More DCP savings in 2025
The IRS limits have increased for retirement savings programs like Washington’s Deferred Compensation Program (DCP).
Beginning Jan. 1, 2025, you can contribute up to $23,500 per year.
If you’re 50 or older, you can contribute up to $31,000 per year.
These limits apply to DCP Roth and pretax contributions. That means whether you contribute to Roth, pretax, or both DCP options, it’s a combined total.
If you’re already a DCP participant, now’s a great time to consider increasing your contributions.
If you’re not a participant and your employer offers DCP, consider signing up. The new limits are effective Jan. 1, 2025. But depending on your employer’s payroll, it can take up to 30 days for your account changes to go into effect. So, if you want to begin saving in the new year you might want to start your changes now!
How much do DCP customers save each month?
The DCP program makes it easy to save for retirement. Even a minimum monthly contribution of 3% of your salary can add up to big savings over time. The most common percentages saved are 10%, 5% and 3%.
- Age 20-35: Average monthly contribution is $359
- Age 36-45: Average monthly contribution is $586
- Age 46-55: Average monthly contribution is $728
Around 5% of DCP customers contribute the maximum amount.
Next steps
- Change your contribution online through your DCP account
- Check out the DCP page
- New to DCP? Enrolling is easy with this online form
