Save more with DCP in 2019

Posted 03-Dec-2018

The IRS has increased the amount you can save for retirement through the Deferred Compensation Program (DCP). To ensure you are meeting your retirement goals, in 2019, you can increase your contributions to the following maximum amounts: 

  • $19,000 annually if you are under age 50
  • $25,000 annually if you are over age 50

DCP is a terrific way to save for retirement. If you’re already a DCP participant, now’s a great time to consider increasing your contributions. If you are not a participant (and your employer participates in DCP), consider signing up. Even a minimum monthly contribution of $30 adds up to big savings over time. Depending on your employer’s payroll, it can take up to 30 days for your account changes to go into effect. So for the new year, you might want to start your changes now!

Also, you can make contributions to DCP based on a percentage of your paycheck in addition to a set dollar amount. Percentage contributions mean your monthly contributions to DCP increase when your paycheck increases. Find out more about DCP.