NYS deferred comp program

NYS deferred comp program

PostBy: hotblast1357 On: Sun Oct 25, 2015 10:09 am

Is anyone enrolled in this? i am a mechanic for NYSDOT and am 25 and will plan on retiring at age 55, so i will be able to pay in for 30 years to this program, a lot of people at work and at other state agencies i know are in it and say it is a great program, but there is a lot of different investors and programs to choose from and was wondering if anyone was in it that was on here and what there "suggestions" would be.

thanks.
hotblast1357
 
Stoker Coal Boiler: 1984 Eshland S260
Hand Fed Coal Boiler: 1990 New Yorker WC 90
Coal Size/Type: anthracite pea
Other Heating: oil furnace


Re: NYS deferred comp program

PostBy: cabinover On: Sun Oct 25, 2015 8:39 pm

We have the best luck with Vanguard if that's a possibility for you. Hate to tell you but I seriously doubt that any money saved for retirement will be yours in 30 years unfortunately. I think the states will take what they want when they get to hurting bad enough.
cabinover
 
Stoker Coal Boiler: Hybrid Axeman Anderson 130
Baseburners & Antiques: Sparkle #12
Coal Size/Type: Pea, Buckwheat, Nut
Other Heating: LP Hot air. WA TX for coal use.

Re: NYS deferred comp program

PostBy: hotblast1357 On: Mon Oct 26, 2015 5:25 am

That is my next concern all together. Will it even be mine in 30 years.
hotblast1357
 
Stoker Coal Boiler: 1984 Eshland S260
Hand Fed Coal Boiler: 1990 New Yorker WC 90
Coal Size/Type: anthracite pea
Other Heating: oil furnace

Re: NYS deferred comp program

PostBy: Short Bus On: Fri Oct 30, 2015 11:12 am

I work for the AKDOT and my deferred comp goes into a 401 K like fund, so theoretically it's your account and the "state" and court systems can't get to it.

It's a lot like a IRA account no taxes now, but you pay them when you withdraw. You gain the interest on the money you would have lost to taxes but if you start now you may have a big nest egg, and your tax bracket may be larger in retirement.

My friend put 10,000 a year in his and now 27 years later 2 million.

We have a new option here, and that is to put after tax money in one of these accounts and then withdraw it with no income tax later, if you have a house payment, kids and such your tax bracket may be low and you may want to check into that, it's a lot like a Roth IRA.

Talk to your retirement department.

At the AKDOT we don't participate in the social security program, how about in NYDOT.
Short Bus
 
Stoker Coal Boiler: Kewanee boiler with Anchor stoker
Coal Size/Type: Chestnut / Sub-bituminous C
Other Heating: Propane wall furnace back up only

Re: NYS deferred comp program

PostBy: hotblast1357 On: Fri Oct 30, 2015 1:33 pm

Ok yes I have a option of Roth 45 which is they tax it now, and yes I pay into social security lol I'll have to consult with the deferred compensation people here.
hotblast1357
 
Stoker Coal Boiler: 1984 Eshland S260
Hand Fed Coal Boiler: 1990 New Yorker WC 90
Coal Size/Type: anthracite pea
Other Heating: oil furnace