One of the most essential steps in preparing for retirement is getting an estimate of your benefits. Even if you’re still a couple of years out from retirement in New Jersey, it’s still important to occasionally get an estimate of your benefits based on your most recent financial earnings.
To calculate your retirement estimate, all you need to do is:
- Choose the New Jersey retirement calculator that’s specific to your retirement plan type
- Enter the required information into the calculator
- Click calculate
- The number shown to you will be your estimated benefits at the time of your retirement
The retirement estimate shown to you can include other important information about your retirement benefits such as your survivor benefits after your death, and the benefit from your group life insurance after retirement.
When Are You Eligible to Receive Your Retirement Estimate?
If you’re within two years of retirement in New Jersey, you can get your official estimate by either calling the NJDPB’s Automated Information System at (609) 292-7524, or by contacting them online through the Member Benefits Online System (MBOS).
For those who are more than two years from retiring in New Jersey, you can use the retirement estimate calculators. Depending on your type of retirement plan, use one of the following retirement calculators:
- Public Employees’ Retirement System Calculator
- Teachers’ Pension and Annuity Fund Calculator
- Police and Firemen’s Retirement System Calculator
Do Not Apply for Retirement Based on this Estimate
It’s important to remember that this is only an estimate of your benefits, and you shouldn’t apply for retirement based on this number alone. The calculators only give you an estimate of your benefits based on the information that you enter, they do not access any of your salary or service information from the Division of Pensions and Benefits.
You should only use information from the calculators for long-range retirement planning. When you’re within two years of retirement, you can begin the process of obtaining your official estimate through the Member Benefits Online System (MBOS).
Do You Know How to Officially Apply for Retirement?
If you’re within two years of retiring, and you’re not sure how to officially apply retirement, use our retirement checklist! This checklist will walk you through the entire process to make sure your applications are submitted on time, and your benefits are properly processed to start your retirement.