America Saves Week 2017
America Saves Week is a national event coordinated by America Saves and the American Savings Education Council. This year's campaign encourages Americans to start saving early and use the plan's helpful savings tools. In that spirit, the deferred compensation plan hosts Savings Showdown, a friendly game show testing the benefit knowledge of state of Missouri employees. Grab some popcorn and tune in to this thrilling new series.
The videos below are proof that the deferred compensation plan offers a number of valuable, automatic benefits that can help employees reach savings goals. Be sure to check back throughout the week as additional videos are added to this page. Also, be sure to connect with deferred comp on Facebook, Twitter, LinkedIn or YouTube to view the breaking news as it comes in.
Assumes normal retirement and a single life annuity from the defined benefit plan. Social security is an average estimate. Social Security replacement income will vary based on when you choose to receive social security benefits (whether as early as age 62 or your full social security retirement age) and Social Security’s ability to pay 100% of scheduled benefits. For a more accurate calculation of expected benefits and income replacement from Social Security at a specific age, please visit www.ssa.gov to view your social security statement.
Current statement from SSA - Estimated benefits are based on current law. Congress has made changes to the law in the past and can do so at any time. The law governing benefit amounts may change because, by 2034, the payroll taxes collected will be enough to pay only about 79 percent of scheduled benefits.
Savings Assumptions: 6% return and 1.5% average annual salary increases while employed and a 4% return, 2% inflation and 25 Years in Retirement. Annual contribution limits will apply.