Event is a great reminder to review your retirement savings plan
By Kristen Dohrmann, Ohio Public Employees Retirement System
Oct. 17, 2019 — When you’re thinking about your retirement savings, consider all your potential sources of retirement income. Your OPERS benefit shouldn’t be your only one. You’ll need more. Not sure how much you’ll need? Our Bridging the Gap to Retirement webinar and online calculator can help you assess your current finances and estimate your retirement income so you can determine the “gap” between what you’ll have in retirement and what you’ll need.
The time is right to review your options, as next week we recognize National Retirement Security Week. Sponsored by the National Association of Government Defined Contribution Administrators, it encourages everyone to save on their own for retirement.
To start closing the retirement gap today, you need to start saving. One of the easiest ways to build your retirement savings is though Ohio Deferred Compensation. This supplemental 457(b) plan is available to all Ohio public employees. Your savings are deducted from your paycheck, pre-tax, and invested in a LifePath Portfolio, or you can choose from several investment options offered by Ohio DC.
One of the benefits Ohio DC offers is the SMarT Plan. Enrolling in the SMarT Plan means your deferrals will automatically increase each year (by any amount you choose) and provide even greater savings.
If you’re new to an OPERS-covered job and have retirement plans from your previous employment, you can roll those plans into your Ohio DC account to take advantage of their competitive fees.
Even if you’re close to retiring, it’s not too late to save with Ohio DC. You can still increase your savings by making catch-up contributions to your account. If you’re age 50 or over, you can contribute up to $6,000 more than the maximum IRS contribution limit annually.
There’s more. Ohio DC’s Retirement Planning Specialists can help you with retirement planning – free of charge. As an Ohio DC participant you have access to these specialists at their office in Columbus, at meetings across the state and over the phone.
If you haven’t enrolled in Ohio DC, don’t wait. And if you’re already participating, take some time to review your account to get the most out of your savings.