EP 28 - Buying Service Credits

Free Washington Retirement Planning Community and Courses: https://www.skool.com/wa-retirement-planning-1635/aboutThinking about purchasing service credits from the Washington State Department of Retirement Systems (DRS)? In this episode, we break down everything you need to know before making this irreversible decision.You'll learn:Who qualifies to buy service creditsHow they can boost your pensionWhat it costs (and how to calculate it yourself)How long it takes to break evenWhen it makes sense — and when it doesn’tWe also answer real listener questions about comparing service credits to annuities, tax implications, and what happens to your investment if you pass away.Whether you're close to retirement or just exploring options, this episode will help you make an informed, confident decision.00:00 – Intro: What Are Service Credits?00:27 – Should You Buy More? Common Questions01:04 – Tools to Estimate Cost & Break-Even02:04 – Who Can Purchase Credits & When02:41 – Why They Get Cheaper With Age03:08 – Service Credits ≠ Early Retirement Eligibility03:47 – Where the Money Must Come From (Not Plan 3!)04:25 – Sample Calculation: 5 Years at Age 6006:14 – Break-Even Analysis & ROI Explained07:56 – Listener Q1: Buy Service Credits vs. Annuity?10:20 – Listener Q2: What If I Pass Away After Buying?12:58 – Listener Q3: Can I Buy Credits to Reach Early Retirement Faster?14:01 – Final Thoughts: Strategy, Calculator & Free CourseLinks:⁠⁠Free Washington Retirement Planning Community⁠⁠⁠Plan 3 Investment Advice⁠⁠Schedule Meeting⁠More free resources at ⁠WATRSPERS.com⁠