NYS Deferred Comp Program

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hotblast1357
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Post by hotblast1357 » Sun. Oct. 25, 2015 10:09 am

Is anyone enrolled in this? I am a mechanic for NYSDOT and am 25 and will plan on retiring at age 55, so I will be able to pay in for 30 years to this program, a lot of people at work and at other state agencies I know are in it and say it is a great program, but there is a lot of different investors and programs to choose from and was wondering if anyone was in it that was on here and what there "suggestions" would be.

thanks.

 
cabinover
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Post by cabinover » Sun. Oct. 25, 2015 8:39 pm

We have the best luck with Vanguard if that's a possibility for you. Hate to tell you but I seriously doubt that any money saved for retirement will be yours in 30 years unfortunately. I think the states will take what they want when they get to hurting bad enough.

 
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hotblast1357
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Post by hotblast1357 » Mon. Oct. 26, 2015 5:25 am

That is my next concern all together. Will it even be mine in 30 years.


 
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Short Bus
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Post by Short Bus » Fri. Oct. 30, 2015 11:12 am

I work for the AKDOT and my deferred comp goes into a 401 K like fund, so theoretically it's your account and the "state" and court systems can't get to it.

It's a lot like a IRA account no taxes now, but you pay them when you withdraw. You gain the interest on the money you would have lost to taxes but if you start now you may have a big nest egg, and your tax bracket may be larger in retirement.

My friend put 10,000 a year in his and now 27 years later 2 million.

We have a new option here, and that is to put after tax money in one of these accounts and then withdraw it with no income tax later, if you have a house payment, kids and such your tax bracket may be low and you may want to check into that, it's a lot like a Roth IRA.

Talk to your retirement department.

At the AKDOT we don't participate in the social security program, how about in NYDOT.

 
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hotblast1357
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Posts: 5657
Joined: Mon. Mar. 10, 2014 10:06 pm
Location: Peasleeville NY
Stoker Coal Boiler: 1984 Eshland S260 coal gun
Coal Size/Type: Lehigh anthracite pea
Other Heating: air source heat pump, oil furnace

Post by hotblast1357 » Fri. Oct. 30, 2015 1:33 pm

Ok yes I have a option of Roth 45 which is they tax it now, and yes I pay into social security lol I'll have to consult with the deferred compensation people here.

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