The tool assists individuals in estimating their potential retirement income based on their contributions to the Public Employees’ Retirement Association of Colorado (PERA). It utilizes factors such as years of service, salary history, and selected retirement options to project future benefits. For instance, an employee can input their current salary, expected retirement date, and chosen benefit structure to receive an estimated monthly retirement payment.
Its significance lies in empowering individuals to plan their financial future with greater certainty. Understanding potential retirement benefits allows for informed decision-making regarding savings, investments, and overall retirement preparedness. Historically, such resources were less accessible, leading to uncertainty among public employees regarding their retirement prospects. This type of resource contributes to attracting and retaining skilled professionals in public service by providing clear insights into their long-term financial security.
