CalPERS Retirement Calculator: Estimate Your California Pension
Calculate your CalPERS pension benefits. Understand the formulas, factors, and options for California public employees approaching retirement.
Key Takeaways
- 1CalPERS is the largest public pension fund in the US
- 2Your pension depends on years of service, age, and final compensation
- 3Use the official myCalPERS portal for personalized estimates
- 42% at 62 is the formula for PEPRA members (hired after 1/1/2013)
- 5Classic members use 2% at 55 or 2% at 60 formulas
- 6You can supplement your pension with additional savings
- 7Consider diversifying beyond your pension for retirement security
What Is CalPERS?
The California Public Employees' Retirement System (CalPERS) is the largest defined-benefit public pension fund in the United States, serving over 2 million members including state workers, school employees, and local public agency workers.
- $450+ billion in assets under management
- 2+ million members (active, retired, inactive)
- Covers state, school, and local public employees
- Defined benefit: pension amount guaranteed by formula
- Employer and employee contributions fund the system
Official Calculator
The most accurate estimate comes from your myCalPERS account at my.calpers.ca.gov. This uses your actual service credit and salary history.
CalPERS Pension Formulas
Your pension formula depends on when you were hired and your employer's contract.
| Member Type | Formula | Applies To |
|---|---|---|
| PEPRA Miscellaneous | 2% at 62 | Hired on/after 1/1/2013 |
| Classic 2% at 55 | 2% at 55 | Most pre-2013 state workers |
| Classic 2% at 60 | 2% at 60 | Some local agencies |
| Safety (PEPRA) | 2.7% at 57 | Police/Fire after 1/1/2013 |
| Safety (Classic) | 3% at 50 | Police/Fire before 2013 |
Example Calculation
PEPRA member with 25 years of service, retiring at 62 with $80,000 final compensation: 2% × 25 years × $80,000 = $40,000 annual pension.
How to Calculate Your CalPERS Pension
The basic CalPERS pension formula is: Service Credit × Benefit Factor × Final Compensation = Annual Pension.
- **Service Credit**: Total years and months of CalPERS employment
- **Benefit Factor**: Percentage based on your formula and retirement age
- **Final Compensation**: Highest average salary (1 or 3 years, depending on formula)
- 1Log into myCalPERS at my.calpers.ca.gov
- 2Navigate to "Retirement Estimate" or "My Retirement"
- 3Review your service credit (years and fractions)
- 4Identify your benefit formula (2% at 62, etc.)
- 5Determine your final compensation (highest average salary)
- 6Apply the formula: Years × Percentage × Salary
- 7Consider early/late retirement adjustments
- 8Factor in Social Security if you have covered employment
Exploring your retirement options?
Our 60-second quiz matches you with the right account type
Key Factors Affecting Your Pension
Several factors determine your final CalPERS benefit amount.
- **Retirement age**: Earlier retirement = lower benefit factor
- **Years of service**: More years = higher pension
- **Final compensation**: Higher salary = higher pension
- **Sick leave credit**: Unused sick leave adds to service credit
- **Reciprocity**: Combined service from multiple public employers
- **Survivor option**: Lower pension provides spouse coverage
PEPRA Compensation Cap
PEPRA members (hired after 1/1/2013) have a pensionable compensation cap of $151,549 (2024) for non-Social Security members. Salary above this doesn't increase your pension.
CalPERS Retirement Options
When you retire, you'll choose a benefit payment option.
| Option | Description | Best For |
|---|---|---|
| Unmodified | Highest payment, 50% to spouse after death | Married with younger spouse |
| Option 1 | Slightly lower, 100% to beneficiary | Want to protect spouse fully |
| Option 2 | 100% to beneficiary, lower monthly | Spouse same age or older |
| Option 3 | 50% to beneficiary, moderate reduction | Balance income and protection |
| Option 4 | Custom survivor percentage | Specific planning needs |
Diversifying Beyond Your CalPERS Pension
Your CalPERS pension provides guaranteed lifetime income - but it doesn't adjust for inflation and you can't leave it to heirs (beyond survivor options). Many California public employees supplement their pension with additional retirement savings.
- CalPERS 457 plan provides additional tax-deferred savings
- No 10% early withdrawal penalty on 457 plans (separation from service)
- Can roll 457 to IRA when you leave or retire
- Gold IRA provides inflation protection CalPERS doesn't offer
- Diversify beyond pension that's tied to California's economy
- Augusta Precious Metals helps with 457-to-Gold rollovers
Frequently Asked Questions
1When can I retire from CalPERS?
PEPRA members can retire at 52 with reduced benefits, full benefits at 62. Classic members can retire at 50-55 depending on formula. Industrial disability retirement has no minimum age.
2Does CalPERS provide cost-of-living increases?
CalPERS provides a 2% annual COLA (cost of living adjustment), but it's not guaranteed and may not keep pace with actual inflation.
3Can I work after CalPERS retirement?
Yes, but with restrictions. You must wait 180 days before returning to CalPERS-covered work, and there are annual hour limits. Private sector work has no restrictions.
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