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FRS Retirement Planning Tool

See How Your Retirement Paycheck May Come Together

Your pension may be the foundation of retirement, but it is only one part of the picture. Use this educational calculator to estimate how FRS income, DROP, Social Security, savings and healthcare costs may work together.

Start My Estimate

This tool is educational only and is not an official FRS benefit calculator.

Build Your Retirement Income Snapshot

Enter what you know today. You can use estimates and update them as your plans become clearer.

  1. 1 Retirement
  2. 2 FRS Income
  3. 3 Other Income
  4. 4 Expenses
  5. 5 Results
Let's Start With Your Retirement Timeline Enter what you know today. You can use estimates and adjust them as your retirement plans become clearer.
Please enter an age between 18 and 90.
Expected retirement age must be the same as or later than your current age.
Are You Currently a Member of the Florida Retirement System?
Please select an option.
Are You Currently Participating in DROP?
DROP participation is generally available to eligible FRS Pension Plan members. Some former DROP participants may later hold rollover assets in the Investment Plan. Confirm your plan details directly with FRS.
Estimate Your FRS Retirement Income For official pension and DROP benefit amounts, refer to your FRS records or official FRS benefit estimates. This calculator uses the amounts you enter.
A.

Estimated Monthly FRS Pension Benefit

Enter your estimated monthly pension amount from your FRS benefit estimate, if available. This tool does not calculate your official FRS pension benefit.

B.

Health Insurance Subsidy (HIS) Estimator

Would you like to estimate your potential Health Insurance Subsidy?

Years are capped at 30 for the HIS calculation (30 × $7.50 = $225 maximum monthly benefit).

Will You Have Qualifying Health Insurance Coverage in Retirement?
HIS estimates are educational only. Eligibility, service-credit requirements, application requirements and qualifying insurance coverage must be confirmed through FRS.
HIS generally requires qualifying health insurance coverage and proper certification. Confirm your eligibility with FRS.
C.

Estimate Your DROP Lump Sum at Retirement

Enter the estimated DROP balance you expect to have when you leave DROP. Your most recent FRS DROP estimate (available at MyFRS.com or from the Division of Retirement) is the best source for this figure. Leave blank if you don't have an estimate yet.

DROP disclaimer. Actual DROP participation, accumulation, credited amounts and payout options must be confirmed directly with FRS. The figure above is treated as a single end-of-DROP lump sum estimate and is not projected forward or modeled for additional credited interest by this calculator.
Add Other Sources of Retirement Income Retirement income may come from several places beyond an FRS pension.
A.

Recurring Monthly Income

Enter your own estimated Social Security amount. This calculator does not calculate official Social Security benefits.

B.

Retirement Savings & Investment Account Balances

C.

Planned Monthly Withdrawal From Savings

Enter the monthly amount you believe you may need from savings. This is not a recommended withdrawal amount.

Your retirement savings may be used to supplement pension and Social Security income, build reserves, address unexpected costs or support long-term goals. Appropriate withdrawal amounts depend on your individual circumstances.
Estimate Your Monthly Retirement Spending Enter the monthly amounts you expect in retirement. Leave any field blank that doesn't apply to you.

Mortgage, rent, HOA, property taxes or maintenance.

Estimated HIS may offset a portion of entered healthcare expenses, subject to eligibility and actual benefit confirmation.
Your Estimated Retirement Paycheck Snapshot Based on the information you entered, here is one way your retirement income picture may come together.

Estimated Monthly Retirement Income

$0

All sources combined, before tax.

Estimated Monthly Cushion
$0

Income minus expenses.

Monthly Income vs Monthly Expenses

Income
$0
Expenses
$0

Monthly Income Detail

Monthly Expense Detail

Annual View

  • Estimated Annual Retirement Income$0
  • Estimated Annual Expenses$0
  • Estimated Annual Cushion$0

Retirement Asset Summary

  • Total Entered Retirement Investment Assets$0
  • Estimated DROP Accumulation$0
  • Combined Entered Lump-Sum Retirement Resources$0

Pension income and Social Security are not included in asset balances. They appear in the income breakdown above.

DROP Summary

  • Estimated DROP Lump Sum at Retirement$0

This is the estimated lump sum amount you entered. Confirm your actual DROP balance and distribution options directly with FRS before any decision.

Review DROP Distribution Considerations

Option 1

Lump-Sum Payment

Receive available DROP funds directly, subject to applicable taxes and withholding.

Option 2

Direct Rollover

Move eligible DROP funds directly to an eligible retirement account, subject to plan rules and tax requirements.

Option 3

Partial Lump-Sum and Partial Direct Rollover

Receive part of the available balance directly and roll over the remaining eligible amount.

Each option may have different tax, investment, liquidity, fee and beneficiary considerations. Consider reviewing your choices with appropriate financial and tax professionals before making a decision.

Healthcare Summary

  • Entered Monthly Healthcare Costs$0
  • Estimated Monthly HIS$0
  • Estimated Net Monthly Healthcare Expense$0

Topics You May Want to Review Before Retirement

These may be helpful topics to review with an appropriate professional.

Important Disclosure This calculator is provided for general educational and informational purposes only and is based solely on the information and assumptions entered by you. Results are estimates and are not guarantees, financial advice, investment advice, tax advice, legal advice, insurance advice, Medicare advice, or official Florida Retirement System benefit calculations. Actual benefits, eligibility, tax treatment, retirement options and applicable rules may vary. Please confirm official FRS benefits and eligibility directly with the Florida Retirement System.
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Official Resources

For official benefit confirmation, eligibility verification and program rules, refer to these sources directly:

Official FRS Resources

Related Federal Resources

Important Disclosure

This calculator is provided for general educational and informational purposes only and is based solely on the information and assumptions entered by the user. Results are estimates and are not guarantees, financial advice, investment advice, tax advice, legal advice, insurance advice, Medicare advice, or official Florida Retirement System benefit calculations. Actual benefits, eligibility, tax treatment, retirement options and applicable rules may vary. Please confirm official FRS benefits and eligibility directly with the Florida Retirement System.

Benowitz Wealth Management is an independent registered investment adviser and is not affiliated with, endorsed by, sponsored by, or in any way officially connected with the Florida Retirement System, the Florida Department of Management Services, the Division of Retirement, the State Board of Administration of Florida, or any agency of the State of Florida. Registration does not imply a certain level of skill or training. Tax, legal, estate, insurance and Medicare-related matters should be reviewed with appropriately qualified professionals.

Joy Financial Group LLC, doing business as Benowitz Wealth Management.