Retirement Planning

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In order for you to achieve your retirement goals, you will have to rely on certain tools. The tools include your pension, Social Security, and your 401(k) and 457 plans. Your pension from the Utah Retirement Systems and Social Security are both defined benefit plans. A defined benefit plan uses a formula to determine the monthly benefit at retirement and pays you that benefit for as long as you live. An estimate of your retirement benefit can be calculated using the formula found in your specific Retirement Systems Highlights brochure.

Your 401(k) and 457 plans are tax-deferred investment programs designed to supplement your pension at retirement. When you save through the 401(k) and 457 plans with tax-deferred dollars, your contributions are deducted from your paycheck before federal and state taxes are calculated. In addition, you are earning compound interest on your investments.