Washington State Retirement Planning

Free Washington Retirement Planning Community and Courses What should you actually do with your Plan 3 account once you retire?This is one of the most common questions Washington State employees ask, and the answer isn’t one-size-fits-all.In this episode, we break down the real options you have after separating from service, including when it makes sense to keep your money in Plan 3, move it out, or use it to create additional guaranteed income.We also walk through how the TAP annuity works, when it might make sense, and why it can be a powerful tool for covering fixed expenses like healthcare in retirement.Then we shift into a full update on recent Washington State retirement-related legislation, including what passed, what didn’t, and what it could have meant for your pension.Topics covered:- What to do with your Plan 3 account after retirement- When a TAP annuity makes sense- Why many people choose to roll funds into an IRA- Investment flexibility and tax planning opportunities- Recent Washington State pension and benefits legislation updatesIf you're approaching retirement or just planning ahead, this episode will help you think through your next move with your Plan 3 money.Links:Free Washington Retirement Planning Community⁠⁠⁠Plan 3 Investment Advice⁠⁠Schedule Meeting⁠More free resources at ⁠WATRSPERS.com⁠▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬🙋🏽‍♀️ 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. 🕸️

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

Free Washington Retirement Planning Community and CoursesOne of the most common questions from Washington State employees in Plan 3 retirement systems is simple:Can I change my Plan 3 contribution?Unfortunately, the answer for most people is no.In this episode we break down the rules around Plan 3 contributions and why many employees are locked into the contribution rate they originally selected. We also explain the one situation where you may be able to change it and why the rule changed in the first place.We also discuss:- Why contribution changes were removed in 2015- The one exception that allows you to change your contribution- Why many employees choose the 5 percent contribution option- Other retirement savings options like 403b plans and DCPThen we answer a community question from someone who is receiving income from PERS 1 after a divorce and wants to know if they can add that income to their PERS 2 pension to increase future retirement income.We explain why that is not possible and review two alternative strategies that could increase retirement income instead.If you are in PERS 3, TRS 3, or SERS 3, understanding how contribution elections work is critical because once you select a rate, it may be locked in for the rest of your career.00:00 Intro00:59 Can you change your Plan 3 contribution01:13 Why contribution changes were removed in 201502:16 When you can change your Plan 3 contribution02:57 Community question about adding PERS 1 income to PERS 203:26 Why you cannot add money to a Plan 2 pension04:18 Options to increase Plan 2 retirement income05:20 Join our Free Retirement Community▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬🙋🏽‍♀️ 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. 🕸️

Free Washington Retirement Planning Community and CoursesEvery January, some Washington State employees on Plan 2 receive an offer to switch into Plan 3.Sometimes the incentive looks attractive. $50,000. $80,000. Even $100,000 upfront to make the change .But what are you really giving up?In this episode, we break down:Why the state offers buyouts in the first placeWhat you lose when you leave a 2 percent per year guaranteed pensionWhy retirement is about income, not account balancesWhy most people who switched later regretted itWhy this decision is permanentWe also discuss pending legislation that may allow certain Plan 3 members to switch back into Plan 2 if they were never given a choice when hired . If that happens, it will not be free. Members would likely need to give up a significant portion of their Plan 3 balance to buy back service credit.We walk through a real income comparison example:Would you give up $400,000 in Plan 3 to double your guaranteed pension income?Sometimes the math may surprise you.Finally, we answer a community question:Should you buy a TAP annuity because of political uncertainty?The short answer is no. Financial decisions should be based on your plan, not who is in office .If you are in PERS 2, TRS 2, or considering a switch to Plan 3, this is one of the most important irreversible decisions you will make.00:00 Should you switch from Plan 2 to Plan 302:00 Why the state offers lump sum buyouts04:20 Pending legislation to switch back to Plan 205:40 Income example: Giving up 400,000 to double pension07:45 Should you buy a TAP annuity because of politics09:00 Final thoughts and community resources▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬🙋🏽‍♀️ Need help? Schedule A Meeting : https://calendly.com/scenicfinancial▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬🎯Get TRS 3, PERS 3 & DCP Investment Advice Here:💥💥 https://scenicfinancial.net/scenic-pl...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. 🕸️

Free Washington Retirement Planning Community and CoursesIf you are a Washington State employee planning to retire soon, 2026 is a year you cannot afford to wing it.In this episode, I break down five retirement planning mistakes I saw repeatedly this past year and how to fix them before they cost you money .We cover:- Why taking the highest pension option is not always the smartest move- How survivorship choices can dramatically impact your spouse- Why Roth conversions need a real strategy, not guesswork- What most people misunderstand about long term care insurance- Why timing matters more than your account balanceWe also answer a key listener question:How can I retire as early as possible on PERS 3 with over 30 years of service?If you qualify for the 2008 ERF and are considering retiring at 55 instead of 62, the break even math might surprise you . We walk through how reductions, COLAs, and lifetime payout comparisons actually work.Whether you are in PERS 2, PERS 3, TRS, SERS, or DRS deferred comp, this episode will help you avoid costly timing mistakes and build a retirement plan that survives real life.00:00 Intro01:11 Tip 1 - Bigger pension is not always better04:38 Tip 2 - Do not assume your spouse will figure it out07:40 Tip 3 - Roth conversions need strategy09:25 Tip 4 - Long term care insurance misconceptions11:20 Tip 5 - Timing matters more than account balance13:31 - How to retire early on PERS 3 with 30 yearsLinks:⁠⁠Free Washington Retirement Planning Community⁠⁠⁠Plan 3 Investment Advice⁠⁠Schedule Meeting⁠More free resources at ⁠WATRSPERS.com⁠

Free Washington Retirement Planning Community and CoursesWashington State Plan 3 is one of the most misunderstood retirement systems, part pension, part investment account. In this episode, we break down the real pros and cons of Plan 3 so you understand how it works, what it does well, and where it can fall short if you’re not careful.You’ll learn why Plan 3’s 1% per year pension is still a valuable guaranteed benefit (and completely free), how the forced savings component helps many employees retire with more money than they otherwise would, and why Plan 3 pensions continue to grow by 3% per year even if you leave service early after 20 years.We also cover the investment side, including contribution limits, default funds, target-date funds, and why many Plan 3 portfolios underperform compared to private retirement accounts. Then we explain the biggest downside: only half of your retirement income is guaranteed, while the other half depends on the market, timing, and sequence of returns.In the second half, we answer a common listener question:Can you access Plan 3 (401(a)) and Deferred Comp (457) after separating from service without penalties?We walk through the Rule of 55, how Deferred Comp works differently, and a critical mistake people make when contributing to multiple 457 plans.If you’re in PERS 3, TRS 3, or SERS 3, this episode will help you decide how to manage risk, income, and flexibility in retirement.00:00 - What Plan 3 is and who it applies to 01:23 - Pro #1: 1% per year guaranteed pension (free benefit) 02:01 - Pro #2: Forced savings and long-term account growth 02:58 - Pension growth after leaving service early (3% per year) 03:52 - Using Plan 3 money for TAP annuities 04:27 - Con #1: You cannot change your contribution rate 04:59 - Con #2: Investment limitations and default fund risks 06:39 - Why Plan 3 portfolios often underperform private accounts 07:21 - Con #3: Only half your retirement income is guaranteed 08:40 - Why market volatility affects retirement income 09:12 - Listener Q&A: Accessing Plan 3 and Deferred Comp penalty-free 10:30 - Rule of 55 for Plan 3 explained 11:09 - Deferred Comp (457): No penalty after separation, any age 11:53 - Critical warning: Multiple 457 plans share one contribution limitLinks: ⁠⁠Free Washington Retirement Planning Community⁠⁠⁠Plan 3 Investment Advice⁠⁠Schedule Meeting⁠More free resources at ⁠WATRSPERS.com⁠

Free Washington Retirement Planning Community and CoursesPlan 2 is one of the most generous pension systems in the country, but it’s not perfect. In this episode, we break down the real pros and cons of Plan 2 for Washington State teachers, public employees, and school employees so you can understand what you’re gaining, and what you may be missing.We explain why Plan 2’s 2% per year lifetime pension is such a powerful benefit, how vesting works after just five years, and why many Plan 2 retirees actually earn more guaranteed income than Plan 3 members who saved aggressively on their own. You’ll also learn about lesser-known features like the 5.5% interest credit on contributions after separation.Then we cover the downsides:- No built-in savings account- Rising mandatory contribution rates- Limited liquidity and legacy concerns- What happens if you pass away early in retirementIn the second half of the episode, we answer a critical listener question about survivorship benefits and community property rules. We explain why spouses do not automatically receive a pension unless the correct survivorship option is selected, and why this decision is permanent.If you’re in PERS 2, TRS 2, or SERS 2, this episode will help you avoid costly retirement mistakes and make smarter planning decisions.00:00 - Intro - Plan 2 for WA State Employees01:32 - The biggest advantage: 2% per year lifetime pension02:29 - Why income matters more than account balances03:32 - Low required contributions vs private retirement savings04:04 - Vesting after just 5 years04:26 - Little-known benefit: 5.5% interest on contributions after separation05:24 - The biggest downside: no built-in savings account06:01 - Mandatory contributions and why you have no control06:54 - Liquidity and legacy concerns with Plan 207:17 - What happens if you pass away early in retirement08:13 - Listener question: survivorship benefits and community property08:32 - Pension option choices and why they are permanent09:09 - Why spouses must sign and notarize Option 110:16 - Real example: how Option 1 can financially devastate a survivor11:56 - Why survivorship options often break even faster than expected12:26 - Why this is one of the most important retirement decisions you’ll makeLinks:⁠⁠Free Washington Retirement Planning Community⁠⁠⁠Plan 3 Investment Advice⁠⁠Schedule Meeting⁠More free resources at ⁠WATRSPERS.com⁠

Free Washington Retirement Planning Community and CoursesIf your income is too high to contribute to a Roth IRA, you’re not out of options, especially if you’re a Washington State employee.In this episode of the Washington Retirement Planning Podcast, we break down three proven ways to continue building tax-free Roth income, even after you’ve passed the Roth IRA income limits. We also explain why some commonly recommended strategies, like backdoor Roth IRAs are often overused, misunderstood, and sometimes done incorrectly.You’ll learn how Roth options inside Deferred Comp (457), 403(b), and employer plans work, why they have no income limits, and how recent Secure Act changes created powerful new catch-up opportunities for ages 50–63. We also walk through Roth conversions, when they make sense, how to avoid IRS penalties, and why paying taxes the wrong way can cost you extra.Finally, we cover backdoor Roth IRAs: what they are, when they actually make sense, and the critical tax form (Form 8606) that people forget to file, often leading to penalties years later.The second half of the episode answers a listener's question about Plan 3 annuity options, comparing private annuities versus Washington State options like service credit purchases, TERS annuities, and the TAP annuity, including why the guaranteed 3% COLA makes TAP so powerful for early retirement planning.If you’re a high-income earner trying to reduce future taxes and retire earlier, this episode is a must-watch.00:00 - Why high earners get shut out of Roth IRAs 01:32 - 2025 Roth IRA income limits and phaseout ranges 02:53 - Best option #1: Roth Deferred Comp (no income limits) 04:05 - New Secure Act catch-up rules (ages 50–63) 05:16 - Option #2: Roth conversions and when they make sense 06:39 - How to pay Roth conversion taxes correctly (avoid penalties) 08:11 - Option #3: Backdoor Roth IRA explained (and common mistakes) 10:42 - Pro-rata rule and Form 8606 warning 14:55 - Listener Q&A: Plan 3 annuity options explained 20:22 - TAP annuity vs service credits vs TERS annuity 23:40 - Using annuities strategically to retire earlierLinks: Free Washington Retirement Planning Community⁠⁠⁠Plan 3 Investment Advice⁠⁠Schedule Meeting⁠More free resources at ⁠WATRSPERS.com⁠

Free Washington Retirement Planning Community and CoursesRetiring from a Washington State school district can feel overwhelming, including forms to submit, when to notify HR, how to pick your retirement date, and how your healthcare and pension will transition. In this episode, we walk you through the 7 essential steps every school district employee must take before retiring.You’ll learn how to build your written financial plan, when to notify your district to receive potential early-notice incentives, how to request and verify your pension estimate, and how to correctly set your separation date vs. retirement date (including the major impact this has on COLAs and healthcare).We also explain how PEBB healthcare works before and after age 65, when to apply for Social Security, and what to do with your Plan 3, DCP, or 403(b) savings once you separate from service.Finally, we answer the Question of the Day: Can someone with service in both PERS and LEOFF retire at age 53 with no penalties? The transcript gives a clear breakdown of how the rules differ between the systems and how early-retirement reductions really work.Suppose you are planning to retire at the end of the school year or within the next few years. This is one of the most important episodes you’ll watch.00:00 – Introduction and today’s topic: 7 steps to retire from a school district 01:19 – Step 1: Create your written financial plan (income, expenses, longevity, LTC) 02:43 – Step 2: Notify your district by February; early-notice bonuses up to $1,500 03:07 – Step 3: Request & verify your pension estimate (top-5 years, missing income errors) 04:36 – Step 4: Apply for retirement online or via paper; key dates that affect COLA & healthcare 05:27 – Why most retirees pick June 30 (separation) + July 1 (retirement) 07:02 – Alternative: September 1 start date to keep SEBB longer + earn more service credit 07:39 – Step 5: Set up PEBB healthcare (pre-65 vs. Medicare supplement options) 09:01 – Step 6: When to apply for Social Security (timing, earnings test, avoiding mistakes) 10:30 – Step 7: What to do with your retirement savings (Plan 3, DCP, 403(b), IRA, annuity) 11:41 – Reminder: Taxes and RMDs at 72; planning matters 12:20 – Question of the Day: PERS vs. LEOFF early-retirement rules 14:08 – Why early retirement penalties are often misunderstood (and usually small) 16:29 – Real client stories: retirees leaving 2+ years earlier than expected 18:42 – Free course, community, and how to get help with your retirement planLinks: ⁠⁠Free Washington Retirement Planning Community⁠⁠⁠Plan 3 Investment Advice⁠⁠Schedule Meeting⁠More free resources at ⁠WATRSPERS.com⁠

Free Washington Retirement Planning Community⁠⁠⁠In this episode, we tackle one of the most common retirement questions:“Should I use my retirement funds to pay off my debt?”While paying off debt feels good, pulling large sums from your 403(b), 457, IRA, or annuity can create massive tax consequences, penalties, and long-term setbacks, especially for Washington State employees who rely heavily on their savings to supplement their pension.We break down:When using retirement funds might make senseThe hidden tax traps that come with large withdrawalsWhy paying off your home with retirement money can be a six-figure mistakeThe danger of wiping out savings to buy vehicles or eliminate loansHow small, strategic withdrawals differ from big lump-sum mistakesWhy “all you’ve saved is all you’ll ever have” in retirementThen we shift to the question of the day:How will Washington handle the new Secure Act 2.0 Roth catch-up requirement for high earners starting in 2026? We cover who’s affected, how DCP/403(b)/457 plans may adjust, and what employees should prepare for now.If you're thinking about paying off loans before retirement, or if you earn over $145,000 and want to understand the new Roth rules, this episode is essential listening.00:00 - Should you use retirement funds to pay off debt?00:34 - Question of the day01:20 - The tax consequences people often overlook02:57 - Paying off your house: the six-figure opportunity cost04:08 - Taxes, penalties, and the slippery slope of withdrawals05:00 - When using retirement money might make sense05:53 - The importance of strategic, small withdrawals06:43 - Why protecting future savings matters in retirement07:38 - Question of the day: Secure Act 2.0 Roth catch-up rules09:19 - How Washington might implement mandatory Roth catch-ups09:48 - What high-income DCP/403(b)/457 contributors should prepare for10:55 - Join the free community for updates and trainingLinks:⁠⁠Free Washington Retirement Planning Community⁠⁠⁠Plan 3 Investment Advice⁠⁠Schedule Meeting⁠More free resources at ⁠WATRSPERS.com⁠

In this episode, we tackle two of the most important retirement planning concepts: the Rule of 4% and the sequence of returns risk. We break down what the traditional 4% withdrawal rule means, why it’s outdated in today’s markets, and how following it blindly could actually hurt our retirement security.We explore how the order of market gains and losses can dramatically impact our savings once we begin withdrawing money, even if long-term averages look solid. Using examples from the S&P 500, we show how early negative years can devastate retirement portfolios, while exploring alternatives like index annuities to help reduce risk.Then we shift into a listener question about Roth 457 (deferred comp) plans: Can we withdraw funds early without penalties? We walk through the rules around contributions, growth, the five-year requirement, and how withdrawals are sequenced so we can make informed decisions.If we’ve ever wondered whether the Rule of 4% still works, how to protect our retirement from bad timing, or how Roth 457 withdrawals really function, this episode will give us clarity and confidence.00:00 – Intro01:00 – Why timing of returns matters in retirement02:39 – Example: S&P 500 returns 2000-201803:37 – Impact of order of returns (no withdrawals)04:50 – The 4% Rule explained & its origins05:31 – Why the 4% Rule no longer works reliably06:42 – Withdrawals + negative years = compounded losses07:56 – Using index annuities to reduce market risk09:49 – Pros & cons of protected strategies11:20 – TAP annuity: unique Washington benefit12:29 – Comparing TAP annuity vs portfolio withdrawals13:56 – Managing withdrawals: why strategy matters15:07 – Listener Q&A: Roth 457 withdrawal rules15:43 – Contributions vs growth: what we can withdraw16:32 – The 5-year and age 59½ rules explained17:15 – Withdrawal sequencing: contributions → conversions → growthLinks:⁠⁠Free Washington Retirement Planning Community⁠⁠⁠Plan 3 Investment Advice⁠⁠Schedule Meeting⁠More free resources at ⁠WATRSPERS.com⁠

In this episode, we break down a strategy that sounds almost too good to be true: investing with little to no risk and no fees. We revisit index annuities: how they work, where they shine, and where they fall short after years of testing them with clients. We also explore more modern tools like buffer ETFs and structured notes, which offer market participation with built-in protection, but come with trade-offs such as caps and costs.We compare how these strategies perform against traditional investments like the S&P 500, and what it really means when we trade some growth potential for downside protection. By the end, we highlight when these products can make sense and when we might be better off with other options.Finally, we answer today’s listener question: Would purchasing service credits or annuities help us retire early? We dig into what service credit annuities really are, the trade-offs of converting liquid assets into guaranteed income, and why these decisions need to be made as part of a bigger financial plan, not in isolation.If we’ve ever wondered how to protect our money, minimize fees, and still retire earlier with confidence, this is the episode for us.00:00 – Intro00:28 – Strategy: invest with no risk and no fees02:05 – Historical performance example (2000–2018)02:45 – Gains capture: trading upside for protection04:10 – Real returns after fees05:21 – How my perspective on annuities has changed05:49 – Buffer ETFs explained: protection with liquidity06:29 – Example: $10K buffer ETF with 10% protection08:15 – Caps, growth limits, and trade-offs09:01 – Why buffer ETFs are expensive09:35 – Structured notes & index CDs as alternatives10:22 – Custom contracts and where they fit11:30 – Listener question: should we buy service credits or annuities?12:00 – How annuities convert assets into guaranteed income12:18 – Liquidity trade-offs & timing restrictions13:38 – Why decisions must fit into a full financial plan15:05 – Washington Wealth Breakthrough GroupLinks:Free Washington Retirement Planning Community⁠⁠⁠Plan 3 Investment Advice⁠⁠Schedule Meeting⁠More free resources at ⁠WATRSPERS.com⁠

Free Washington Retirement Planning Community and CoursesIn this episode, we dive deep into the world of investment fees: what they are, how they stack up over time, and why understanding them is so important for our long-term wealth. We explore the different layers of fees, from recordkeeping costs to advisor fees, and discuss how they can significantly impact our net worth if we don’t pay attention.We also break down the true value of financial advisors. Are their fees worth it? How do different fee models, percentage of assets, hourly, and flat fees compare in real life? By looking at real examples, we see how fees can eat into returns, but also how the right guidance can prevent costly mistakes, save us stress, and help us build wealth more effectively.Finally, we tackle a key listener question: Is it wise to separate from a school district if we can’t collect retirement benefits until age 62? We run the numbers and weigh the pros and cons of taking benefits early versus waiting. Spoiler: the difference might surprise you, and it could mean the freedom to retire earlier than expected.If we want to understand our fees, maximize our retirement benefits, and avoid costly mistakes, this episode is a must-listen.00:00 – Intro00:19 – Why investment fees matter02:35 – The first layer of fees: recordkeeping costs03:38 – The second layer: fund management fees04:00 – The third layer: advisor fees & AUM structures05:25 – Advisor fees vs. internal fund costs05:59 – $500K example: the long-term impact of fees07:06 – When advisor fees are worth it08:45 – Big firms vs. comprehensive planning09:35 – Why tax planning must be part of the service12:17 – Different advisor fee models: AUM, hourly, flat fees15:09 – Flat fees vs. percentage-based fees16:47 – Key takeaways on fee structures17:03 – Listener question: separating from a school district before retirement18:14 – Comparing benefits at 60 vs. 6219:22 – Why early retirement can make sense21:15 – Washington Wealth Breakthrough GroupLinks:⁠⁠Free Washington Retirement Planning Community⁠⁠⁠Plan 3 Investment Advice⁠⁠Schedule Meeting⁠More free resources at ⁠WATRSPERS.com⁠

Free Washington Retirement Planning Community⁠⁠In this episode of the Washington Retirement Planning Podcast, we break down one of the most common misconceptions in retirement planning: average rates of return. You’ll learn why averages don’t always reflect your real investment growth, how market fluctuations can distort results, and what truly matters when reviewing your portfolio.We’ll also tackle a key listener question: How does retiring early affect your pension benefits? We’ll go over reduction rules, penalties vs. “reduced benefits,” and strategies for separating from service without turning on your pension too soon. If you’re planning for retirement in Washington State, or just want to understand how real returns and pensions work, this episode is for you.0:00 – Intro & episode overview0:28 – Average vs. real returns explained0:47 – Context: $100,000 starting balance & S&P timeline2:17 – Why a positive average return can still mean losing money3:27 – Example: 4-year scenario showing misleading averages4:27 – Applying this to the S&P 500 (2000–2018)6:07 – Why real return matters more than average return6:23 – Question of the day: early retirement & pension benefits7:22 – “Penalties” vs. “reduced benefits” in pensions & Social Security8:28 – Comparing pension reductions to Social Security9:23 – How early retirement penalties add up10:21 – Separating from service vs. retiring10:59 – Breaking even with early retirement strategies11:20 – WA Retirement Breakthrough11:42 – Final thoughts & sharing with new teachersLinks:Free Washington Retirement Planning Community⁠⁠⁠Plan 3 Investment Advice⁠⁠Schedule Meeting⁠More free resources at ⁠WATRSPERS.com⁠

⁠Free Washington Retirement Planning Community⁠⁠⁠In this podcast episode, we talk about four important things many financial advisors often won’t tell you - and then answer the question everyone asks: “How much is enough to retire?” We cover why swapping bonds for certain annuities can reduce downside risk, the massive financial impact of long-term care, the long-term tax exposure in pretax accounts (and the idea of Roth conversions), and why not all advisors are trained in retirement-income planning.After those four “secrets,” we walk through a practical approach to calculating your retirement needs: track actual spending, separate fixed vs. variable expenses, factor in guaranteed income (pension + Social Security), and consider TAP/state annuities to cover shortfalls. You’ll also hear a working withdrawal guideline (used here: ~5%) and real examples to help turn abstract percentages into usable monthly numbers.The episode also touches on how to adjust withdrawal rates based on life stage, why managing your own portfolio can be surprisingly time-consuming, and how annuity payout rates compare to market-based withdrawals. The host wraps up with details on a free online community and how to book a consultation.0:00 - Intro2:17 - 1) Annuities as bond replacements - performance & risk reduction3:12 - 2) Long-term care - 70% likelihood and the cost risk to retirement funds4:16 - 3) Taxes - long-term tax exposure and why Roth/tax planning matters5:52 - 4) Advisor expertise - many advisors aren’t specialists in retirement-income planning7:09 - Question of the day: “How much is enough?” - track spending; fixed vs. variable expenses9:01 - Using TAP/state annuity to cover guaranteed-expense shortfalls12:01 - Withdrawal approach (practical ~5% rule), Vanguard findings & time commitment for DIY investors16:29 - TAP payout rates and Plan 2 vs. Plan 3 differences (cost-of-living adjustments explained)Links: Free Washington Retirement Planning Community⁠⁠⁠Plan 3 Investment Advice⁠⁠Schedule Meeting⁠More free resources at ⁠WATRSPERS.com⁠

Free Washington Retirement Planning Community⁠⁠⁠In this episode of the Washington Retirement Planning Podcast, we break down one of the most important decisions you’ll make with your pension: survivor benefit options. Whether you’re about to retire or just starting to plan, understanding how these options work can make a huge difference in your long-term income and your spouse’s future financial stability.We walk you through the four main survivor options offered by Washington State DRS, explain how age differences affect pension reductions, and even show you how to calculate your benefit using administrative factor tables. You’ll also learn the common mistakes people (and even advisors!) make when planning without factoring in survivorship reductions.If you’re changing school districts or employers, stay tuned for bonus tips on pension contributions, 403(b) transfers, and Roth deferred comp strategies to protect your finances and keep more flexibility in your budget.00:06 – Intro: Survivor Benefit Options Explained 01:13 – Why This Decision Matters (And When You Make It) 02:05 – How Pension Reduction Works With Survivorship 02:54 – Option 1: Max Benefit (No Survivor) 03:12 – Options 2, 3, 4: 100%, 50%, 66.67% Explained 03:44 – Administrative Factors: What They Are & Why They Matter 04:01 – Example Calculation 06:17 – Common Mistakes & Why Most Retirees Don’t Choose Option 1 07:44 – Q&A: Moving School Districts? What You Need to Know 09:00 – Why Plan 3 Contributions Can Be a Trap 09:49 – Use Roth 403(b) or Deferred Comp Instead 10:17 – Don’t Forget to Transfer Your 403(b) When Changing Jobs 11:05 – Deferred Comp vs. 403(b): What’s Better Now? 12:11 – Free Community & Resources for WA State Employees Links:⁠⁠Free Washington Retirement Planning Community⁠⁠⁠Plan 3 Investment Advice⁠⁠Schedule Meeting⁠More free resources at ⁠WATRSPERS.com⁠

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

In this episode of the Washington Retirement Planning Podcast, Ethan breaks down 4 powerful ways to secure guaranteed retirement income for life, including state pensions, Social Security, and annuities.Then, the conversation shifts to the most important factors to consider when deciding between retiring early or waiting for full retirement benefits. From the financial math behind pension penalties to real-life healthcare costs and emotional readiness, this episode is packed with insights for public employees planning their next chapter.Whether you're a few years out from retirement or just getting started, this episode will help you make informed decisions with confidence.00:00 – Intro & Episode Overview01:15 – 4 Ways to Get Guaranteed Income in Retirement02:18 – Option 1: Social Security04:21 – Option 2: Defined Benefit Plans (State Pensions)05:17 – Option 3: Immediate Annuities05:50 – Option 4: Income Rider Annuities07:44 – Should You Retire Early or Wait for Full Pension Benefits?08:10 – Break-even Analysis for Early vs. Full Retirement10:41 – What About Healthcare After You Retire?13:06 – Social Security Timing & Early Retirement13:52 – Understanding Your Income Sources14:43 – Budgeting & Lifestyle Expectations17:32 – Longevity Risk & Health Considerations19:16 – Emotional Side of Retirement20:30 – Final Thoughts & Retirement Planning SupportLinks:Free Washington Retirement Planning Community⁠⁠⁠Plan 3 Investment Advice⁠⁠Schedule Meeting⁠More free resources at ⁠WATRSPERS.com⁠

In this episode of the Washington Retirement Planning Podcast, we break down the 5 biggest risks facing retirees today, and how Washington State employees can defend their future. From longevity risk to market volatility and inflation, this episode is packed with actionable insights for teachers, public employees, and anyone in PERS, TRS, or SERS.We also tackle the #1 question clients keep asking:💬 “Should I start collecting Social Security early—before it’s gone?”If you’ve been feeling the pressure from market downturns, economic uncertainty, or rising costs, this episode will give you the clarity you need to retire confidently.📞 Need help planning your retirement or managing investments?Visit the link below to book a free retirement strategy session.00:00 – Intro & Market Volatility in 202501:27 – 5 Major Risks You Must Prepare For in Retirement01:55 – ✅ Risk #1: Longevity Risk (Outliving Your Money)02:40 – ✅ Risk #2: Inflation & Cost of Living Adjustments (COLA)03:43 – ✅ Risk #3: Withdrawal Rate Risk (The 4% Rule Myth)04:34 – ✅ Risk #4: Sequence of Returns Risk05:37 – ✅ Risk #5: Market Rate Risk (Why the Market Might Not Recover Fast Enough)06:30 – Solution: Lifetime Income Annuities – What They Are & How They Work08:00 – Real-Life Client Example: Retiring 930 Days Earlier08:27 – Listener Question: “Should I Take Social Security Now?”10:00 – Pros & Cons of Taking Benefits Early11:55 – Final Thoughts: Why Planning Ahead Changes Everything13:15 – Book Your Retirement Plan Call (Link in Description)Links:Free Washington Retirement Planning Community⁠⁠⁠Plan 3 Investment Advice⁠⁠Schedule Meeting⁠More free resources at ⁠WATRSPERS.com⁠

Thinking about retiring early on Plan 3? While having control over your pension payouts is great, there are hidden risks and key decisions that could make or break your retirement plan. In this episode, we cover:✅ Plan 3 early retirement penalties – What to expect if you retire before 62✅ Should you delay collecting your pension? Pros & cons of waiting until 65✅ Social Security timing – Why taking it early can be a costly mistake✅ How to use your Plan 3 investments wisely – The best withdrawal strategies✅ PEBB healthcare options – How to stay covered before Medicare kicks in✅ Veba & sick leave – Smart ways to use these benefits tax-free🔹 Whether you're considering early retirement or just want to maximize your Plan 3 benefits, having a strategy is key. Don't leave your financial future to chance!📢 Join our Free Washington Retirement Planning Community⁠⁠📅 Plan 3 Investment Advice⁠ / ⁠Schedule Meeting⁠👍 Like, subscribe, and hit the bell for more retirement insights!00:00 – Intro: Plan 3 Early Retirement Explained00:26 – Key Rules for Retiring Early on Plan 301:24 – How Early Retirement Penalties Work02:36 – Should You Take Social Security Early?02:51 – How to Use Plan 3 Investments to Cover Early Retirement03:26 – Healthcare Before Medicare: PEBB Coverage Options04:12 – Using Veba & Sick Leave to Your Advantage05:35 – Listener Question: Should You Delay Taking Your Pension to 65?06:38 – Why Delaying Might NOT Be the Best Move08:08 – Break-even Analysis: 62 vs. 65 Pension Collection09:28 – The Hidden Risk of Delaying Pension Payments10:38 – Final Thoughts: How to Retire Early with Confidence

Washington State’s Plan 2 pension is incredible, but is it enough to retire stress-free? Many employees assume their pension + Social Security will cover everything—but that’s not always the case. In this episode, we break down:✅ Early retirement rules for Plan 2 – What penalties apply?✅ Why your pension isn’t “set and forget” – Hidden financial risks✅ Healthcare & taxes in retirement – Costs you might not expect✅ Why you still need savings & investments – Even with a great pension✅ Estate planning & long-term care – Protecting your legacy🔹 If you’re relying only on Plan 2, you could be leaving yourself exposed to rising taxes, inflation, and healthcare costs. A strong retirement plan is more than just a pension—it’s a strategy for keeping more of your money and retiring with confidence!00:00 – Intro00:24 – Plan 2 Basics: How It Works & When You Can Retire01:01 – Early Retirement Penalties & Why They Matter02:03 – Biggest Mistakes Plan 2 Retirees Make02:42 – Rolling the sick leave into VEBA03:44 – How Social Security is Taxed (What Most People Miss!)04:43 – Q&A: How do people expect the government to care for them?07:27 – The Risk of Rising Taxes & Inflation on Your Pension09:12 – Healthcare & Long-Term Care Costs in Retirement11:40 – Inflation vs COLA13:03 – Estate Planning: Why You STILL Need a Will & Power of Attorney15:06 – Final Thoughts: How to Retire with More ConfidenceLinks:

One of the biggest challenges of early retirement is figuring out how to afford healthcare before Medicare kicks in at 65. Many Washington State employees hesitate to retire early due to high healthcare costs—but with the right strategies, you can retire earlier than you think!In this episode of the Washington Retirement Planning Podcast, we break down realistic ways to cover healthcare costs, including:✅ Cobra vs. PEBB Benefits – Which one is right for you?✅ Health Insurance Options – Private plans, spouse coverage & state benefits✅ Paying for Healthcare – Using your pension, VEBAs & investments✅ Early Retirement & Full Benefits – When can you retire under PERS, TRS, & SERS?💡 Want to retire early with confidence? We help Washington State employees plan their pensions, reduce taxes, and retire smarter.👉 Like, subscribe, and turn on notifications for more retirement planning content!00:00 – Intro & Why Healthcare Costs Delay Retirement01:12 – Listener Question: When Can I Retire with Full Benefits?02:04 – Spouse’s Insurance: The Cheapest Option?02:25 – Cobra Coverage: Pros & Cons04:00 – PEBB Benefits: Who Qualifies & How It Works07:17 – Plan 2 vs. Plan 3 Changes (2024 Update)08:21 – Washington Health Exchange & Private Plans09:15 – Tax Credits & Hidden Costs of Health Plans11:36 – Medicare at 65 – What You Need to Know12:50 – How to Pay for Healthcare Before Medicare13:39 – Part-Time Work & Employer Coverage14:35 – Using Your Retirement Portfolio to Cover Costs17:54 – VEBA Accounts – Tax-Free Healthcare Funding19:49 – Early Retirement Mistakes & Success Stories27:46 – Final Thoughts – Why You Can Retire Sooner Than You Think!Links:⁠⁠Free Washington Retirement Planning Community⁠⁠⁠Plan 3 Investment Advice⁠⁠Schedule Meeting⁠More free resources at ⁠WATRSPERS.com⁠

Thinking of retiring early as a Washington State Employee? This podcast dives into everything you need to consider before leaving the workforce. Learn about:Penalties for taking your pension early and how they decrease with more years of service.Options for covering medical expenses if you’re no longer insured through the state.The importance of consulting a financial advisor to avoid costly mistakes.We also answer a key listener question about service credits and how they impact your retirement income. Don’t miss this essential guide for teachers, public employees, and more!0:00 Introduction1:03 Pension Rules for Early Retirement1:24 Alternative Strategies – Using investment accounts instead of pensions3:12 Social Security – Timing and penalties explained4:01 Medical Coverage Options – VEBA accounts, part-time work, and more5:43 Q: Maximizing Service Credits – How more credits boost your pension7:29 Final Thoughts – Balancing retirement timing and life goalsUseful links:⁠⁠Free Washington Retirement Planning Community⁠⁠⁠Plan 3 Investment Advice⁠⁠Schedule Meeting⁠More free resources at ⁠WATRSPERS.com⁠

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

In this episode, we break down Plan 2 vs. Plan 3 in Washington State's DRS retirement systems (TRS, SERS, and PERS). Which plan makes more sense for your future? We’ll cover the guaranteed income of Plan 2, the flexibility of Plan 3’s defined contribution portion, and why factors like indexing, liquidity, and early retirement matter.We also compare real-world scenarios: how much you’d need saved in Plan 3 to match Plan 2’s income and what happens if you stop working early. Plus, we address common misconceptions and comments about these plans, giving you clarity on your retirement options.Whether you’re new to the system or reevaluating your choices, this podcast will help you make an informed decision for long-term financial security.0:00 - Introduction2:02 - Plan 2 vs Plan 3 Overview 8:21 - Addressing Comments24:53 - Final ThoughtsIf you want to take your planning even further, join our free retirement community for exclusive insights and resources (link down below). Make the most of your retirement options today! 🚀Links:⁠⁠Free Washington Retirement Planning Community⁠⁠⁠Plan 3 Investment Advice⁠⁠Schedule Meeting⁠More free resources at ⁠WATRSPERS.com⁠

In this episode of the Washington Retirement Planning Podcast, I break down the essential steps for enrolling in a 403(b) plan, tailored specifically for school district employees in Washington State. Learn the differences between mutual fund and annuity-based 403(b) options, how to select the best vendor, and how to avoid common mistakes that can cost time and money.I also address a listener's question about managing small 403(b) accounts in retirement, including strategies like rolling over into an IRA or leveraging an income annuity. Whether you're setting up your first plan or figuring out how to maximize an existing one, this episode has actionable tips to help you retire sooner and pay less in taxes.Be sure to join my free community on School for exclusive courses and resources designed to simplify your financial planning journey. Links and resources mentioned are in the description below!00:00 – Intro01:18 – How do we enroll in a 403(b) Plan?02:14 – Step 1: Understand what your options are03:37 – Step 2: Choosing Between Annuity-Based and Mutual Fund-Based Plans08:18 – Step 3: Completing Your Application10:12 – Step 4: Submitting Your Salary Reduction Agreement (SRA)11:26 – Step 5: Tracking Contributions and Avoiding Payroll Errors14:16 – Listener Question: Options for Small 403(b) Accounts19:42 – Washington Wealth Breakthrough - Free CourseLinks:⁠⁠Free Washington Retirement Planning Community⁠⁠⁠Plan 3 Investment Advice⁠⁠Schedule Meeting⁠More free resources at ⁠WATRSPERS.com⁠

In this episode of the Washington Retirement Planning Podcast, we uncover the “tax bomb” lurking in pre-tax retirement accounts like Plan 3, DCP, and 403(b). I explain how current tax laws, RMDs, and future tax increases could cost you more than you expect in retirement. Learn strategies to minimize these impacts, like Roth conversions, reducing taxable withdrawals, and proactive tax planning. Plus, I answer a listener's question on making wealth transfers easier for beneficiaries. Don’t let taxes eat away your retirement savings—tune in for actionable advice!0:00 - Introduction: Understanding the tax bomb in retirement accounts0:30 - Why pre-tax accounts like Plan 3 and DCP are vulnerable1:25 - How national debt could drive future tax increases3:00 - RMDs: When you’re forced to withdraw (and pay taxes)5:10 - Why you might pay more taxes in retirement than expected7:20 - Example: Saving $155,000 but paying taxes on $1M+9:40 - Tax planning strategies: Roth conversions and after-tax accounts11:00 - Tools for reducing taxes on inherited accounts13:30 - Estate planning tips: Wills, trusts, and beneficiary alignment15:00 - Listener question: Simplifying wealth transfer to beneficiaries17:30 - Final thoughts: Take control of your tax futureCheck out these too:⁠⁠⁠⁠⁠⁠⁠Free Washington Retirement Planning Community⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Plan 3 Investment Advice⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Schedule Meeting⁠⁠⁠⁠⁠⁠More free resources at ⁠⁠⁠⁠⁠⁠WATRSPERS.com⁠

In this Washington Retirement Planning Podcast episode, I share actionable strategies to get the most out of your 403(b) retirement account. Learn about contribution limits, creative funding techniques, and tax-efficient setups like Roth 403(b)s. I also explain how to choose the best providers, optimize investment options, and navigate hidden benefits like the 15-year catch-up rule. Plus, I address a listener’s question about health insurance options for early retirees. Tune in to maximize your retirement savings and ensure a secure financial future!0:00 - Introduction: Why 403(b) plans matter0:30 - Key strategies to maximize your 403(b) contributions1:55 - Understanding annual contribution limits and catch-up options3:06 - Creative ways to fund your 403(b) using existing savings3:58 - Timing contributions with extra income like coaching or bonuses6:10 - Getting the right 403(b) plan from the start6:55 - Choosing the right investments7:56 - 403(b) loan provisions8:42 - Tax considerations: Pretax vs. Roth contributions12:17 - Question: Health insurance, Medicare15:54 - Health insurance options for retirees under 65 (PEB and beyond)16:33 - Free guides to accessing and transferring 403(b) fundsCheck out these too:⁠⁠⁠⁠⁠⁠Free Washington Retirement Planning Community⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Plan 3 Investment Advice⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Schedule Meeting⁠⁠⁠⁠⁠More free resources at ⁠⁠⁠⁠⁠WATRSPERS.com⁠

In this Washington Retirement Planning Podcast episode, I break down the tax implications of Plan 3 retirement accounts. From understanding Plan 3 as a pre-tax 401(a) to strategies for minimizing taxes when you withdraw, this episode covers it all. Learn why transferring funds to an IRA isn’t taxable, but withdrawals are, and how calculating a safe withdrawal can prevent tax surprises. We also discuss Roth conversions, penalties, and proactive tax planning for the future. Whether you’re near retirement or just starting to plan, tune in to maximize your financial strategy.0:00 - Introduction to Plan 3 tax implications1:20 - Why Plan 3 isn’t a 401(k) or IRA: It’s a 401(a)2:35 - Understanding tax timing: When transfers are taxable3:00 - Withdrawal tax rates and examples (+net amounts)7:03 - How to withdraw tax efficiently for your needs8:38 - Our solution10:18 - The importance of proactive tax planning11:15 - Resources for personalized tax and investment guidanceCheck out these too:⁠⁠⁠⁠⁠Free Washington Retirement Planning Community⁠⁠⁠⁠⁠⁠⁠⁠⁠Plan 3 Investment Advice⁠⁠⁠⁠⁠⁠⁠⁠Schedule Meeting⁠⁠⁠⁠More free resources at ⁠⁠⁠⁠WATRSPERS.com⁠

In this episode of the Washington Retirement Planning Podcast, we explore the benefits of including an annuity in your retirement portfolio. I’ll cover the four key reasons an annuity might be right for you, from providing guaranteed income to protecting your money during market downturns. Discover how annuities offer tax advantages and ways to reduce portfolio fees without sacrificing growth. Plus, I answer a listener’s question about the importance of 30 years of service for Washington State employees and what penalties apply for early retirement. Tune in to learn how annuities could enhance your retirement plan!0:00 - Intro1:27 - An annuity is the only investment that can guarantee you a lifetime stream of income2:28 - Protect your money3:45 - Tax Deferral Benefit4:16 - Eliminate fees and expenses from your retirement portfolio5:17 - You don't have to put everything into the annuity7:10 - Explaining the 30 years of service for the Employees13:24 - WATRSPERS free courseCheck out these too:⁠⁠⁠Free Washington Retirement Planning Community⁠⁠⁠⁠⁠Plan 3 Investment Advice⁠⁠⁠⁠Schedule Meeting⁠⁠More free resources at ⁠⁠WATRSPERS.com⁠

In this episode of the Washington Retirement Planning Podcast, I break down investment options for Plan 3 members, covering everything from choosing funds to the challenges of finding quality advice. I’ll explain the Rule of 100 to help you assess your risk level and introduce a custom subscription platform with 10 investment models designed for Plan 3, updated regularly for both conservative and aggressive investors. Plus, I’ll answer a common question about the differences between 403(b) and 457 plans. Tune in to get a solid foundation for managing your retirement investments!0:00 - Intro3:05 - Ep 14 - Plan 3 investments3:38 - The investment types in Plan 34:36 - WSIB Program vs. Self-Directed5:58 - Targeted funds6:54 - The investment advice7:33 - The investment performance9:30 - The rule of 10012:49 - Our service13:12 - 403(b) vs 45716:42 - WATRSPERSCheck out these too:⁠⁠Free Washington Retirement Planning Community⁠⁠⁠Plan 3 Investment Advice⁠⁠Schedule Meeting⁠More free resources at ⁠WATRSPERS.com⁠

In this episode, we dive into the key strategies for ensuring your retirement savings last as long as you do. From the outdated 4% rule to more reliable guaranteed income options, we explore the pros and cons of each approach. Learn why relying on the stock market alone may not be enough and how guaranteed strategies, like annuities, can provide lifelong financial security. Plus, we tackle how to report IRA withdrawals on your taxes and answer listener questions. Tune in to get expert insights on maximizing your retirement income!  0:00 - Intro2:43 - The outdated 4% rule and its limitations3:43 - How market volatility impacts retirement strategies5:37 - Non-guaranteed strategies: Real estate, portfolios, and risks6:17 - Guaranteed strategies: Why annuities provide lifetime security8:02 - Misconceptions about annuities and fees9:00 - Am I pro-annuity?10:02 - Comparing the 4% and 5% rules10:26 - The 3-bucket strategy for income in retirement  12:00 - How to claim IRA withdrawals on your taxes14:00 - Upcoming retirement course for state employees  ⁠⁠Free Washington Retirement Planning Community⁠⁠⁠Plan 3 Investment Advice⁠⁠Schedule Meeting⁠More free resources at ⁠WATRSPERS.com⁠

The Last Decade: 10 Essential Tips for a Smooth Retirement and Understanding Roth ContributionsIn this episode of the Washington Retirement Planning Podcast, host Ethan Rico offers 10 crucial tips for employees in the last 10 years of their careers. These tips are designed to help listeners retire earlier, minimize taxes, and enjoy more free time. Topics include budgeting, creating a written financial plan, adjusting investment risks, increasing savings, and ensuring proper liability coverage. Ethan also answers a listener's question about contribution limits for Roth accounts and emphasizes the importance of tax-advantaged savings Listeners are encouraged to complete an anonymous survey to provide feedback and suggestions for future content and services.00:00 Introduction to the Podcast00:21 10 Tips for the Last 10 Years of Your Career02:41 Tip 1: Budgeting for Your Household03:33 Tip 2: Building a Written Financial Plan04:11 Tip 3: Reducing Investment Risks04:42 Tip 4: Paying Off High-Interest Debt05:33 Tip 5: Increasing Your Savings06:29 Tip 6: Tax Diversification07:01 Tip 7: Long-Term Care Coverage08:50 Tip 8: Investing in Guaranteed Income09:41 Tip 9: Setting Up Trusts and Wills10:30 Tip 10: Updating Liability Coverages11:32 Listener Question: Contribution Limits for Roth Accounts14:22 Maximizing Tax Advantages18:13 Conclusion and Legal Disclosure2024 Survey⁠⁠Free Washington Retirement Planning Community⁠⁠⁠Plan 3 Investment Advice⁠⁠Schedule Meeting⁠More free resources at ⁠WATRSPERS.com⁠

Financial Planning for Couples: Essential Steps and TipsIn this episode of the Washington Retirement Planning Podcast, host Ethan Meikle provides valuable advice on financial planning for couples. He emphasizes the importance of communication, goal setting, budgeting, and saving for retirement. Ethan also answers a listener's question about retirement tips for young professionals, covering topics like taking inventory of finances, dealing with insurance, and understanding taxes. The episode features practical tips and tools to help couples maximize their retirement benefits and ensure a stable financial future.00:00 Introduction to the Podcast00:27 Main Topic: Financial Planning for Couples01:11 Step 1: Communication is Key04:01 Step 2: Creating a Budget05:25 Step 3: Allocating Extra Money06:15 Step 4: Insurance and Risk Protection08:23 Step 5: Managing Debt09:14 Step 6: Building an Emergency Fund10:15 Step 7: Regular Maintenance and Adjustments10:56 Listener Question: Tips for Young Professionals18:08 Investment Advice and Strategies⁠Free Washington Retirement Planning Community⁠Plan 3 Investment AdviceSchedule MeetingMore free resources at WATRSPERS.com

My Tribute to Coach Duarte and Perspectives on Retirement PlanningToday is the first day of the 2024 Track and field season. In this episode, I pay tribute to Coach Duarte, who had a significant impact on my life. I share my reflections on his values and lessons that helped shape me professionally and personally. I also delve into asset protection strategies for retirement, featuring buffer annuity, fixed indexed annuity, and Exchange Traded Fund (ETF). Importantly, I talk about the benefits of strategic tax planning, particularly in instances of inheritance, and highlight the necessity of having a comprehensive estate plan. As I expand my horizons and shift towards a more holistic financial planning approach, I discuss how I plan to leverage my newfound knowledge to better aid my clients in their retirement journey. I conclude by expressing my excitement for the upcoming track season and reminding listeners of the essentiality of learning from those around us, underlining life's fleeting nature.00:07 Introduction and Tribute to Coach Duarte00:22 Remembering Coach Duarte's Impact03:01 Transitioning to Retirement Planning03:29 Asset Protection Strategies in Retirement04:25 Exploring Investment Options07:17 Understanding Annuities and ETFs11:50 Tax Planning and Estate Planning⁠⁠Free Washington Retirement Planning Community⁠⁠⁠Plan 3 Investment Advice⁠⁠Schedule Meeting⁠More free resources at ⁠WATRSPERS.com⁠

Announcement of Giveaway WinnersIn this special episode of the Washington Retirement Planning Podcast, various winners of the podcast's launch giveaway, held in November 2023, are announced. Prizes range from Starbucks gift cards to free months of Scenic Financial's subscription service and strategic consultation meetings. The grand prize is a comprehensive financial plan valued at $4,000. Additionally, everyone who provided a review of the podcast receives a copy of the 'Washington Retirement Roadmap'. The podcast host emphasizes the importance of claiming these giveaway prizes within 90 days.00:07 Announcement of Podcast Launch Giveaway00:48 Details of the Giveaway and Prizes01:19 Announcement of Starbucks Gift Card Winners02:38 Announcement of Free Months of Plan Confidence Subscription Service Winners04:17 Announcement of Free Strategy Consultation Winners07:42 Announcement of Free Tax Planning Consultation Winners10:50 Announcement of Grand Prize Winner13:50 Bonus for All Reviewers2024 Content Survey⁠⁠Free Washington Retirement Planning Community⁠⁠⁠Plan 3 Investment Advice⁠⁠Schedule Meeting⁠More free resources at ⁠WATRSPERS.com⁠

Managing Your Washington State Retirement Funds: Investment Options and Potential PitfallsIn this episode of the Washington State Retirement Planning podcast, we dive into the often-asked question of how to manage money in the plan three accounts. Along with discussing the possible options, including moving to an IRA or purchasing annuities, we also warn against taking lump sum amounts or using it to pay off the mortgage due to potential tax impacts. We also answer a listener's question about the impact of fees on investments and advise on choosing a financial advisor, emphasizing the need to consider performance, taxes, and risk in addition to fees. The importance of getting a comprehensive financial plan ahead of time for Washington State employees is stressed, to ensure a stress-free retirement.00:23 Understanding Your Plan Three Retirement Account00:52 Listener Questions: Impact of Fees on Investments01:06 Introducing the Investment Decision Filter01:25 Exploring Options for Your Plan Three Retirement Account01:39 Understanding the Difference Between Retirement and Separation02:06 How to Manage Your Plan Three Account While Employed02:38 Understanding the Transfer Process in Plan Three04:36 Moving Your Money to an IRA06:59 The Benefits of Purchasing Annuities11:51 What Not to Do with Your Plan Three Money13:36 The Consequences of Ignoring Financial Advice13:54 The Dangers of Misusing Retirement Funds15:18 Listener Question: Impact of Fees on Investments16:12 Understanding Investment Fees and Their Impact17:03 The Benefits of ETFs and Individual Stocks20:01 The Importance of Considering Risk in Investments24:24 The Role of a Financial Advisor in Managing Risk26:35 Taking Action for Your Financial FutureGet investment advice on your TRS 3 account now!Free Downloads Available at WATRSPERS.com⁠⁠Free Washington Retirement Planning Community⁠⁠⁠⁠Schedule Meeting⁠

Understanding 403b Retirement Plans: Differences, Pros, Cons, and RecommendationsLet's talk about the two types of 403b retirement plans available: the 403b or TSA plans and the 403b7 plans. We'll explain the differences including their functioning, fees, and investment selections. We will also give a brief on surrender charges associated with annuity-based plans and commissions. The pitfalls of picking certain 403b plans are discussed, particularly those run by life insurance companies. We will provide tips on how to identify and choose better 403b7 plans. At the end, we'll talk about a new DIY investing solution to manage their own 403b account.00:25 Understanding 403b Plans02:11 The Two Types of 403b Plans02:35 The Pros and Cons of TSA 403b Plans05:32 The Benefits of 403b7 Plans08:41 Choosing the Right 403b Plan Provider12:20 Identifying Your Current 403b Plan13:15 DIY Investing Solution for Your 403b Plan⁠⁠Free Washington Retirement Planning Community⁠⁠⁠Plan 3 Investment Advice⁠⁠Schedule Meeting⁠More free resources at ⁠WATRSPERS.com⁠2024 Content Survey - Please Share your thoughts

Understanding your 403b Retirement Plan and Its BenefitsIn today's episode, we're diving into a crucial retirement benefit often overlooked by many: the 403b plan. Especially relevant for non-profit workers, like those in school districts, the 403b is a powerful tool for building retirement savings.Surprisingly, the state doesn't emphasize this benefit, favoring its own Deferred Compensation Plan (DCP). Why? Well, the DCP generates revenue for the state, unlike the 403b, so they downplay its significance. But fear not, I'm here to shed light on the advantages of the 403b.I recently shared a success story where one of my clients, facing a tax dilemma due to a denied rollover of sick leave, triumphed after concerted efforts. It's a reminder to ensure your school district allows the transfer of sick leave into the VEBA account, potentially saving you thousands in taxes.Now, onto the 403b: a flexible retirement savings plan allowing you to start, stop, and adjust contributions easily. I share insights on contributions, access to funds, taxation, and the importance of selecting the right investment options.Curious about starting your own 403b? Be cautious, as there are different types—TSAs and 403b7s—and choosing the wrong one can lead to complications. I've prepared a list of the top 5 questions to ask before opening a 403b, available for download in the description.Outline:00:00 Introduction and Welcome00:36 Understanding the 403b Plan02:07 Success Story: Client's Retirement Savings04:30 Exploring the 403b Plan05:59 Accessing Your 403b Plan08:13 Tax Implications of 403b Plans09:00 Investing with 403b Plans10:20 Choosing the Right 403b PlanResources Go here to get advice on your DCP⁠⁠5 403b Questions You Need To Ask⁠⁠Free Washington Retirement Planning Community⁠⁠⁠Plan 3 Investment Advice⁠⁠Schedule Meeting⁠More free resources at ⁠WATRSPERS.com⁠

Exploring Investment Options as a Washington State EmployeeHost Ethan Meikle discusses various investment options available to Washington State employees in this episode of the Washington State Retirement Planning Podcast. He analyzes both employee-sponsored benefits such as 403b, 457, and private options like IRAs. He delves into the utilization of life insurance as a potential alternative for a retirement saving strategy. A case study is presented, where improper planning led to a client getting taxed unexpectedly on her sick leave. Ethan concludes by highlighting the importance of having proper knowledge about benefits and investment options.Outline00:07 Introduction and Overview00:27 Investment Options for Washington State Employees01:00 A Personal Story: Retirement Planning Experience01:23 Understanding VEBA and Its Importance03:20 Employer-Sponsored Retirement Options03:48 Understanding 403b, 457, and DCP Plans04:26 Benefits of Roth 403b Plan05:33 Flexibility of Employer-Sponsored Plans06:23 Investment Options in DCP, 457, and 403b Plans08:15 Private Savings Options: Roth IRA, Brokerage Accounts, and Life Insurance08:33 Understanding the Drawbacks of Roth IRA10:23 Exploring Life Insurance as a Retirement Account⁠⁠Free Washington Retirement Planning Community⁠⁠⁠Plan 3 Investment Advice⁠⁠Schedule Meeting⁠More free resources at ⁠WATRSPERS.com⁠

Planning Your Retirement: A Guide for Washington State School District EmployeesIn this episode, Ethan Meikle offers detailed guidance on retirement planning for Washington State school district employees. The six-step process includes creating a financial plan, notifying your employer of your retirement, contacting the Department of Retirement Systems for your retirement application, sorting out your medical coverage through PEBB (Public Employee's Benefits Board), deciding when to file for your social security benefits, and finally, deciding what to do with the accumulated pension. Tips on dealing with potential issues such as penalties for early collection and transitioning to private health insurance are also discussed. The episode emphasizes the importance of working with an independent financial advisor and being mindful of crucial deadlines.00:14 Introduction to Washington State Retirement Planning00:38 Six Key Steps to a Smooth Retirement Transition00:47 The Importance of a Comprehensive Financial Plan02:32 Choosing the Right Financial Advisor03:52 Notifying Your Employer About Your Retirement04:19 Applying for Retirement with the Department of Retirement Systems07:07 Understanding Your Medical Coverage Options08:37 Deciding When to File for Social Security Benefits09:42 Managing Your Retirement Savings11:24 Considering Annuities and Finding the Right Advisor⁠⁠Free Washington Retirement Planning Community⁠⁠⁠Plan 3 Investment Advice⁠⁠Schedule Meeting⁠More free resources at ⁠WATRSPERS.com⁠

Understanding Roth DCP Conversions and Their Impact on Your Retirement Tax BillIn this episode, we explain the newly launched Roth DCP and how it affects retirement planning benefits for public employees and teachers. The main focus of the discussion is the strategic potential of Roth DCP conversions as a tax planning opportunity. Ethan underscores the possibility of significantly reducing your lifetime tax bill by correctly applying this strategy. He provides detailed examples explaining the process of Roth conversion, its immediate and long-term tax implications, and why it can be a financially prudent move. He encourages listeners to get professional consultation before implementing the strategy and promotes their investment service for DCP account holders.Outline00:21 Introduction to the Roth DCP and its Benefits01:01 Understanding Tax-Deferred and Tax-Free Accounts01:32 Explaining the Roth DCP Conversion Process02:20 The Impact of Roth DCP Conversion on Your Tax Bill03:24 The Long-Term Benefits of Roth DCP Conversion05:18 The Effect of Future Tax Changes on Your Retirement Savings08:03 The Importance of Proactive Tax Planning for Retirement09:22 How to Get Help with Your DCP Investments⁠⁠Free Washington Retirement Planning Community⁠⁠⁠Plan 3 Investment Advice⁠⁠Schedule Meeting⁠More free resources at ⁠WATRSPERS.com⁠

Understanding Washington State's Deferred Compensation Plan for RetirementHost Ethan Meikle discusses the details of the Deferred Compensation Plan (DCP) offered to Washington State employees. He clarifies that DCP falls under the 457 tax code and outlines contribution limits and flexibility of the plan. Insights are provided into traditional and Roth DCP plans, investment options including Target Date Funds, tax benefits, and strategies to decide between pre-tax or Roth tax routes. He raises potential risks with Target Date Funds that aren't unique to individual retirement plans, advocating for custom-built allocations. Ethan discusses the potential rise in taxes after 2025 and the need to prepare for future tax environments. He also hints at next week's topic – Roth conversions into DCP and also highlights an online service offered to help with DCP investment advice strategies.Outline:00:05 Introduction to the Podcast00:23 Understanding the Deferred Compensation Plan00:57 Flexibility and Tax Options of Deferred Compensation Plan01:30 Contribution Limitations and Investment Choices02:29 Understanding Target Date Funds03:05 The Risks of Targeted Funds04:04 Custom Built Allocations for Retirement04:27 Tax Benefits of Deferred Compensation Plans04:41 Choosing Between Pre-Tax and Roth Deferred Comp05:47 Understanding Future Tax Implications06:46 The Benefits of Roth DCP07:50 Roth Conversions and Future Episodes08:09 Conclusion and Additional Resources⁠⁠Free Washington Retirement Planning Community⁠⁠⁠Plan 3 Investment Advice⁠⁠Schedule Meeting⁠More free resources at ⁠WATRSPERS.com⁠

The focus of this episode is on understanding the Plan 3 retirement system for Washington state employees. The podcast sheds light on the two parts of Plan 3: the Defined Benefit Plan and the Defined Contribution, with particular emphasis on their operation and future expectations. The discussion also covers contribution rates, the full benefit age, and potential downsides of the plan. Lastly, the host introduces the Plan 3 and DCP investment advice system aimed at providing personalized investment advice based on risk tolerance. Outline00:14 Introduction to the Podcast00:47 Understanding Plan 3 System01:23 Exploring the Defined Benefit Plan03:17 Understanding Pension Collection Age04:58 Introduction to Defined Contribution07:57 Investment Options in Plan 310:25 Drawbacks of Plan 313:05 Legal Disclosure and Conclusion⁠⁠Free Washington Retirement Planning Community⁠⁠⁠Plan 3 Investment Advice⁠⁠Schedule Meeting⁠More free resources at ⁠WATRSPERS.com⁠

In this episode of the Washington State Retirement Planning podcast, host Ethan Meikle breaks down the Plan 2 pension for Washington state employees in the TRS and PERS systems. He discusses in detail how the pension system works, including how to calculate the benefit formula, vesting requirements, and the age at which pension benefits can be accessed. He explains that Plan Two provides a 2% increase for every year worked with no cap on the number of years, unlike Plan 1. Furthermore, the amount you receive is calculated based on the average of your top five years of income. This amount is guaranteed for life and subject to an annual increase of between 0% and 3% to cover inflation. Lastly, Ethan highlights the importance of setting up an outside retirement account to supplement the fixed income provided by the plan. Outline of this Episode00:15 Introduction to the Podcast00:47 Understanding Plan Two01:26 How Plan Two Works02:07 Calculating Your Benefits03:10 When Can You Start Collecting Benefits04:52 Vesting Period in Plan Two06:38 Survivorship Options in Plan Two07:39 Downfalls of Plan Two08:08 Importance of Outside Retirement Account08:36 Conclusion and Additional Resources⁠⁠Free Washington Retirement Planning Community⁠⁠⁠Plan 3 Investment Advice⁠⁠Schedule Meeting⁠More free resources at ⁠WATRSPERS.com⁠

Welcome to episode 1 of the Washington State Retirement Planning Podcast. In this episode, we share our background, the story of why we decided to start this podcast, and our own firm. We also share our ultimate goal of helping Washington state employees retire early and reduce their lifetime tax bill by promoting education on your unique benefits.⁠⁠Free Washington Retirement Planning Community⁠⁠⁠Plan 3 Investment Advice⁠⁠Schedule Meeting⁠More free resources at ⁠WATRSPERS.com⁠