Preparing Now for Retirement

Florida's chief financial officer Tom Gallagher announced new investment options through the state’s Deferred Compensation Plan, allowing state employees to improve their standard of living during retirement.

Jack Madden started working for the State of Florida in the 80s. By the time 1996 rolled around he'd retired, but once again he's back in the world of 9 to 5 and banking on the states retirement plan.

Madden is one of the 66,000 state employees enrolled in Florida's Deferred Compensation Plan, putting aside a small amount of money each month towards retirement. Chief financial officer Tom Gallahger says that's a good idea because you don't retire with 100 percent of your income.

"It makes sense to have some other savings plan you can use and the Florida Deferred Compensation Plan is one you can invest in," says Gallagher.

If state employees invest $100 a month for the next 20 years, they can save more $59,000 to securing their retirement and mapping out their financial future. For Madden that map lead him on a global odyssey and kept him sailing through troubled waters. By pinching a few pennies along the way Madden was able to make his golden years truly golden.

The plan is also portable so what ever you put in you can take with you, and there is no tax until you retire and then you are in a lowered tan income bracket. Plus, you can set aside as little as $10 every two weeks.