides a rough estimate of your Social Security benefit. The Retirement Estimator, which estimates your benefit based on your actual Social Security earnings record, is more refined, but you’ll need to enter your Social Security number and other personal information.  

You can also calculate when you will be eligible for full Social Security benefits and estimate your life expectancy.

Savings Calculators

If you are saving for retirement, a simple savings calculator can show you how your money can grow over the years. But simple calculators assume a fixed amount of savings each month. In reality, most people increase their retirement savings as their income grows. With more sophisticated calculators, like this 401k Retirement Calculator, you can account for salary increases over time. (Note: The 401k Retirement Calculator works with other types of retirement savings plans, including 457(b) plans like the ones offered by the New York State Deferred Compensation Plan.)

Savings Withdrawal Calculators

Savings withdrawal calculators like this one are designed to help determine how much savings remains after a series of withdrawals. These are especially helpful tools to use when trying to determine how long your retirement savings will last. Enter the starting amount, how much to withdraw and how often, and an expected final balance will be calculated.

While the calculators mentioned above are great planning tools for before and after retirement, remember that their results are only estimates.

3 thoughts on “Crunching the Numbers: A Short Guide to Retirement Calculators

    1. NYSLRS Post author

      Your Retirement Online account lists the date your employer last reported your earnings to NYSLRS. Sign in and click on “View My Recent Employment Summary.”

      Most employers report lump sum payments for the month that they are paid. However, when you retire, the retroactive payment will be applied to the period when it was earned.

      For more information, read our blog post on Retroactive Payments.

  1. Dave Krueger

    The Social Security site calculator is junk. And has been for many months, despite having been told about the problem numerous times (by me). It does not function, just goes in circles as you try to click through the steps to use it. This occurs whether you are logged in to your social security account or not. Pure dishonest deceitful CR***P.


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