This Handbook provides an overview of federal laws affecting the elderly and retirement issues. Information discussed includes age discrimination in employment, elder abuse & exploitation, power of attorney & guardianship, Social Security and other retirement and pension plans, Medicare, and much more in 22 pages of materials.
Retirement Plans For Individuals In Fairfax
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State:
Multi-State
County:
Fairfax
Control #:
US-001HB
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FAQ
You become eligible for an unreduced retirement benefit at age 65 with at least five years (60 months) of service credit or at age 50 with at least 30 years of service credit.
The Fairfax County Uniformed Retirement System was established on July 1, 1974, as a public employee retirement system providing defined benefit pension plan coverage for select public safety employees.
On your 65th birthday or thereafter if you have at least five years of eligibility service, OR • Plans A & B - on your 50th birthday if you have 30 years or more of eligibility service or at any time thereafter when your age plus years of eligibility service total 80 or more.
Officially, you'll start the retirement process with your employer, letting them know when you plan to stop working. Depending on your employer and your tenure, you may need to write an official letter of resignation, document your contacts, processes, and files, and maybe even train a replacement.
Officially, you'll start the retirement process with your employer, letting them know when you plan to stop working. Depending on your employer and your tenure, you may need to write an official letter of resignation, document your contacts, processes, and files, and maybe even train a replacement.
The safe withdrawal rule is a classic in retirement planning. It maintains that you can live comfortably on your retirement savings if you withdraw 3% to 4% of the balance you had at retirement each year, adjusted for inflation.
No, you can't open your own 401k. You can contribute to an IRA. The limit is 5500 for 2018. Note not all 401k have employer matches.
Fairfax County Government offers employees a robust package of benefits. Depending on employment status, this may include a choice of medical plans including prescription and vision coverage, optional dental coverage, life and long term disability insurance, pre-tax savings plans, and more.
Although 401(k) plans and IRAs are among the most common, they are far from the only options available. Other types of retirement savings accounts include: 403(b) and 457(b) plans.