Each year, during National Retirement Security Week (October 16-22, 2016) public employees are encouraged to take a closer look at their retirement goals, then determine if their current savings strategy will help them achieve those goals.
Not everyone has the same retirement needs, so a cookie cutter retirement plan just won’t work. What matters is what savings strategy works for YOU. For public employees here in West Virginia, your state retirement benefits may not be enough to get you through retirement. That’s where a West Virginia Retirement Plus Deferred Compensation Plan comes in.
This 457 (b) plan is a supplemental insurance plan, meaning it is designed to supplement or fill the gaps where state retirement benefits or social security may not be enough. If you already have a WV Retirement Plus Plan—that’s great! But, it never hurts to re-evaluate your savings plan and make sure you are still on track to meet your retirement goals. So for those of you interested in re-evaluating your plan, and for those of you interested in starting your 457 plan, we have the tools and resources to help you out.
First, if you work at or near the State Capitol, stop by the State Treasurer’s Office (Main Capitol Building, Room E-145) on Tuesday, October 18, 2016 from 11 a.m. to 2 p.m. for a Fall into Savings Open House. We’ll have Retirement Plus representatives on hand to answer your questions and even help you get started setting up your account. Bonus…there will be refreshments!
Second, visit the West Virginia Retirement Plus website. It has a ton of resources like the Retirement Planner Tool and the Paycheck Calculator. And, of course, you can always contact our offices at a time that is convenient for you.
The important thing is that you do SOMETHING! Don’t let National Retirement Security Week pass you by without at least thinking about your future plans. After all, if you don’t plan now, what kind of future will that be?