Retirement & Savings Plans

Most people will spend up to one-third of their life in retirement, so it is important to prepare and save money now in order to support yourself during your golden years. Experts estimate that you will need at least 70% of your pre-retirement income to maintain the same standard of living once you stop working. Several programs are available through your UW employment to help you meet your financial needs in retirement.

Are you an employee looking to retire?  Please refer to our Employment Changes - Retirement section for specific information on retirement.

Saving for Retirement

UW System employees have several options to save money for retirement:

• Wisconsin Retirement System is a major source of retirement income and also provides disability, separation, and survivor benefits.
• Supplemental Retirement Savings Plans set aside money for retirement on a pre-tax or post-tax (Roth) basis.
  • Tax-Sheltered Annuity 403(b) Program
  • Wisconsin Deferred Compensation Program
• Social Security

Health Insurance in Retirement

• Any sick leave hours accumulated by the time of retirement are converted to a dollar amount in order to pay for your health insurance as a retiree through the State Group Health Insurance program.
• Learn more about this program in Sick Leave Conversion Credit.

Saving for Your Child’s College Education

• Edvest is a program that allows you to save for your child’s college education. Contributions to this program are not available through payroll deduction.  Read more about 529 College Savings Plans.

Resources

• Retirement Savings Options Available to UW System Employees
• Roadmap to Retirement Planning
• Employee Benefits at Retirement
• Taking the Mystery Out of Retirement Planning (U.S. Department of Labor)
• Retirement Toolkit (U.S. Department of Labor)