Are you saving for your retirement? Do you know how much money you will need when you retire?
Amarillo College, in association with ING, is presenting My Retirement Outlook, a comprehensive tool that allows you to predict just what you can expect to receive during your retirement and what it will take to get to where you want to be.
Calculations are based solely on information provided by you and no confidential data is retained.
|The accuracy of this tool depends on the information that you input.
You will need to have the following data handy:
- Your last TRS statement in order to provide:
your current annual salary;
your years of service in TRS; and
your grandfathered status.
- Your expected age of eligibility for Social Security.
- The amount of any savings in your Amarillo College Benefit Program
- Any other savings you may have (i.e., TexaSaver 457, tax-sheltered annuity, Roth IRA, etc.)
You need to determine if you are participating in the Teacher Retirement System of Texas (TRS-defined benefit program) or the Optional Retirement Program (ORP-defined contribution program). This information is critical in order for the calculator to work appropriately.
Grandfathering and TRS
Your grandfathered status for TRS purposes determines how your TRS benefit is calculated.
There are three TRS grandfathered statuses:
- Before 2005: If you were either 50 years of age; had at least 25 years of service; or your years of service and age totaled 70 on or before August 31, 2005.
- Before 2007: If you were a member of TRS on or before August 31, 20070, but do not meet the grandfathering retirement before 2005.
- After 2007: If you became a member of TRS after August 31, 2007.
This information is intended for general informational purposes only. You should not consider it tax, legal or investment advice. In the event that anything on this website conflicts with the Amarillo College policies, or state or federal law, the Amarillo College policies, or state or federal law will govern. Please consult your tax, legal or investment advisor for assistance with your personal situation.