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Calculators

Accelerated Payment Cost Calculator

What is an Accelerated Payment Option?

Accelerated Payment Options provide two (2) monthly payments (annuities):

    1. A lifetime annuity, and
    2. A temporary (accelerated) annuity that ends at age 62.
      The purpose is to temporarily provide a higher WRS benefit until becoming eligible for your Social Security Retirement benefit at age 62, at which time your WRS annuity decreases. That decrease in benefits at age 62 is permanent. This means, the longer you live after age 62, the more it will “cost” you for the temporary annuity. Essentially, you are buying that temporary benefit from your after-age-62 lifetime benefit.

This calculator will help you determine if an Accelerated Payment Option is right for you. It allows you to enter data from your retirement benefit estimate and calculates your Accelerated Threshold. The Accelerated Threshold is the point at which you begin to lose benefits as a result of choosing an Accelerated Payment Option. It shows a comparison of your REGULAR and ACCELERATED payment amounts and how much more and less you could receive each year, up to age 100.

The calculator also gives you the option to enter estimated benefit increases (annuity adjustments) to illustrate how these adjustments affect your benefit over time. Annuity adjustments are applied to both the temporary and the lifetime annuities. Therefore, the more you receive in benefits before age 62, the more it will cost you (or your named survivor) after age 62.

IMPORTANT POINTS

  • You must only enter data from either an official WRS Retirement Benefit Estimate and Application OR from your own projection using ETF’s online WRS Retirement Benefits Calculator. Entering any other data can distort your results. If you will be retiring in the next year, and would like an official estimate of benefits, please contact ETF.
  • This calculator uses only the data you enter and does not compare that data against your actual WRS account.
  • Results vary, depending on the individual payment option chosen.
  • These are unofficial projections.
  • For a better understanding of the Accelerated Payment Options we recommend:

I have a retirement estimate or projection and I am ready to use the Accelerated Payment Cost Calculator.

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