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NYSLRS - New York State & Local Retirement System

About Retirement Planning Services:

Retirement Planning Services manages the pension fund, maintains the general ledger and related books of the Milwaukee County Employees 'Retirement System' (ERS).

The retirement division administers the Milwaukee County pension payroll, conducts retirement seminars, prepares estimates and processes benefits for retirees, accidental, ordinary or survivor members.

Retirement Planning Services Information Sessions:

Retirement Planning Services offers information sessions for all employees planning to retire before the end of the year.

Please see your departmental payroll clerks directly with any concerns or questions.

For dates and location, please call the general information line (414) 278-4207.

A Toll-Free Number for Retirees Needing Customer Service:

Milwaukee Countyhas a toll free number that retirees can call to have questions answered about general and personal retirement issues.

Please feel free to call any time during normal business hours:

Milwaukee County is an equal opportunity/affirmative action employer that is actively seeking qualified applicants for various positions throughout County government. Milwaukee County does not discriminate based on age, ancestry/national origin, arrest/conviction record, color, creed, disability, marital status, military membership, race, sex or sexual orientation.

If special accommodations are needed, please contact 414-278-4143

Link:
Retirement - Milwaukee County Courthouse

Retirement Benefits Overview:

The Employees' Retirement System of the County of Milwaukee (The 'Retirement System') was created to encourage qualified personnel to enter and remain in the service of the County of Milwaukee (The 'County') by providing for a system of retirement, disability and death benefits for its employees. The Retirement System was created by Section 201.24 of the General Ordinances: (The 'Ordinance' of the County) The authority to manage and control the Retirement System is vested in the Pension Board.

The Pension Board consists of nine members - three members appointed by the County Executive (subject to confirmation by the County Board of Supervisors), two members appointed by County Board Chairman (subject to confirmation by the County Board of Supervisors), three employee members elected by the employee participants and one retiree member elected by retired participants.

The following discussion is a brief synopsis of the various regulations:

Please keep in mind that this is a technical area which is regulated by Federal and State laws, Milwaukee County Ordinances and labor contracts.

If you need further clarification, please contact the Retirement Division.

Eligibility and Enrollment:

Some employees are excluded from membership in ERS:

All Milwaukee County employees who are hourly without a scheduled workweek and employees paid on a per call or fee basis, seasonal employees, emergency appointments (EA), athletic officials, student workers, interns, trainees, non-civil service positions including resident physicians, members of boards and commissions (except members of the County Board of Supervisors) are not eligible to receive an ERS retirement benefit.

Required Contribution- Account Balances:

Members shall not be eligible to receive a refund of the portion of the membership account attributable to employee contributions if the member's employment with the County was terminated due to fault or delinquency on the member's part or if the member or a beneficiary of the member is eligible, at the time the request for a refund is made, for the present receipt of any monthly annuity benefit under Ordinance sections 201.24(4.1), (4.5), (6.1), (6.2), (6.4), (7.1) or (7.2).

Membership Account balance includes the employee contributions made to ERS during employment with Milwaukee County; at termination a member can leave their funds in the plan or they may withdraw their contributions.

If a member terminates and does not request to withdraw their contributions, their prior employee contributions will remain in ERS and they will maintain the membership in the plan. If vested, the member remains eligible for a benefit according to the terms of the ERS Ordinances and Rules.

If a member terminates and is not vested in a pension benefit, and does not return to service with Milwaukee County and become vested according to the requirements of the ERS Ordinances and the balance of the Membership Account will be forfeited and the member will not be entitled to a pension benefit under this plan at any time. A member can elect to receive a distribution of the balance of my ERS Membership Account under the terms of Milwaukee County Ordinance section 201.24(3.5).

By cashing out their Membership Account, any service credit under ERS is terminated and ERS membership will cease resulting in no further right to any benefit under this plan.If the terminated member returns to County employment and accrues new service, any benefit received will be based only on the new service accrued.

This termination of service credit and future pension benefit applies even if I am vested in a pension benefit or become vested in a pension benefit in the future and would otherwise receive a pension benefit under the terms of the Ordinances and Rules.

The election to withdraw Membership Account balances must be made within 180 days after termination of employment and is irrevocable once made.

If an election is not made within 180 days after termination of employment, the Membership Account will be maintained with ERS.

Pension Benefits:

The pension amount is determined by the following formula:

For most members, the normal retirement age is either 60 or 64 depending on ERS enrollment date and collective bargaining agreement. A few labor agreements also require a minimum of 5 years creditable service in addition to the age requirement.For deputy sheriff members, the normal retirement age is 57 or age 55 with 15 years of creditable service.

Depending on enrollment date and collective bargaining agreement, some active members are eligible to retire when their age added to their years of creditable service equals 75 (the Rule of 75). The multiplier is determined by Ordinance, collective bargaining agreement and ERS enrollment date:

A members 3 or 5 consecutive years of highest earnings are used to calculate their final average salary as defined by Ordinance and labor agreement.

Annually after retirement the monthly benefit is increased by 2% of the benefit paid for the first full month of retirement.

By Ordinance, the maximum benefit (excluding post-retirement increases) payable to a member cannot exceed the sum of 80% of the members final average monthly salary.

An ERS member who meets the requirements for an accidental or ordinary disability retirement benefit is entitled to an amount computed in the same manner as a normal pension but not less than 60% of the members final average salary for accidental disability. A total of 15 years of creditable service is required to apply for ordinary disability.

A member who is 55 years of age and has 15 years of credited service may elect to receive early reduced retirement benefits.

Vesting is defined as the right to a pension benefit.(The current vesting requirement is 5 years of credited service for most employees and 10 years of service for Deputy Sheriffs.)

Members who terminate Milwaukee County employment after becoming vested but before they are eligible to receive a benefit are known as deferred vested.

Deferred vested members can receive pension benefits beginning the month following attainment of normal retirement age.

Survivor Benefits:

Upon the death of an active ERS member who is not yet eligible to retire (and usually after one year of service depending on labor agreement), the surviving dependent spouse with one dependent child (as defined by Ordinance) will receive 40% of the deceased participants salary offset by an amount equal to Social Security benefits payable to the spouse.

An additional 10% of salary, offset by Social Security, is paid for each dependent child.

The total benefit, if there are more than five eligible dependent children, generally cannot exceed 90% of salary including Social Security benefits.

Upon attaining age 60 (if not remarried), the dependent spouse will receive 50% of the normal retirement benefit considering projected service to the time the deceased employee would have attained age 60.If there is no dependent spouse or child, the death benefit payable to a designated beneficiary is equal to 50% of the deceased participants final average salary, but not to exceed $2,000.

In order to receive lump sum benefits, you will be asked to complete a beneficiary designation form upon enrollment in ERS.

Please remember to keep your beneficiary designation current.

Special survivor provisions cover Deputy Sheriffs if their death occurs as a result of an accident in the actual performance of duty.

Military Service Credit:

ERS members may qualify for additional pension service credit for time served in the United States Armed Forces between January 1, 1938 and December 31, 1974.

The maximum military credit (or fractions thereof) is four (4) based on total County pension service credit upon retirement as follows:

5

Up to 1

10

Up to 2

15

Up to 3

20

Up to 4 (maximum)

Military service credit cannot be used toward determining pension service credit required for vesting or retirement.

To request for military service credit, you will need to complete an application form and provide a copy of your Form DD214 (military discharge).

Application forms are available from the ERS office.

OBRA:

The OBRA 1990 Retirement System of the County of Milwaukee (known as OBRA) was established to provide retirement benefits for temporary, seasonal and other non-traditional employees who do not elect to enroll in ERS.

The OBRA system is non-contributory.

OBRA members are immediately vested and earn a benefit equal to 2% of their covered salary for each year of OBRA service.

Benefits are payable at age 65.

OBRA has no provision for death, survivor or disability benefits.

Milwaukee County is an equal opportunity/affirmative action employer that is actively seeking qualified applicants for various positions throughout County government. Milwaukee County does not discriminate based on age, ancestry/national origin, arrest/conviction record, color, creed, disability, marital status, military membership, race, sex or sexual orientation.

If special accommodations are needed, please contact 414-278-4143

Read more here:
Retirement Benefits - County of Milwaukee

If you are considering making the military a career or you have already made that decision, and just want to know more about your benefits then this will be of special interest to you.

This article looks at the current Military Retirement Systems and the choices facing most today's active duty members. The following is a summary of what you need to know regarding Military Retirement Systems:

The military retirement system is arguably the best retirement deal around. Unlike most retirement plans, the Armed Forces offer a pension, with benefits, that starts the day you retire, no matter how old you are. That means you could start collecting a regular retirement pension as early as 37 years old. What's more, that pension check will grow with a cost of living adjustment each year.

However there are many factors that determine exactly how much your pension (technically a reduced payment for reduced service) will be. Over the past twenty five years, the government has made some significant changes to the military retirement system.

If you entered the service:

All of these retirement systems have a common thread: if you stay in the armed forces for 20 or more years, you are eligible to receive a pension based on a percentage of your basic pay, and if you stay in for a40 years, you are eligible for 100% of your basic pay. But that's where the similarities end and the confusion really begins, because each of these systems determines your amount of pension differently.

There are four major differences between the retirement systems. If you joined the military after August of 1986 you especially need to thoroughly understand these differences, because when you reach the 15 year mark in your military career you will have to make a choice of a lifetime about which plan you want for yourself.

The major differences are the basis for determining your highest earnings, the multiplier, the Cost of Living Adjustment, and the Career Status Bonus.

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Although you have no choice in the basis for calculating your retirement pay, it is a very important detail. For instance the Final Pay retirement system bases the amount of pension on a member's last month of pay.

For Example: if you retired at twenty years of service on the final Pay retirement system, you received 50% of your final months pay as your pension, and that percentage increases by 2.5% for each additional year of service.

Under the High 36 system a member's pension is based on the average of the highest 36 month's base pay. So if you retire under the High 36 system you would get 50% of your highest 3 years (36 months) average base pay plus 2.5% added on for every year of service over 20 years.

Under the CSB/REDUX system a member's pension is based on the average of the highest 36 month's base pay like above, but the main difference is that you will get 40% of your highest 3 years (36 months) average base pay plus 3.5% added on for each year of service between 21 - 30 years, and 2.5% added on for each year of service between 30 - 40.

The multiplier is the percentage of your base pay you receive for each year of service. For the Final Pay and High 36 systems you earn 2.5% per year of service. That means you get 50% for 20 years of service up to a maximum of 100% for 40 years.

The multiplier for the CSB/REDUX system is 2% per year for the first 20 years, but you get an increase to 3.5% for each year of service between 21 - 30 years, and 2.5% added on for each year of service between 30 - 40. That means you get 40% for 20 years, but up to 100% for 40 years. That is a significant difference.

Note: Although rare, those who stay in past 40 years can continue to increase their retirement rate beyond 100%.

Learn more about how your Retired Pay is Calculated including a link to calculators to help you determine your retirement pay.

All three retirement systems have an annual cost of living adjustment. This is a subtle, yet very important detail. Over the lifetime of your retirement the cost of living adjustment could more than double your retirement check.

The COLA for the final pay and high 36 systems is determined each year by the national Consumer Price Index. But the COLA for the CSB/REDUX retirement system is the Consumer Price Index minus 1%.

Note: There is one more twist to the COLA for the CSB/REDUX retiree. At age 62 the COLAs and multiplier are readjusted so that the High 36 and CSB retirees get the same monthly pay.

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Now the CSB/REDUX system gets a bit more complicated. Under this latest system when you reach your 15th year of service, you must choose between taking the "CSB/REDUX" with a $30K cash bonus (approximately $21K after taxes) and a 40% pension check, or the High 36 retirement system with no bonus and a 50% pension check. This is a huge decision and cannot be made without some serious consideration and a clear understanding of the details.

Part 2 - Factors to help you make the choice of a lifetime!

See original here:
The Military Retirement System | Military.com

Since there will always be things threatening the market, it is important that employees focus on the items they can control, such as how much they are saving and their asset allocation, based on their time horizon and tolerance of risk.

Lenny Sanicola

Total rewards professional, blogger, author, passionate about employee benefits & employee well-being

Check the fees yourself. Don't just leave it to someone else. Even the best fund managers may do strange things with fees that you only find out about in letters most people don't bother to read.

As a child, we all dreamed about what we wanted to be when we grow up. And now as we near retirement, it's time to dream about our future once again.

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Buck Wargo, Sr. Editor | NowItCounts.com

As America's baby boomers continue to age and look forward to longer and longer life spans, they are setting their sights on retirement and making their U.S. dollars last as long as possible.

Taniel Chemsian

Puerto Vallarta-based real estate professional and personality on HGTV's "House Hunters International"

We have six grandchildren now ranging from one month to 11 years old, with another due in four months. So what's wrong with us? Are we cruel and heartless grandparents, who don't care about our kids or their kids?

With people remaining healthy and vibrant well into their 60s, the once-mandatory retirement age of 65 no longer makes sense. Those able to continue working benefit greatly from the positive health improvements that comes with keeping their minds engaged.

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Founder & CEO of CareLinx, an online nationwide marketplace that directly connects families with professional and affordable caregivers

Average investors who buy mutual funds, insurance policies, annuities and other types of investments work under the assumption that their financial adviser is working in their best interests. This is a false assumption.

It seems like a silly notion, but we've seen it happen ... people move to some exotic location, like Ecuador or Panama, with perfect weather and interesting culture and, within a few months, find themselves at loose ends.

Regardless of political ideology, educators must reclaim their profession. I know you don't seek attention. You just want to teach, but it's time for a PR offensive of your own. It's time for the experts to drive the narrative, and below are five ways to do that.

Chester Goad, Ed.D.

Dr. Chester Goad is an author and speaker on learning, leadership, and life. Connect with him at chestergoad.com.

Since millennials don't know how much government support they will have during retirement, they need to start saving now. Here are a few good retirement savings tips: Pay off all debt first to avoid accruing interest and put money into an IRA automatically.

First comes love, then comes marriage, then comes figuring out what the hell to do about Social Security. Retirement planning can be quite complicated for anyone, but the newness of Social Security options for LGBT couples find some of us unprepared.

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How financially stressed are you? Here are some major indicators of financial stress with suggestions for taking action.

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Studies have shown that sizable numbers of business owners look to transfer their ownership interests in the next decade, and a major concern for many...

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The healthiest cities for retirement living are in the Pacific Northwest, Colorado and Minnesota, according to a new list that relegates all but one Sunbelt city below the top 20.

Buck Wargo

Buck Wargo, Sr. Editor | NowItCounts.com

For some, retirement still evokes images of a rocking chair on the porch. Some relaxation is OK, but the rocker isn't the best long-term answer for mind or body. Today's retirees are choosing active lifestyles. Many hold part-time jobs, pursue hobbies, and fulfill long-deferred dreams.

Visit link:
Retirement : Pictures, Videos, Breaking News

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Financial security in retirement doesnt just happen. It takes planning and commitment and, yes, money.

Putting money away for retirement is a habit we can all live with. RememberSaving Matters!

If you are already saving, whether for retirement or another goal, keep going! You know that saving is a rewarding habit. If you're not saving, it's time to get started. Start small if you have to and try to increase the amount you save each month. The sooner you start saving, the more time your money has to grow (see the chart below). Make saving for retirement a priority. Devise a plan, stick to it, and set goals. Remember, it's never too early or too late to start saving.

Retirement is expensive. Experts estimate that you will need at least 70 percent of your preretirement income lower earners, 90 percent or more to maintain your standard of living when you stop working. Take charge of your financial future. The key to a secure retirement is to plan ahead. Start by requesting Savings Fitness: A Guide to Your Money and Your Financial Future and, for those near retirement, Taking the Mystery Out of Retirement Planning. (See below to order a copy.)

If your employer offers a retirement savings plan, such as a 401(k) plan, sign up and contribute all you can. Your taxes will be lower, your company may kick in more, and automatic deductions make it easy. Over time, compound interest and tax deferrals make a big difference in the amount you will accumulate. Find out about your plan. For example, how much would you need to contribute to get the full employer contribution and how long would you need to stay in the plan to get that money.

If your employer has a traditional pension plan, check to see if you are covered by the plan and understand how it works. Ask for an individual benefit statement to see what your benefit is worth. Before you change jobs, find out what will happen to your pension benefit. Learn what benefits you may have from a previous employer. Find out if you will be entitled to benefits from your spouse's plan. For more information, request What You Should Know about Your Retirement Plan. (See below for more information.)

How you save can be as important as how much you save. Inflation and the type of investments you make play important roles in how much you'll have saved at retirement. Know how your savings or pension plan is invested. Learn about your plan's investment options and ask questions. Put your savings in different types of investments. By diversifying this way, you are more likely to reduce risk and improve return. Your investment mix may change over time depending on a number of factors such as your age, goals, and financial circumstances. Financial security and knowledge go hand in hand.

If you withdraw your retirement savings now, you'll lose principal and interest and you may lose tax benefits or have to pay withdrawal penalties. If you change jobs, leave your savings invested in your current retirement plan, or roll them over to an IRA or your new employer's plan.

If your employer doesn't offer a retirement plan, suggest that it start one. There are a number of retirement saving plan options available. Your employer may be able to set up a simplified plan that can help both you and your employer. For more information, request a copy of Choosing a Retirement Solution for Your Small Business. (See below for more information.)

You can put up to $5,500 a year into an Individual Retirement Account (IRA); you can contribute even more if you are 50 or older. You can also start with much less. IRAs also provide tax advantages.

When you open an IRA, you have two options a traditional IRA or a Roth IRA. The tax treatment of your contributions and withdrawals will depend on which option you select. Also, the after-tax value of your withdrawal will depend on inflation and the type of IRA you choose. IRAs can provide an easy way to save. You can set it up so that an amount is automatically deducted from your checking or savings account and deposited in the IRA.

Social Security pays benefits that are on average equal to about 40 percent of what you earned before retirement. You may be able to estimate your benefit by using the retirement estimator on the Social Security Administration's Website. For more information, visit their Website or call 1-800-772-1213.

While these tips are meant to point you in the right direction, you'll need more information. Read our publications listed below. Talk to your employer, your bank, your union, or a financial adviser. Ask questions and make sure you understand the answers. Get practical advice and act now.

Visit the Employee Benefits Security Administration's Website to view the following publications:

To order copies, contact EBSA electronically at askebsa.dol.gov or by calling toll free 866-444-3272.

The following websites can also be helpful:

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Top 10 Ways To Prepare For Retirement

2015 PENSION PAYCHECK SCHEDULE

August pension checks will be mailed on Thursday, August 27th and direct deposits will be made on Monday, August 31st as scheduled. To download the complete 2015 Pension Paycheck Schedule Click here!

Click here for Retirement Percentage Chart

Members can calculate their own retirement benefit estimate using the above Retirement Percentage Chart. Information on how benefits are calculated can be found in our Retirement Benefit Guide beginning on page 14.

Last year, the Department of Higher Education received a favorable ruling from the Internal Revenue Service regarding implementation of Section 60 of the state's Pension Reform Act of 2011, thus providing the opportunity to re-evaluate choice of retirement plans: the ORP or the Massachusetts State Employee's Retirement System (MSERS). Please click on link for more information ORP Information

Please direct your ORP queries to the ORP email box: ORP@bhe.mass.edu

**NEW** ORP ADVISORY - MAY 2014

Click here to view the MSERS ORP Seminar Presentation file size 1MB

PLEASE NOTE: Employees of the Massachusetts State Retirement Board cannot, and are not authorized to, advise you in any manner as to which plan is better suited for you. Please carefully review all materials that were mailed to you by the DHE. Certain plan provisions under the MSERS may not be applicable to transferring ORP participants.

More:
State Retirement Board - Mass.Gov

Retirement is the point where a person stops employment completely.[1][2] A person may also semi-retire by reducing work hours.

An increasing number of individuals are choosing to put off this point of total retirement, by selecting to exist in the emerging state of Pre-tirement.[3]

Many people choose to retire when they are eligible for private or public pension benefits, although some are forced to retire when physical conditions no longer allow the person to work any longer (by illness or accident) or as a result of legislation concerning their position.[4] In most countries, the idea of retirement is of recent origin, being introduced during the late 19th and early 20th centuries. Previously, low life expectancy and the absence of pension arrangements meant that most workers continued to work until death. Germany was the first country to introduce retirement, in 1889.[5]

Nowadays most developed countries have systems to provide pensions on retirement in old age, which may be sponsored by employers and/or the state. In many poorer countries, support for the old is still mainly provided through the family. Today, retirement with a pension is considered a right of the worker in many societies, and hard ideological, social, cultural and political battles have been fought over whether this is a right. In many western countries this right is mentioned in national constitutions.

A person may retire at whatever age they please. However, a country's tax laws and/or state old-age pension rules usually mean that in a given country a certain age is thought of as the "standard" retirement age.

The "standard" retirement age varies from country to country but it is generally between 50 and 70 (according to latest statistics, 2011). In some countries this age is different for males and females, although this has recently been challenged in some countries (e.g., Austria), and in some countries the ages are being brought into line.[6] The table below shows the variation in eligibility ages for public old-age benefits in the United States and many European countries, according to the OECD.

Notes: Parentheses indicate eligibility age for women when different. Sources: Cols. 12: OECD Pensions at a Glance (2005), Cols. 36: Tabulations from HRS, ELSA and SHARE. Square brackets indicate early retirement for some public employees.

* In France, the retirement age has been extended to 62 and 67 respectively, over the next eight years.[8]

** In Spain, the retirement age will be extended to 63 and 67 respectively, this increase will be progressively done from 2013 to 2027 at a rate of 1 month during the first 6 years and 2 months during the other 9.[9]

In the United States, while the normal retirement age for Social Security, or Old Age Survivors Insurance (OASI), historically has been age 65 to receive unreduced benefits, it is gradually increasing to age 67. For those turning 65 in 2008, full benefits will be payable beginning at age 66.[10] Public servants are often not covered by Social Security but have their own pension programs. Police officers in the United States are typically allowed to retire at half pay after only 20 years of service or three-quarter pay after 30 years, allowing people to retire in their early forties or fifties.[11] Military members of the US Armed Forces may elect to retire after 20 years of active duty. Their retirement pay (not a pension since they can be involuntarily called back to active duty at any time) is calculated on total number of years on active duty, their final pay grade and the retirement system in place when they entered service. Allowances such as housing and subsistence are not used to calculate a member's retired pay. Members awarded the Medal of Honor qualify for a separate stipend, regardless of the years of service. Military members in the reserve and US National Guard have their retirement based on a point system.[citation needed]

Read more from the original source:
Retirement - Wikipedia, the free encyclopedia

Overall If you are thinking about the best places toretire in Virginia this website is your best source of information and data on Virginia retirement communities. Active adult communities for adults over 50 in Old Dominion are being built at a very fast rate. Virginia's lower cost of living, adjacency to major eastern cities, and great variety of places to live make it very attractive. There are 6 regions in the state going from the Tidewater to the Blue Ridge Mountains. It also has plenty of history going back to America's earliest days. The population was just over 8 million in 2012. The Wikipedia entry for Virginia has more facts.

Virginia Climate The Virginia climate is called humid-sub-tropical. Summers are hot and humid and winters are not as cold as in the northeast.The climate is a bit milder in the western and more mountainous part of the state.

Economy & Housing Prices At almost $61,000, Virginia's household income is $9000 above the national average (although that figure is probably distorted by people who live near Washington D.C). Richmond's median home price was about $129,500 in early 2012 (Zillow). In smaller towns and many active adult communities real estate prices can be relative bargains. Prices of homes in more rural areas can be quite a bit less. The statewide median was $208,200 in early 2012 according to Zillow. Cost of living in Richmond was indexed at 99, similar to the national average of 100, whereas Washington was 140.

Virginia Taxes

Tax Burden:At 9.8% the total tax burden inVirginiafor 2009 is above average for the nation (ranks 18th).

Continue reading here:
Virginia retirement guide - Topretirements.com

retirement

Whether just starting to plan for retirement or nearing the age of required minimum distributions, these free retirement calculators are here to help. Choose the appropriate calculator below to compare saving in a 401(k) account vs. a Roth IRA, determine the impact of changing your payroll deductions, estimate your Social Security benefits, and more, as you figure what it takes to save toward a secure retirement.

Nothing will bring clarity to your retirement planning like a retirement calculator. These calculators will help you estimate the level of monthly savings necessary to make it to retirement and can also help you predict how your investments can boost retirement returns.

When it comes to retirement planning, it's hard to meet goals you haven't set. Arriving at a ballpark figure for total retirement savings is easy with a retirement calculator. Some of them can even help you estimate your retirement income needs on a monthly basis.

In order to calculate how much income you'll need in retirement, get a handle on your current spending. While some retirees find their budget shrinks during retirement, others say that they spend more on leisure activities and travel, at least in the early years.

Social Security typically provides part of a retiree's monthly income. Estimating how much income you may have from Social Security can assist in approximating the amount of money you'll need to save in dedicated retirement accounts such as 401(k)s and IRAs.

A 401(k) is a retirement plan offered by a private-sector employer. The equivalent for teachers and some non-profit employees is the 403(b). A 457 plan is offered to government workers.

An IRA, or individual retirement account, is a tax-advantaged account that savers open on their own through a bank, credit union or brokerage.

The IRS adjusts the limit savers can contribute to retirement each year, but in general, the contribution limit for an IRA is about a third of what can be contributed to a workplace plan.

In general, contributions to retirement accounts can be made pre-tax, as in a 401(k) or a traditional IRA. Contributions to a traditional IRA qualify for a tax deduction for the year the contribution was made. Contributions to workplace plans typically go in on a pre-tax basis, which means the employer puts it into the account before including it with taxable income. After age 59 , contributions and earnings can be withdrawn without penalty but will be taxed as regular income.

Continue reading here:
Retirement Calculator -- Free Calculators for 401K, Roth IRA ...