Sentences with phrase «salary upon retirement»
Thus, a teacher with 30 years of experience earns 75 percent of her final average salary upon retirement.
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(For example, he's calculated that a couple in the public sector earning $ 50,000 each per year will have pension savings totalling between $ 600,000 and $ 1.3 million each upon retirement, whereas a couple in the private sector earning the same salary will be left with $ 122,000 to $ 245,000 each.)
The idea is that both the employer and the employee typically contribute a set percentage of the employee's salary throughout his or her career with the promise that, upon retirement, he or she will receive a fixed monthly payment.
The pension received by an employee upon retirement is taxable as the income received in «Salary».
Unfortunately, most investors will be in lower federal and state tax brackets upon retirement since they will lose their primary sources of income (wages, salaries, commissions, bonuses, tips, etc.).