The online tool designed for members of the South Carolina Employees Retirement System (SCERS) allows them to project retirement benefits based on factors such as years of service, average final compensation, and retirement plan options. A hypothetical example would be an employee with 25 years of service, an average final compensation of $50,000, and choosing the standard retirement plan, using the tool to estimate their monthly benefit amount.
Access to such a tool is invaluable for informed financial planning, enabling state employees to make critical decisions about their future with greater confidence. This empowers individuals to prepare adequately for retirement by adjusting savings goals, considering different retirement dates and plan options, and gaining a clear understanding of their potential retirement income. Historically, obtaining these projections often involved contacting the retirement system directly; now, this convenient, self-service resource simplifies the process significantly.
