The Afterlife

Traditional Judaism firmly believes that death is not the end of human
existence. However, because Judaism is primarily focused on life here and
now rather than on the afterlife, Judaism does not have much dogma about
the afterlife, and leaves a great deal of room for personal opinion. It is
possible for an Orthodox Jew to believe that the souls of the righteous dead
go to a place similar to the Christian heaven, or that they are reincarnated
through many lifetimes, or that they simply wait until the coming of the
messiah, when they will be resurrected. Likewise, Orthodox Jews can
believe that the souls of the wicked are tormented by demons of their own
creation, or that wicked souls are simply destroyed at death, ceasing to exist.

This information found at: http://www.jewfaq.org/olamhaba.htm