EP 21 - New Hire Retirement Guide For Washington Teachers

In this episode, we provide an essential guide for new teachers in Washington State to navigate their retirement options. From understanding the differences between Plan 2 and Plan 3 to exploring key savings tools like the Deferred Compensation Plan (DCP) and 403(b) plans, we break down how to make the most of your benefits.You’ll also learn about student loan forgiveness options, tips for maximizing your pension, and strategies to fill income gaps during retirement. Plus, we address real questions from a new teacher to ensure you’re set up for financial success right from the start.Whether you're starting your career or want to future-proof your finances, this episode is packed with actionable advice to help you retire with confidence!0:00 - Introduction1:49 - Student Loan Forgiveness2:32 - Become NEA / WEA Member4:03 - Plan 27:11 - Plan 31:08 - Deferred Compensation Plan (DCP) 12:22 - Roth IRA 13:25 - 403(b) / TSA18:50 - How to Enroll in Your 403b20:07 - Q: What's better - Plan 2 or Plan 3?20:44 - Q: How much do you need to set aside into a 403b to meet your retirement goals?21:56 - Q: How to change the 403b / modify your retirement investment?22:37 - Q: What's the process of setting up a 403b in a School District?22:37 - Q: What's the optimal amount to put in a 403b to lower your tax bracket?24:41 - Washington Wealth BreakthroughLinks:⁠⁠Free Washington Retirement Planning Community⁠⁠⁠Plan 3 Investment Advice⁠⁠Schedule Meeting⁠More free resources at ⁠WATRSPERS.com⁠