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.”