PUBLIC PENSION CALCULATOR
Compare how much you would need to save in your 401K
Keep in mind that you would need to have this much saved by the time you are 55 years old or as early as 50 for a public safety pension. Now look at how big that number is again and remeber that the average baby booming has less than $50,000 in retirement savings.
Notes: The assumption used in this calculator are a 2% COLA, along with a 5% discount rate. This is the rate that the Stanford study recommends. After all if the penison is guarnanteed than it should be discounted using a risk free rate, although currently the risk free rate is even lower than 5%.