For many Florida Retirement System (FRS) members—especially firefighters, police officers, and long-tenured public employees—the pension is the backbone of their retirement plan.
But a common question comes up as retirement gets closer:
“Will my FRS pension be enough to maintain my lifestyle?”
There is no universal answer. Every member’s situation is different, and your pension is only one part of a complete retirement picture. What matters is asking the right questions early enough to prepare, adjust, and plan with confidence.
Below are key questions every FRS member should consider.
Your pension is calculated using:
Average Final Compensation (AFC) × Years of Service × Multiplier = Annual Benefit
Small changes in any of these components—especially years of service or late-career earnings—can affect your projected income.
Questions to ask:
Am I estimating my benefit using current numbers or outdated salary assumptions?
Do I understand how the High-5/8 AFC rule affects my final calculation?
Have I requested an updated estimate from FRS in the past 12–18 months?
The FRS Cost-of-Living Adjustment (COLA) was frozen for service earned after July 1, 2011.
This means:
Service before that date gets a fractional COLA.
Service after that date receives no COLA.
Over 20–30 years, rising costs can reduce purchasing power.
Questions to ask:
What portion of my service qualifies for a fractional COLA?
How will rising costs for housing, groceries, and insurance affect my budget?
Have I considered supplemental sources of income to help offset inflation?
Healthcare is one of the largest expenses for retirees, especially those who leave service before Medicare eligibility.
Before age 65:
Retirees may rely on:
Marketplace/ACA plans
Employer retiree coverage (if available)
COBRA (short-term bridge)
After age 65:
Retirees shift to Medicare plus supplemental coverage.
FRS Health Insurance Subsidy (HIS):
Provides $7.50 per month per year of service, up to $225 per month.
Helps offset premiums but rarely covers them fully.
Questions to ask:
How many years do I need to cover before Medicare?
What will premiums cost at age 57, 60, or 62?
Am I factoring HIS into my long-term budgeting?
Many retirees assume expenses drop once they leave work, but that’s not always the case—especially for Special Risk members who retire young.
Common retirement spending patterns include:
Higher travel and leisure costs in the early years
Higher medical costs in later years
Ongoing home maintenance and insurance
Inflation-driven increases in utilities, groceries, etc.
Questions to ask:
What does my actual monthly budget look like today?
Which expenses will go down—and which will likely go up?
How will early-retirement lifestyle goals (travel, hobbies, home upgrades) affect cash flow?
The pension is designed to be foundational—but most retirees benefit from having additional income streams.
This may include:
DROP savings
Investment Plan or rollover accounts
IRAs or 457(b) plans
Social Security (typically age 62–70)
Part-time or consulting work
Spousal retirement income
Questions to ask:
How do my supplemental accounts fit into my retirement timeline?
Am I withdrawing too quickly or too slowly?
When should I consider Social Security?
Retirement often brings surprises: home repairs, family needs, medical events, or financial curveballs.
A cash buffer or emergency fund can prevent disruptions to your long-term plan.
Questions to ask:
Do I have easily accessible savings for emergencies?
Have I set aside funds for large, one-time expenses?
Is my plan flexible enough to adjust if needed?
Your FRS pension is a valuable benefit—and for many members, it provides a strong foundation for retirement. But whether it will be “enough” depends on your lifestyle, healthcare needs, supplemental savings, and long-term planning.
By asking the right questions early, reviewing your plan regularly, and understanding how all your income sources work together, you can enter retirement with more clarity and confidence.