4-Week Savings Spree Challenge
Week 4: Putting It All Together
The 4-Week Savings Spree Challenge has explored numerous ways to put money back in your pocket, but your journey is not complete. Understanding what to do with your newfound savings is an important step that could steer you toward an improved financial future. The State of Missouri Deferred Compensation Plan is dedicated to helping state of Missouri employees save for retirement in the most efficient and convenient way possible. Just like you shouldn’t be paying for services you no longer need, the deferred compensation plan offers a simplified menu of investment options that are customized to you. There are no pushy salesmen or unnecessary product offerings. Our goal is simple: help state employees save money for retirement. The final week of the 'Savings Spree Challenge' will focus on the deferred compensation plan features that can put your savings to work and prepare you for a financially secure retirement.
Be sure to connect with the Plan on one of its social media channels (Facebook, Twitter, LinkedIn or YouTube) to follow the "Savings Spree Tips" associated with this topic. By doing so, you'll be entered in a random prize drawing for restaurant gift cards or one of the Plan's Goal-Specific Financial Plans (a $175 value). And remember, the 4-Week Savings Spree Challenge is an interactive event. Let us know how you're putting the tips to work, or, better yet, share your very own savings stories with the group. Sharing your success stories will get you a free "Savings Spree" T-shirt. Be sure to use the Challenge hashtags #MOSavingsSpree or #MO4WSS when posting.
Read the official Challenge Rules & Regulations for more.
Connect, save, and share!
Tip #13: Pay Yourself First withe Percentage-Based Contributions
Paying yourself first means directing a portion of your income to savings before you have a chance to spend it on something else. It's a simple thought and one you've probably heard over and over, but it's sometimes the hardest concept to act on. By not paying yourself first, you increase the chances of that money going toward something less important throughout the month. The State of Missouri Deferred Compensation Plan makes paying yourself first easy. Simply enroll online and set your contribution to a percentage of pay. Your retirement savings will be automatically deducted from your paycheck each month, while percentage-based contributions ensure that when your salary increases, so too will your contributions to the Plan. These are both automatic ways to pay yourself first and boost your savings rate. Visit the links below for more.
Tip #14: Attend a FREE Seminar or Schedule a FEE-ONLY Financial Planning Consultation
How much will I need to save for retirement? Do I need to increase my contributions to reach my savings goal? Which option should I invest in? Without the proper knowledge, answering even the most basic retirement questions can be overwhelming. To assist you with your questions, the deferred compensation plan's education specialists conduct FREE seminars and one-on-one consultations throughout the state. The Plan also partners with ICMA-RC to offer fee-only financial planning services with salaried CFP® professionals. Register for a free seminar in your area or schedule a consultation today.
Tip #15:Consider Target Date Funds
If the thought of investing your own money intimidates you, don't worry, you're not alone. Fortunately, the State of Missouri Deferred Compensation Plan provides employees with multiple investment options that fit your experience level. The custom Missouri Target Date Funds are an all-in-one solution built for investors with a hands-off approach. You simply choose the fund closest to your retirement year and investment professionals will choose your asset mix and automatically rebalance your portfolio as your career evolves. They're professionally-managed, broadly diversified and designed around your retirement schedule. Target Date Funds are perfect for those seeking a simple solution to a complex plan. For more information on the Missouri Target Date Funds, visit the links below.
- Missouri Target Date Funds: Smart, Simple Savings Solution
- http://www.alliancebernstein.com/mosers/
- MO Deferred Comp Investments
Tip #16: Determine Your Retirement Replacement Income and Start Savings Now
The retirement dream is often bigger than the savings set aside for it. For this reason, it's crucial to start saving now. Potential income sources and additional future expenses, can make calculating your retirement replacement income tricky. Fortunately, there are numerous resources to help you connect the dots. Visit the links below or speak with an education specialist for additional information on retirement replacement income.
