Planning for Income in Retirement

As retirement approaches, it is important to develop a plan for making your money last. Many retirees count on income from sources like retirement investments, pensions and Social Security to support them through the retirement years. The first step towards creating your retirement plan is understanding how best to use these retirement income sources.

Retirement investments

You are close to retirement. You have wisely and consistently contributed to your Savings Plus plan over the years and you are now ready to enjoy the money that has potentially grown for you. There are many ways to receive your retirement income. Review your options, and talk with a Retirement Specialist about which option might be right for you and the lifestyle you would like to maintain.

You do not have to start taking distributions at the beginning of your retirement. If you are in a good position and can continue to leave your money invested, you can stay put in your Savings Plus account. Your money can potentially continue to grow and you are not required to take a distribution until you reach age 70½.


Your pension benefit is typically calculated based on how many years you have worked, your age at retirement, and your final salary. If you are eligible to receive pension benefits from the California Public Employee’s Retirement System (CalPERS), the Legislators’ Retirement System (LRS), or the Judges Retirement System (JRS), contact CalPERS.

  • Your accrued pension is the annual amount you would receive at your plan’s normal retirement age if you left your job today
  • Your projected pension is an estimate of the amount you would receive based upon several factors (for example, your salary at retirement, number of years of state service and your age).

Social Security

To find out how much you might receive from Social Security, you can use the Social Security Online Retirement Estimator.

Get the help you need

Contact us if you have questions about receiving income in retirement.

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