Your Whole Story
2017 National Retirement Security Week
Saving for retirement doesn’t have to be difficult. In fact, it's actually quite simple with the MO Deferred Comp Plan. Below are a few of our favorite savings tips that can help you along your retirement savings journey.
NRSW Savings Tip #1: Complete The Picture
Imagine yourself in retirement; making plans to travel, start a new hobby, and filling up your calendar with all sorts of fun activities. Sounds amazing, right? But how will you pay for everything and where will your money come from once retired? It may not seem important now, but the amount you start saving and when you start saving will have a huge impact on your income replacement in retirement. To learn more about income replacement, check out the 2017 second quarter DC Update, Income Replacement: What is it?
NRSW Savings Tip #2: Let’s Do The Math
Due to inflation, money tends to lose its earning power over the course of time. By not investing now, the money you have currently will not have the same earning power today, as it will further down the road. Even relatively low inflation rates will decrease the buying power you have today. Don't wait, invest early and compound your money over the course of your employment and into retirement so that you can be prepared for the future. Watch the Importance of Investing Explained video for more information on inflation.
NRSW Savings Tip #3: One Small Step Today
Spending money is easy, especially when saving for retirement is not on the top of your priority list. Unfortunately, many people fall victim to their hefty spending habits and end up going back to work in retirement simply because they cannot afford to retire. Before you hit the outlet stores, remodel your home, or open your wallet for a fancy new car, remember to save for your future retirement, you'll be glad you invested in yourself. Check out the 2017 second quarter DC Update, Loans? Credit? Or saving? Oh my!
NRSW Savings Tip #4: Share The Journey
Saving for retirement is simple, easy, and quick! However, many employees put off saving for retirement because they either do not understand how to get started, are unsure of where to begin, or feel that they can start saving later on in their career. Don't let your fellow co-workers get behind. Spread the word and show them how easy it is to save for retirement while explaining how MO Deferred Comp is a great benefit to their state benefits package. Check out the DC Update, Did you get my text?, to see how one employee spread the word to her fellow co-worker.
NRSW Savings Tip #5: Going Somewhere?
If you left state employment recently or it's been longer, you have the choice to keep your money in the deferred compensation plan. Keeping your money with MO Deferred Comp will allow you continued access to low-cost, custom investment solutions, online account access, dependable customer service, and more. To learn more about your options watch the 2016 third quarter DC Update, Remember Us?