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Retirement and Savings 101

Because various factors affect individuals differently, there is no one-size-fits-all retirement plan. The following Web pages in this guide present generally accepted principles about retirement based on research; however, ultimately only you can make choices that are best for you and your family.
This guide is for all employees, whether you have a defined benefit  plan (traditional pension), a defined contribution plan (401(k)), or personal investment accounts.
The following sections do not assume changes in medical expenditures post-retirement.You can address healthcare costs by having adequate insurance (including Medigap insurance to supplement Medicare) and by having an emergency fund for post-retirement medical expenses.
The growth in healthcare costs is expected to outpace inflation in coming years, and it is hard to predict what effects healthcare reform will have on these costs. Projections by the US Department of Health and Human Services show out-of-pocket medical expenses by Americans increasing by more than 60% between 2007 and 2018.
How to Save for a Financially Secure Retirement
The Retirement Systems Division has produced this guide to help you make informed decisions when planning for retirement. By developing a savings plan and taking risks into account, you will have a greater chance of achieving a financially secure retirement.
The information provided in this guide is not a substitute for professional advice. When in doubt, consult resources such as your member handbook, HR professional, benefits counselor, or financial planner. We hope the information in this guide will motivate you to begin planning for your retirement. The earlier you start following a savings plan, the more likely you are to have enough assets to enjoy a financially secure retirement. Remember, it’s not too late to start saving!

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