4 Retirement Questions Job Seekers Should Ask

For many job hunters, the bottom line is: What's the salary? You've likely got an ideal salary in mind, as well as the lowest salary you will accept for your particular line of work. You might also be focused on your health benefits and vacation time. But don't forget to consider the rest of your benefits package, especially the retirement benefits.

Retirement benefits, among other pieces of an overall benefits package, can add up to much more value than you'd think. A good retirement benefit package can add thousands of dollars per year to your compensation and get you a tax break at the same time. Here's what you need to know about retirement benefits when you're hunting for a new job.

Does the company offer a 401(k)? The first and most important question is whether a potential employer has a 401(k) or other retirement plan. In 2015, you can stash $18,000 in a 401(k). While an IRA is an option for those without a 401(k), the contribution limits are much lower ($5,500 in 2015). As an added bonus, you can contribute to both a 401(k) and IRA. Depending on your income, your IRA contributions may be deductible, as well.

Does the company match contributions? A 401(k) plan is even more valuable when you get an employer match. Your employer might match contributions you make to your employer-sponsored retirement plan dollar-for-dollar or a certain percentage for each dollar you save in the plan. Employer matches are essentially free money, and sometimes they are worth a lot. For example, if your employer will match 50 percent of the first $2,000 you contribute to a 401(k), that's $1,000 in additional income.

Some employers also put money into your retirement account each year, whether you add any funds or not. This is additional compensation, so the funding doesn't come out of your paycheck. Consider whether an employer makes matching and non-matching contributions as you evaluate the entire compensation package.

When do matching contributions vest? One caveat to consider when examining retirement benefits is vesting. At many companies, you're not fully vested until you've been a full-time employee for a set number of years. This means that if you leave, you can't take the employer-matched funds with you. However, your own contributions are always yours -- no vesting required.

The vesting schedule can vary from one job to the next. For example, you may become 25 percent vested each year until the end of year four, when you become fully vested. In this example, if your employer contributed $5,000 to your retirement account during two years of employment and then you leave the company, you would take only $2,500 with you.

If you know you're not likely to stay with a company long term, this is important information to understand up front. The longer it takes to become fully vested, the less employer matching benefits will be worth to you.

Can health benefits be leveraged for retirement savings? Some health insurance plans can help you save for retirement. With high deductible insurance plans, you are eligible to contribute to a health savings account. Contributions to a HSA are excluded from your taxable income, and distributions are tax-free if used for qualified medical costs.

Unlike flexible spending accounts, you don't have to spend the money in a HSA each year. As a result, the balance can grow and be used for medical expenses free of taxes at any age. Furthermore, when you reach 65, the money can be withdrawn for any reason. You will have to pay ordinary income tax if it's not used for a qualified medical expense, but you won't incur any penalty tax.

In this way, a HSA can work like a 401(k) or IRA, but a HSA requires you to wait until 65 to take penalty-free distributions, rather than 59 ½ for retirement accounts. With this caveat, a HSA can increase the amount you can save each year in a tax-advantaged account.

A HSA shouldn't be your primary retirement savings account, since they have small contribution limits and often don't have aggressive investment options. But a HSA can help increase your tax-deferred and potentially tax-free retirement savings, especially since most of us are likely to have health care expenditures during retirement.

Retirement benefits are part of your compensation and differ considerably by employer. It's important to consider the interplay of base salary and retirement benefits, so you can make the best possible job decision.

Rob Berger is the founder of the personal finance blog the Dough Roller.