Accelerated Payment Cost Calculator
What is an Accelerated Payment Option?
Accelerated Payment Options provide two (2) monthly payments (annuities):
- A lifetime annuity, and
- 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.
- 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
- 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
I have a retirement estimate or projection and I am ready
the Accelerated Payment Cost Calculator.