Question:

Why should I save in a retirement plan such as a 401(k) or 457 plan?

Answer:

If you are like most people, your goal isn’t to work for your entire life. Reaching retirement with enough income to live on means planning ahead and saving throughout your career. Contributing to a tax-deferred savings vehicle such as the 401(k) or 457 plan provided by the state of Michigan provides a convenient, simple, tax-advantaged way to accumulate the money you will need to live a comfortable retirement. The sooner you get started, the better. Saving now will give you more options tomorrow.