Do you invest in a Deferred Compensation retirement plan?

1. 80

   Marcy Goodfleischposted 9 years ago

   Do you invest in a Deferred Compensation retirement plan?
   
   Does your workplace have a Deferred Compensation plan?  Do you invest in it?  It's hard to know how to plan for retirement!

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2. 84

   bravewarriorposted 9 years ago

   I invested in 401K when I worked outside the home. Is that the same thing?

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3. 60

   Sparkleaposted 9 years ago

   I was employed 25 years by New York State.  I was there a long time before my girl friend told me to get into Deferred Compensation.  Sad to say, I DID sign up and had so much taken out of my paycheck.  Every time I received a raise, the money contributed would go up.
   The DOWN side is that I started it way too late!  I WISH I had known about it, because I could have REALLY saved a lot more money.
   I did not retire per se' I left a few years BEFORE retirement. 
   I signed up for STABLE fund because of the Ponzi schemes and others going on.  THANK GOD, for when that hit a relative lost over $300,000 because of it.  I did not lose a dime.
   Since I quit my job I have not contributed to the plan but it continues to earn some interest.
   I did not have a lot in the savings, but it was enough for my daughter and I to take a trip to London and Paris.  For that I am thankful.
   I have just enough left in that account to maybe take one more trip.
   To those who work for the State, there may be a Deferred Compensation plan.  I HIGHLY suggest you sign up for it.  Thanks for this question.  Blessings, Sparklea

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4. 81

   Jeramey Conradposted 9 years ago

   Yes, I do.
   
   Most Deferred Compensation plans have a calculator or estimator on their website (or via your employer) that will give you an estimated monthly payout based on your contributions, how long you have already and will continue to contribute (and how much that may increase), and where you have your money allotted and other life-style questions.
   
   This can be used to plan around, but remember as it is not defined benefit, this won't last forever, so you have to make some actuarial decisions about yourself to determine how much to withdraw. Yes, what I am saying is you have to figure out how long you plan to live!

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