Retirement security challenge week 2
The Deferred Compensation Program (DCP) is an extra savings program that can help you invest for the retirement lifestyle you want to achieve — a lifestyle that might be hard to reach with just your pension and Social Security.
Unlike traditional savings accounts, DCP is tax-deferred — it lowers your taxable income while you’re working and it delays payments of income taxes until you withdraw your funds.
Challenge 2: Use the new DCP calculator.
Take the 5-minute challenge:
Use the new DCP calculator and consider increasing your monthly contribution.
How to change your monthly DCP contribution:
- Log in to your DRS account.
- Click on the link to view your DCP account.
- From the DCP account page, select: Change Monthly Contribution, Transactions.
Your changes can take up to 30 days to go into effect (depending on your employer’s payroll cycle).
The DCP calculator is a great way to see how your investment will grow overtime. You can also change how much you’re contributing at any time. A small monthly increase can make a big difference.
Read about annuities and how you can use your DCP funds to pay for annuities when you retire.
National Retirement Security Month
It’s National Retirement Security Month. This October, we’re encouraging our 335,000 active members to join a weekly challenge to set you up for a secure retirement. Each week, we’ll be focusing on quick financial wellness resources.
- Week 1 challenge: Sign up for an online account. The easiest way to see what’s going on with your retirement account is to view it online.
- Week 2 challenge: Use the new DCP calculator and consider increasing your contribution. The DCP calculator is a great way to see how your investment will grow overtime.
- Week 3 challenge: Mark your calendar to attend a free webinar. You can attend a live webinar to get all your questions answered and there’s no registration needed.
- Week 4 challenge: Coming soon!
Sign up for DRS news updates to receive the weekly challenges in your inbox.