Put your raise to work for your retirement

NHDCP

Beginning with the Feb. 1 paycheck, members of the Executive Branch started seeing a little more money in their pockets – the result of a 1.5 percent raise that was negotiated by their Master Bargaining Team in the contract approved last year. While there are many things you could do with extra cash, it’s a good idea to save some of it.

People who begin putting aside just a few dollars a pay period reap the benefits when it comes time to retire.  To that end, New Hampshire state, county and municipal employees have the opportunity to make tax-deferred contributions through their own deferred compensation plan.

Craig Downing, a longtime SEA/SEIU Local 1984 member and director of the State of NH Deferred Compensation Plan, urges you to think ahead.

“It’s important to consider that a pension and Social Security benefits may not provide enough retirement income, especially given the rising costs retirees face for their health benefits,” Downing said. “Saving even small amounts now – in every paycheck – will help you meet these increased costs in the future.”

For more information on the plan, you can check out www.nhdcp.com. You can read the newest edition of the Deferred Compensation Plan newsletter here.

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