What’s your number?
You can use the online MyTRA calculator to get an unofficial estimate of your pension benefit at any time, any age, any life stage. No account? Click the MyTRA button and register.
Before you begin
Familiarize yourself with TRA’s annuity plans before running your estimate. The estimate tool enables you to generate an estimate of your future TRA retirement benefits under all annuity plans. It is not the official calculation of benefits provided by TRA when you retire, but the estimate can help in your retirement planning decisions. Your service credit and your salary history are pulled from your account for the calculation. You can generate estimates for as many retirement scenarios as you need. All estimates are stored in your account for future reference.
You will need a date when you think you will retire and your beneficiary’s date of birth.
To generate an estimate
- Log into MyTRA.
- On your MyTRA welcome page, click the ESTIMATE CALCULATOR link.
- Click the NEW ESTIMATE button.
- From the benefit type drop-down box, select SERVICE RETIREMENT.
- Click OK.
- Click the CALCULATE ESTIMATE button.
Definition of terms
Benefit Effective Date
A benefit effective date is typically the day after your last day of employment (they cannot be the same day). For example, if the last day you will be paid is June 30, enter July 1. Alternatively, you can choose one of the calculation options:
- Select your earliest retirement eligibility date (the earliest most members can retire with TRA is age 55). This is the first date you may start collecting a pension benefit after you turn 55 years of age. If you are older than 55, the calculation will use tomorrow as your benefit effective date.
- Or select your full retirement age date from the drop-down box. The system will calculate the estimate based on your TRA full retirement age (65 if pre-1989 and age 66 for post-1989). For example, if you were born in 1960 or later, your Social Security full retirement age is 67, but your TRA full retirement age is 66. The system will calculate an age 66 estimate. (Refer to the Social Security website for your Social Security full retirement age.)
Last Day of Employment
Enter the last day you will be paid. This field is not mandatory; if you selected a calculation option, the system will select a date for you.
Enter your beneficiary’s date of birth. The age of your beneficiary affects your monthly payment. From the drop-down box, select whether your beneficiary is your spouse, child, or has some other relationship.
From the drop-down box, select your position: teacher, administrator, or other.
TRA Salary and Service
Your total service credit and the highest, consecutive five years of salary are used to calculate your benefit. This information is automatically pulled from your account. If you are a full-time teacher, the benefit calculation will assume you earn one additional year of service credit and a zero percent increase in salary each year from now until the last day of employment you entered.
Assumed Salary Increase
If you wish to assume a different increase in salary for each year, enter it here. If you enter an assumed salary, you must also enter an assumed service credit.