Working with a financial professional

Saving for a financially secure retirement can either be a smooth process or somewhat daunting—depending on your knowledge and experience working with complex financial products.  

State and local government retirement savings plans typically provide the basics in terms of personalized support, such as helping with enrollment, setting up an account or changing your contribution or asset allocations. They don’t always offer access to financial professionals who can assist with broader strategies that take into account your specific needs now and long-term goals.

For Ohio’s public employees, the legislature established the Ohio Deferred Compensation (Ohio DC) retirement savings platform in 1976. While not the only savings plan available for public employees, it is the only one which is a state-mandated option.

It’s overseen by a 13-member Board comprised of public employees, retirees and appointed investment experts. The Board is responsible for managing and implementing the plan, which offers participants educational tools, multiple investment choices, and flexible savings and withdrawal options.

If you are a plan participant, you might not know that you aren’t limited to using only the resources provided by the Ohio DC. If you want or need more personalized attention, you can work with a financial professional to help you on your path toward financial well-being.

Ohio also offers the Deferred Retirement Option Plan (DROP) and Partial Lump Sum Payment Plan (PLOP). If you are enrolled in either of these, you’re eligible to accumulate a lump sum of money for retirement. Depending how long you’re a participant, you have the potential to amass a substantial fund. To ensure you retain the bulk of it, a financial professional can provide assistance regarding roll-over options or other investment opportunities. 

The benefits to using a financial professional are many, the most important one being that they are committed to getting to know you and what’s important to you. By understanding those things first, they can then help you design a strategy tailored to address your specific needs and long-term goals. Other advantages of working with a financial professional instead of going it alone include:

  • Give clarity on how pensions work and how to get the most out of them. Pensions typically cover only a certain percentage of your salary. According to Ohio DC, a typical retiree who qualifies for full benefits may receive between 62-66 percent of working income. By participating in a 403(b) or 457(b), you can noticeably supplement that income. For 2021, you can contribute up to $19,500 and an extra $6,500 if you are 50 and older.


  • Help with investments and understanding the stock market. Preparing for your retirement and ensuring your financial well-being involves more than just saving a certain amount of your income on a regular basis. It requires thoughtful planning on how to meet your needs now and in the future. A financial professional can help inform you about issues such as how much income you’ll need later on, different tax strategies for planning and saving, life and long-term care insurance coverage, and estate planning strategies.


  • Provide support during times of market volatility. Whether you’re a novice or experienced investor, market volatility can trigger knee-jerk actions which can be detrimental to your financial well-being. Having the knowledge and guidance of a financial professional can prevent you from making rash decisions based on emotion.


  • Protect your loved ones and prepare for the possibility of needing long-term care in the future. A financial professional can offer guidance about the need for life insurance and its benefits, which, in addition to death benefit protection, can include building cash value throughout your lifetime and getting the most from your pension.

Know all your options. You’ve worked hard and committed yourself to helping others. Now, let others help you. A financial professional can offer the knowledge and resources to guide you towards achieving financial well-being and the retirement that you deserve.

This promotional information is not approved or endorsed by the State of Ohio or Ohio Deferred Compensation.  Equitable Holdings, Inc. and its subsidiaries are not affiliated or associated with the Ohio Deferred Compensation, and, in the event of any inadvertent discrepancy between information herein regarding the Ohio’s Deferred Retirement Option Plan (DROP) and Partial Lump Sum Payment Plan (PLOP) and information provided directly by the State of Ohio, the latter will prevail.
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Clinton Kersting
Certified Financial Plannertm professional

4000 Smith Rd, Suite 300, Cincinnati, OH 45209
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This article was written by an outside source and is provided for general information only. No part of this article should be considered or relied upon as financial, investment, legal or tax advice. Equitable Advisors and its associates and affiliates do not provide legal, tax or accounting advice or services.

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