Ohio Deferred Compensation offers you smart alternatives when saving for retirement
If you’re planning for your retirement, you might be unsure about how much you’ll really need to save. As a current participant, Ohio DC offers you options to help you take control of your retirement planning.
Now might be a great time of the year to make changes. Here are two simple ways to give your savings a boost:
- One-time savings increase: Ohio DC offers complete flexibility. You can do a one-time increase in your deferral amount and can change this amount anytime.
- Annual savings increase - The SMarT Plan: Ohio DC allows automatic deferral increases every year by an amount that you specify. This can also be adjusted at any time.
If you are closer to retirement, you have additional options for contributing to your account
- Age 50+ Catch-up: This is a great opportunity if you are 50 or older. A maximum of $6,000 can be contributed to your account – in addition to your annual $18,000 contribution.
- Traditional Catch-up: If you are within three years of normal retirement age, and if you have not contributed the maximum amount every year in the past, you might be able to defer up to two times the normal contribution limit for a total of $36,000.
To learn more about any of these options for giving your savings a boost in the new year, you can visit Ohio457.org or call our Service Center to speak with an Account Executive at 877-644-6457.
For more than 40 years, Ohio Deferred Compensation has been helping people throughout Ohio feel confident about their retirement planning. Call or visit us online – and put us to work for you!
Disclosures: Account Executives are Registered Representatives of Nationwide Investment Services Corporation, member FINRA.