I have a Teacher Retirement System of Texas pension, and I'm trying to figure out if I'm doing my math properly on being diligent with my retirement.

First, am I doing my math correctly? The annual annuity equals total percent times the average of my five highest salaries ever, and the total percent is years of service credit times 2.3%. Assuming 70K as the salary average and 35 years of service credit (retiring at age 65), it looks like I'll be getting back $56,350/yr, or $4,695.83/mo. Is that right? It seems like a lot.

Second, how should I be doing the "15% of income into retirement" math, considering that so much of my annual benefit will come from this pension, as opposed to something that's about how much I put in? My current contribution (the "member contribution rate" is officially set at 7.7% of my paycheck, and my combined household income is actually closer to $100k/yr.

The bigger question, then, is: how should I decide how much more of our income to contribute into retirement? It seems more complex than just subtracting the member contribution rate from 15% and then striving to contribute the difference into other retirement products.

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