To help determine their income in retirement, our members asked what their estimated monthly retirement check would be net of taxes and deductions. We don’t blame them – deciding to retire can be a stressful decision and determining their monthly income is pretty high up on the list of priorities.
Everyone’s situation is different so we cannot simply say “count on withholdings of x% from your gross retirement check and that is what will appear in your bank account.” What we can offer is access to two tax withholding calculators.
One calculator is available on our website. The other calculator is available on our secure member portal (i.e., myMPERS). If an active member logs in, he/she can use the “Gross-to-Net Benefit” calculator to estimate the net retirement check. The member will have to input an estimated gross amount, federal and state tax withholding data and will want to estimate the other deductions such as medical and life insurance premiums. If a retired member logs in, he/she can go through the same steps and make all of the adjustments, click a button and the changes will be made – no extra forms to fill out!