Social Security and your pension aren't likely to cover the cost of your retirement expenses.

Most experts suggest at least 80 percent of your current income to maintain your standard of living
in retirement. If you're making $40,000, you'll need at least $32,000 a year during retirement.

Inflation, health care and living longer can push your needs toward 100 percent.

Where Will Your Money Come From?

Social Security is one source. It varies depending on your salary and how early you retire.
The earlier you retire, the less your benefit.

Your pension is the second piece of your income replacement. KPERS' benefits depend
on service credit and salary history. The longer you work, the higher your benefit.

Personal savings is your third source. It fills the gap left by Social Security and KPERS
to make up the rest of your income.

Earlier Retirement Means More Savings

The average KPERS member retires at age 62 with 20 years of service. At age 62 with a final salary of $40,000, he will receive full KPERS benefits and a reduced benefit for early retirement from Social Security.
He will need significant income from savings.
  • Annual Social Security = $8,400
  • Annual KPERS = $14,000
  • Annual income from savings = $9,600 to $17,600


Another member who earns the same $40,000 final salary, but has 30 years of KPERS service and waits until full Social Security retirement at age 65, will receive more Social Security and more KPERS benefits. Savings becomes less of a factor.
  • Annual Social Security = $12,000
  • Annual KPERS = $21,000
  • Annual income from savings = $0 to $7,000

Figure Out How Much Savings You Need

The My Retirement Outlook calculator can help you figure out how much you need to save. It is based on Social Security, your pension and any savings you already have.