What are retirement savings?
Retirement savings are the funds you will live on once you stop working. Retirement funds usually come from several sources: • Social Security Retirement: a program for retired workers 62 years or over who have earned enough Social Security credits to qualify. The amount you get each month depends on the amount of money you paid into Social Security while you worked. Social Security will provide part of your retirement income. It is not enough money by itself to support you when you retire. For information about your Social Security benefits, see Social Security Retirement: How much will I get each month? Note: Some government employees are covered by the Railroad Retirement System or other government plans instead of Social Security. • Employer-sponsored retirement plans: retirement savings plans through your employer. In some plans, your employer takes a certain amount of money from each paycheck before taxes and invests it for you. These plans help lower your income taxes. In other
