Remember to also find out when these benefits can be received. If you are planning to retire early, you may need other sources of income. Assess all previous sources of retirement income. Maximize your annual contributions to your deferred compensation savings plan. Over time, deferral of taxes and compounding of interest make a big difference in the amount of money you can accumulate.
Automatic deductions can make it easy.
If you're not yet in this kind of savings plan, check out what's available to you. If your public agency or school employer offers a tax-sheltered savings plan that does not include CalPERS as one of the options, ask your employer to start participating in the CalPERS 457 Deferred Compensation Program . Put money into an Individual Retirement Account. Don't touch your savings. Don't dip into your retirement savings.