DC Retire
Put Your Raise to Workfeat1
Saving part of a raise is a painless way to build wealth. When you save your raise and slow down the rate at which you increase your spending, you give yourself financial flexibility. Saving more and living on less is a double blessing. It allows for more flexibility during your working career and significantly increases the likelihood that you will enjoy a comfortable retirement. It is worth saving some of your pay raise, and you deserve it! 
Use part of your raise to increase your contribution to your 457(b) Deferred Compensation Plan. Even a 1 percent annual increase adds up long term.

Take action: Increase your contributions online starting today! 
  1. Log into PeopleSoft at http://ess.dc.gov to increase your contribution amount.
  2. Select Self Service, then Benefits on the Navigation Bar.
  3. Select the subcategory Benefits Summary, and then click on Section 457.
  4. Select Edit to change your contribution amount.
If you would like to discuss your account in more detail, you may also schedule an in-person, one-on-one appointment with your local ICMA-RC representative by clicking the local offices at 441 4th Street, NW or 777 North Capitol Street, 8th Floor.

late start
If you find yourself behind on your retirement savings, there are a few strategies to help you catch up. It is never too late to start saving or saving more.

Eliminate debt.  If you have been sitting on high interest rate debt, make it a priority to pay it off, and keep your spending in check to avoid accumulating new debt. Once you have paid down your debts, move what you were contributing over to your retirement savings.

Reevaluate your budget.  Take a look at your monthly spending and decide where you can cut back to put more toward your retirement savings. If you do not have much wiggle room, consider eating out less, bringing your lunch to work more often and streaming movies at home.

Some birthdays are more important than others on your path to financial independence. Make the most of these benefits of aging:

Age 50: The year you hit the big 5-0 is the year you can start making catch-up contributions to your retirement savings plans. In 2018, you can add an extra $6,000 to your annual 457 contributions for a maximum annual contribution of $24,500.

Age 59½: The age when you can withdraw money from your 401(a) Retirement Plan without incurring a 10 percent federal tax penalty. (You can withdraw money from your 457(b) Deferred Compensation Plan without incurring a 10 percent early-withdrawal penalty at any age after you stop working.)

Age 62: The earliest you can claim Social Security benefits. However, claiming at 62 means accepting a 25 percent reduction in benefits compared with what you would receive if you waited until full retirement age.

Age 65: The age you qualify for Medicare. If you have already claimed Social Security, you will automatically be enrolled. Otherwise, go to  www.ssa.gov to sign up between three months before and three months after your 65th birthday.

Age 66: The full retirement age for Social Security for people born between 1943 and 1954. If you wait until this age to enroll, you will receive your full benefits and you do not have to worry about the earnings test scaling back your benefits. However, your benefits will increase by 8 percent for every year you wait after full retirement age up to age 70 before claiming benefits. Go to  www.ssa.gov to compare payouts at different ages.

Age 70½: This is the age when you need to start taking required minimum distributions (RMDs) from your 401(a) Retirement Plan, 457(b) Deferred Compensation Plan, 401(k) and 403(b) Plans and traditional IRAs. (However, if you are still working, you do not need to start taking withdrawals from the plan(s) that your current employer offers.) For more information, see Calculate Your RMD at  www.icmarc.org/rmd.  

Local Offices  


777 North Capitol St., NE
8th Floor
Washington, DC 20002

8:30 a.m. to 5:00 p.m.
( Monday, Tuesday, Thursday and Friday)

8:30 a.m. to 7:00 p.m.
( Wednesday)

Judiciary Square

441 4th St., NW
Room 340N
Washington DC, 20001

9:00 a.m. to 5:00 p.m.
( Monday-Friday)

Call Center