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- June 2015 DC Update
Casey Fick: Hi, I’m Casey Fick, Communications Manager for the State of Missouri Deferred Compensation Plan, and this is the June video edition of the DC Update. Summer is just around the corner, which means vacation plans and summer cookouts. What do barbecues and retirement savings have in common you might ask. Well, consider this hamburger.
Brooke Rowden (from behind the camera): It’s upside down.
Casey Fick (Repeating Brooke's statement as if it were a line he’d missed): It’s upside down.
Brooke Rowden : No, you’re holding the hamburger wrong.
Casey Fick: Oh, sorry. There’s a right way?
Julie the dog: That guy’s a total amateur.
Mike the dog: Tell me about it. But speaking of summer, how do you like my new cooler?
Julie: Pretty fancy, where’d you get it?
Mike: It’s the giveaway for the Retirement IQ scavenger hunt that’s going on right now. It’s sponsored by MOSERS and the deferred compensation plan.
Julie: Nifty. How do I get my paws on one?
Mike: There’s still time to participate in the scavenger hunt. Just visit the MOSERS or deferred compensation plan websites and look for the Retirement IQ materials. Right now you’ll find the scavenger hunt questions and clues that have been revealed so far. And there are still a few questions to go, so it’ll be easy to catch back up. If you correctly answer all 10 scavenger hunt questions, you’ll receive this sweet insulated cooler and be entered in a prize drawing for a restaurant gift card or free financial planning package from the deferred compensation plan. Prizes and giveaways will be awarded following Employee Recognition Day on June 11.
Julie: Sounds pretty neat. Hey, are you kind of wondering how he’s going to compare a hamburger to retirement savings?
Mike: Yeah, I gotta hear this one. Seems like a stretch. Here he goes again…..
Casey Fick: Have you ever wondered what retirement planning and hamburgers have in common?
Brooke Rowden: I can’t see it.
Mike: This is so embarrassing.
Julie: Those acting classes are not paying off.
Mike: You know all of his talk about summer plans has me happy that I signed up for auto increase.
Julie: Auto increase?
Mike: Yeah, it’s a powerful little tool the deferred compensation plan offers that allows me to schedule annual contribution increases. That way I can daydream my summer away and not have to worry about my retirement savings staying on track. I can make changes in one-tenth of one-percent increments and adjust my auto increase schedule at any time. It really is dog’s best friend.
Julie: I’m not sure that’s how that saying goes, but how do you do it.
Mike: You can sign up for auto increase by logging on to Account Access and going to the Contributions page. I did a little math and if I increase my 1% contribution by a half of a percent each year until it caps out at 5% of pay after 9 years, then continue contributing that 5% of pay for another 16 years, I’ll have about $85,000 in savings after 25 years.
Julie: That’s a decent pot of money.
Mike: It’s not bad, but it’s way better than the $22,000 I’d have if I kept my contributions at 1% of pay for my entire career. You know, is this guy ever going to get it right? He’s wasting a perfectly good hamburger.
Julie: Maybe you should give him some pointers. You sure seem to know your stuff?
Mike: Well, I’m not as smart as I look, I just meet with a deferred compensation plan education specialist on a regular basis. They live and work right here in the state, and they don’t earn commissions on the money I save with the plan or investment options I choose. That means I can really trust them to educate me on this important employee benefit. They’re giving seminars and doing consultations across the state all of the time. Just visit modeferredcomp.org and click the red Register for a Seminar or Consultation button at the top of the page to see who’s in your neck of the woods.
Casey: You see this hamburger.... (the hamburger falls apart)You know what, let’s just do the closing.
Thanks for tuning in to the June edition of the DC Update. If you want to take part in the Retirement IQ scavenger hunt, remember you can connect with the Plan on Facebook, Twitter, YouTube and Twitter. These are all great ways to receive important plan news and much, much more. Until next time, this has been Casey Fick with the State of Missouri Deferred Compensation Plan, your smart, simple savings solution.
Thanks for tuning into the June edition of the DC Update. Remember to connect with the Plan on Facebook, Twitter, LinkedIn or YouTube. Our social media channels are a great way to receive timely Plan news, important savings tips and much more. Until next month, this has been Casey Fick from the State of Missouri Deferred Compensation Plan, your smart, simple savings solution.