Retirement & Financial Planning
"The greatest force in the world is compound interest." -- Albert Einstein
Regardless of age and income, just about everybody would like to begin or continue building a nest egg to help secure a comfortable financial future. NC State Benefits programs for retirement and financial planning include:
- Employer-Sponsored Retirement System -
NC State facilitates the building of retirement nest eggs through a mandate that all eligible employees are required to contribute 6% of their salary to an employer-sponsored retirement system. NC State further supports retirement savings by contributing a percentage of each participating employee's salary to the same retirement system. Employer contributions vary based on the retirement system. There are three:
- Social Security- We've all learned that Social Security is not enough to assure a comfortable retirement; it is intended to be combined with other pension and savings plans to provide sound financial support in retirement years. Combined with benefits from an employer-sponsored retirement systems, Social Security retirement income will bring the total retirement income to about 65% of working-years income.
- Phased-Retirement Program (PRP) - This program allows eligible tenured faculty to receive retirement benefits and work part-time for NC State on a three-year academic contract.
- Voluntary Retirement Savings Plans -
To supplement retirement and Social Security compensation, NC State offers diverse, tax-advantaged ways to build a comfortable future. Through convenient salary reduction plans, employees may choose the amount of pre-tax pay that can comfortably be set aside. This amount is then payroll-deducted and contributed to the savings plan selected. From there, investment options are available based on financial goals and risk tolerance.
- NC National College Savings Program - This program allows employees to invest funds to pay qualified higher education expenses of designated beneficiaries on a flexible basis that results in certain tax savings according to federal and North Carolina tax laws.
- Retirement Planning Guide -Review the NC State Retirement Guides for helpful information you will need when you retire from the University.