MassMutual Financial Group Deferred Compensation Plan

The City of Wilmington offers employees an opportunity to invest in the Deferred Compensation Plan.

City employees can calculate their retirement goals here courtesy of Retirement Plan Advisors.

The following information, provided by MassMutual, explains how contributing to the City's deferred compensation plan can benefit an employee.

Keep your retirement account strong in a challenging economy.

Think you can’t afford to save for retirement? Think again. Maybe you can’t afford not to.

Times are tough. Interest rates are low, the stock market is down, and homes are losing value. Like most consumers, you’re probably feeling the pain of rising prices at the pump, at the supermarket, and in your home energy bills. You might even be questioning whether you can afford to contribute to your employer’s retirement plan right now. After all, when you’re facing immediate expenses, retirement can seem like it’s a long way off. But the truth is that retirement is closer than you think. That’s because your savings need time to grow. With the power of long-term tax-deferred growth, even small contributions made regularly to your retirement account can really add up over time. That’s why it’s so important to make your contributions a priority — in good economic times and bad.

Pay yourself first. Don’t sell your retirement savings short for a few more dollars in your paycheck now.

Here are five great reasons to start — or keep — contributing to your employer’s retirement plan now.

• It may cost less than you think.
  Your contributions are deducted from your salary before taxes are taken out. Your taxable income is reduced, so the effect on your take-home pay could be less than you might expect.

• You could get free money.
  Your employer may make a matching contribution to your account for every before-tax dollar you contribute — up to a certain percentage. This extra infusion of cash can give your savings a real boost.

• Time is on your side.
  You pay no taxes on your contributions and any earnings until you start making withdrawals. Even modest contributions can grow significantly over time.

• It couldn’t be easier.
  Your contribution is deducted automatically every pay period. There’s nothing for you to remember or do.

• You can’t put a price on peace of mind.
  Ignoring retirement won’t make it go away. So put your mind at ease by keeping up your retirement account contributions.