Did you know...
Financial planners estimate that you'll need between 70-90% of your pre-retirement income to live comfortably in retirement. Retirement income is typically made up of your social security benefit, group retirement (Wyoming Retirement System or TIAA-CREF Retirement System) and personal savings. Savings include tax sheltered annuities, deferred compensation, IRAs, mutual funds, CDs or other types of retirement savings plans.
Both Tax Sheltered Annuities and Deferred Compensation are excellent supplemental retirement plans because they are tax deferred (you postpone paying income tax on the invested money and its earnings until you withdraw the funds). This allows you to systematically save for retirement through payroll deduction and to take advantage of tax deferral and the power of compounding. The younger you start, the better. But, employees close to retirement may still benefit from tax sheltering.
*Please note: Supplemental Retirement Agreement forms and Supplemental Retirement STOP Contribution forms must be turned into the Payroll Office at least 30 days prior to the pay date on which you want the change to go into effect. Thanks.
