Are Your Savings on Track to Meet Your Retirement Goals?
Sept. 21, 2023Don’t delay in planning for retirement financial security. Establishing retirement income sources in addition to your STRS Ohio pension — such as a supplemental retirement plan — can better position you to reach your financial goals.
Supplemental retirement plans, such as the 457(b) plan offered through Ohio Deferred Compensation, allow you to save on a tax-deferred basis or with tax-free growth. Here are a few considerations when determining how much to save:
- The amount needed to live comfortably and pay for retirement plans or hobbies
- Health care costs in retirement (premiums and out-of-pocket expenses)
- Your potential longevity — STRS Ohio has more than 200 benefit recipients who are age 100 or older
Click here for further details on plan features, contribution limits and available resources for establishing a supplemental retirement plan.