Accelerated Payment Options provide you with two (2) monthly payments (annuities):
- A lifetime annuity , and
- A temporary (accelerated) annuity that ends at age 62.
The purpose of an accelerated payment is to offer a higher benefit amount until age 62. That is when you can take your Social Security Retirement benefit. Your WRS annuity payment goes down permanently at age 62 even if you choose not to take your social security benefit.
The more money you get before age 62, the less you get after 62. The longer you live after 62 the more you lose (the more it costs you).
This calculator shows your Accelerated Threshold. This threshold is the point in time where you begin to lose benefits because of choosing an Accelerated Option. It shows a year by year comparison, and how much you could lose each year if you take an accelerated option.
- You must only enter amounts from the online Retirement Benefits Calculator or an official WRS Retirement Benefit Estimate and Application from ETF. Entering any other data will not give you correct results.
- Results will be different depending on the payment option you choose.
- These are unofficial estimates.
- For a better understanding of the Accelerated Payment Options we recommend reading the Choosing an Annuity Option (ET-4117) brochure.