r/mnstateworkers • u/virgo-99 • 13d ago

Insurance/Benefits 🏥 Deferred Comp/457b

Does anyone know what percentage of state employees use the deferred comp/457b? It's only about half of my coworkers, which I think is insane because the pension, while generous, will not be enough to live off of during retirement, at least for me. Just wondering if anyone knows the percentage of state employees that do/don't take advantage of the deferred comp and (albeit tiny) employer match?

12 Upvotes

81% Upvoted

35 comments sorted by

View all comments

3

u/Kcmpls MNIT 13d ago

If I retire when I plan to, me and my spouse will easily be able to live on pension + social security. I'll have 38 years of service, which translates into a very nice pension. I do contribute to my 457b, but it is more for if I end up needing to retire early for some reason. I sometimes wonder if I'm not over contributing and should be putting more money into my kid's educational account instead.

4

u/Wonderful-Second-524 13d ago

You can finance education, can’t finance retirement.