EP 43 - School District Retirement Benefits Explained

Free Washington Retirement Planning Community and CoursesMost Washington State school district employees know they have great retirement benefits. But very few people actually understand how the full system works together.In this episode we break down the core retirement benefits available to teachers and school district employees in Washington State.This presentation walks through the basics of the pension systems, how Plan 2 and Plan 3 work, and the additional retirement savings options available through your employer.Topics covered include:- How the Plan 2 pension formula works- The difference between Plan 2 and Plan 3 retirement systems- How the Plan 3 investment account works- Investment options inside the WSIB and self directed plans- The role of Social Security and pension income in retirement- How educators fill retirement income gapsAdditional retirement savings tools like DCP, Roth IRA, and 403b plansWe also explain a major mistake many educators make when choosing retirement investments and why understanding fees and surrender schedules in 403b plans is critical.If you work for a Washington State school district and want a clearer understanding of your retirement benefits, this episode covers the foundation of how everything works together.00:00 - Intro02:07 - 4 retirement topics educators need to understand03:07 - How the Plan 2 pension formula works06:31 - How Plan 3 pensions and contributions work10:10 - Understanding retirement income and shortfall planning11:24 - Deferred Compensation Plan DCP explained12:41 - Roth IRA basics for educators13:50 - 403b retirement plans explained19:15 - Ways to save20:45 - Pretax vs Roth21:40 - Tax Trap▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬🙋🏽‍♀️ Need help? Schedule A Meeting : https://calendly.com/scenicfinancial▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬🎯Get TRS 3, PERS 3 & DCP Investment Advice Here:💥💥 https://scenicfinancial.net/scenic-plan-confidence1/💥💥The Only Place To Receive Ongoing, Personalized Investment Advice, So You Can Confidently Invest In Your TRS 3, PERS 3 & DCP Retirement Plans! ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬🕸 Visit Us Online: Scenicfinancial.comWATRSPERS.com▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬DISCLAIMER**Advisory Services offered through Intirety, LLC a registered investment adviser. Intirety LLC and Scenic Financial are not associated with the Washington State Department of Retirement in any way. Scenic Financial makes content available as a service to its clients and other visitors, to be used for informational purposes only. While our best intentions are to provide accurate and timely information, you should always consult with retirement, tax, and legal professionals prior to taking any action. 🕸️Links:Free Washington Retirement Planning Community⁠⁠⁠Plan 3 Investment Advice⁠⁠Schedule Meeting⁠More free resources at ⁠WATRSPERS.com⁠