If you’re planning on retiring from the public sector, then you’ll be able to find out exactly what you’ll get in your pension from the New Jersey Department of Human Services.
You’ll be asked to input the number of years you’ll have to work to qualify for the public pension, and the amount of your benefit based on the number you work.
The pension calculation can also help you decide how much you want to save for your retirement.
To find out how much the state is offering, click here .
For example, if you’re working 25 years, the state would give you a total of $9,300 a year in benefits based on your age and years of service.
If you want your pension to be based on years of employment, it will look like this:If you want the pension to look more like the one you’ll receive in retirement, you can add up your pension based on how many years you worked and how many people you’ve helped.
For example if you worked 10 years, you’d get a total pension of $7,500.
If you’re already on the public service and you want more money, you could ask for a reduction in the amount you’ll need to work, but that will probably be difficult for your employer.
If your employer offers a pension based solely on years worked, you’ll still need to prove you worked more than 10 years.
If your employer already offers pension benefits based solely upon years worked or contributions to a pension fund, the New Jerseyan’s Department of Health will calculate a separate pension based upon the amount your employer contributes.
You can find out more about the pension calculation and how to use it here .
If you have more questions about your pension, check out the Department of Public Health’s Pension Calculator here .