Financial Security is Key to a Happy and Healthy Senior Experience
How the Ohio Department of Administrative Services makes aging our business.
May 16, 2016
By Robert Blair, Director
Ohio Department of Administrative Services
The good news is people in Ohio are living longer and healthier lives, the not so good news is it takes more resources to live those extra years. However, everyone, even seniors, can do something about their financial health. We all need to learn more about the existing mechanisms which allow us to create and maintain the money we need for our senior years.
The state, like most employers, has an aging workforce, and it is in the employer's and the state's best interest to ensure their workers have plans in place for a prosperous future and retirement. For State of Ohio employees, the Ohio Deferred Compensation program is one way the Ohio Department of Administrative Services (DAS) makes aging our business.
It is a complex world and there are no simple answers such as to when to retire or where to invest money. So we need expert help which can also be tricky as advisor fees can eat up investment returns. However, many employees can rely on their company's pension advisory to help in making those decisions. Ohio employees have two systems in which they are invested and can place additional tax advantaged money. The Ohio Deferred Compensation program is one such opportunity.
While state pension systems will provide the majority of resources for retired state employees, many can take advantage of tax deferring additional salary dollars into low fee mutual fund offerings. Ohio Deferred Compensation has free advisors to help state employees learn how to invest in a 457 program. While nothing is risk free, advisors can help the investor choose the right investment. Their website also contains a great deal of investment information to help anyone interested to become better educated toward achieving a healthy financial future.
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The Ohio Department of Aging is celebrating Older Americans Month with the theme: "Aging. It's Everybody's Business." All month long, we are turning our blog over to our many and various partners, from our sister state agencies to organizations and individuals working every day in our communities to build a stronger Ohio for all generations.
This article is presented for informational purposes and its posting here does not constitute an endorsement by the Department of Aging of the author, his or her organization or the opinions expressed.
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