Retirement benefits will vary according to the employer, as well as the amount paid into FICA taxes during the individuals working lifetime. Some companies offer their employees retirement packages that far exceed what would be collected through federal programs, while others offer no retirement packages.
Some items which may be included in a retirement package, include continued access to health care through the previous employers insurance company. This cost saving benefit can also help the retired individual to enjoy an additional tax free retirement benefit.
There are also pension packages which include a monthly income, sometimes far greater than those that will be received through social security. In fact, some employers simply offer the retirement package in a lump sum.
One tax free retirement benefit offered in many retirement packages is life insurance. While the retired individual may have to make payments towards the life insurance premium, some employers pay a percentage of the premium, leaving the retired individual responsible for only a portion of the premium.
Retirement benefits also include those offered through the government. Payment to FICA made during the individuals lifetime allow them to collect Social Security benefits and Medicare. The amount of those benefits is directly related to an employees lifetime contribution through taxes. Social Security payments provide a form of income, while Medicare offers health insurance which is subsidized by the government.