My name is Dan and I work for the Missouri Department of Mental Health.

Access to a defined benefit pension plan, such as MOSERS, has become essential for me, especially as I contemplate retiring. While social security and the state pension are important components to financial stability in retirement, the deferred compensation is crucial. I like safety and security when looking into the future.

Choosing A Contribution Amount

I was a single person when I began working, so I had lots of self-discretion on how much I contributed. I decided being bold was the best avenue for me at that time and put in twenty-five percent of my salary. While I have not been able to maintain that contribution level I have never stopped saving with MO Deferred Comp.

The First Step Toward Financial Security

I think what prevents most people from saving with deferred comp is the age old problem, procrastination. The, “I’ll start saving more someday,” and the self-deprecating thoughts of not being able to put money away in savings, stops people from enrolling and saving for the future.

Dan's Savings Tips

It’s easily stated, but truly difficult for most all of us, start now or increase one’s monthly savings amount. That perfect time to begin will not happen on its own. Starting with small amounts will build self-confidence and show you that anyone can do it, even with the present salary and household bills every month. Continuing to save monthly will eventually, over time, become more and more money. The twenty dollars becomes hundreds, that turn into thousands, and can become tens of thousands of dollars saved.

We all tend to procrastinate, saying "I'll save someday" and that day never comes if we don't make a devoted effort to start.