Planning to Retire

Are you thinking about retiring soon? If you are, we would expect that you have questions and certainly some anxiety about making this big decision. We have prepared the following resources in an effort to help you understand the benefits you have after retirement, as well as alleviate some of the uncertainty during this important decision-making process.

Many facing retirement underestimate their net retirement income by overlooking items currently deducted from their paycheck that will no longer be withheld in retirement. Taking these withholding items into account can significantly increase your projected spendable income. For instance, in retirement, you will no longer have Social Security and Medicare taxes withheld from your retirement checks. These two taxes amount for about 8% on income up to $106,800 annually, and 1.6% on incomes above that.

In addition, the following will not be withheld from your retirement checks:

Unemployment Insurance
Long-Term Disability (if you currently participate)
Parking
SERS or TIAA-CREF Monthly Contribution
Life Insurance (if you currently participate)
State & Local Tax

See an Example

The Employee Benefits staff is available Monday-Friday from 8:00 am – 5:00 pm EST to answer questions. We encourage you to talk with your Human Resources representative about any questions or concerns you may have about retiring as well.

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— filed under: Frequently Asked Questions (FAQ), Retirement, Benefits, Coverage