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IMPROVE YOUR RETIREMENT
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| By Dennis Kruger, Director | |||||||
| The two comments I always hear when talking to firefighters about Deferred Comp are, “I wish I started earlier” and that “I started with only $25 bucks coming out of my paycheck”. It’s true! If you are not in Deferred Comp, get in it. If you are in it, remember to bump it up once in awhile. A small increase can make a big difference over time.
Remember, investing doesn’t cost as much as you think. For every $100 you put into your Deferred Comp account, it drops your take home down by roughly $69. The $31 that was going off to the government is now going into an account for you, earning you more money. Below is a hypothetical chart that assumes starting with $100 per paycheck and increasing it $25 every year for 30 years, assuming a 7% return on your money. I remember the firefighter who told me to get into Deferred Comp. I did and I increased it whenever I could and I have never regretted it. When you want to enroll or if you have any questions contact ING Representative, Meghan Doherty with ING at 415-364-2017. |
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