I strongly value independence, so I feel like it’s my duty to be able to take care of myself financially for the rest of my life. I don’t want to be a burden to anyone else, the government or my children. I feel like the deferred compensation plan is one way for me to make that happen.
Our local deferred compensation plan representative, Deborah Taylor, she visits the lab at least every 6 months and gives us updates on the Plan and talks to new employees.
Most of the employees that we hire here at the crime lab are fresh out of college and they have study loan debt. They are not really thinking about retirement yet. They are young and that’s the perfect time to start. I always tell them about the deferred compensation program and I definitely highly encourage them to participate.
I think that the Plan website is a very good tool to us to keep up. I check my account on the Plan website at least once a month. It usually shows what the monthly payout would be at retirement.
I feel like other state employees many of them at least, are more focused on the past, paying off debt they have, and the present, spending the money today, than they are saving for the future. The advice that I would give is to pay yourself first. Set that money aside so that you’ll have it later at a time you need it more.