Retirement Plans

What type of plan is available?

What is the contribution by the employer? By the employee?

Does the employer match contributions?

Defined-Benefit Plans - guaranteed retirement income based on employee's years of service, age, and earnings.

Defined-Contribution Plans - individual account is set up and the amount paid into the account is set. The amount employee receives at retirement is based on the earnings of the account. You will want to look at the options you have with these plans. You can often select from a variety of investment strategies, taking a conservative or growth approach. Your investment strategy should change as you age. Monitor these funds. Keep track of the accounts or move the funds when you switch jobs.
Example - 401(k) Employees contribute a percentage of earnings to the account. Employers MAY make matching contributions.

The opportunity to receive matching funds for your 401(k) from your employer is a good benefit. When you start your first job you will probably be experiencing a large bump in income. This is a good time to start the habit of contributing to your retirement fund. Start this with your first paycheck.