Over the years, when I ask city workers if they contribute to Deferred Comp, some say they wish they could but they just cannot afford to do so. I then ask if they save on a regular, longterm basis. Many do and have $50,000 or more in savings.
I then suggest they contribute 10 percent of their salary to Deferred Comp (Roth feature) and should they experience a shortfall, withdraw the amount needed from their savings account. Many report back that they are making ends meet without making withdrawals from their bank savings or withdrawing less than anticipated.
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