Employer Newsletter spring/summer 2011

Fall Retirement Planning Seminars are Available Now

Learning about their pension plans is one of the best ways your employees can begin planning for retirement. You can help by getting the word out that DRS provides retirement planning seminars tailored to their retirement benefits and that registration is now open for fall. At a seminar, your employees will hear from a variety of speakers and gain valuable tips on preparing for retirement.

If you have employees who are within five years of retirement, we encourage you to share the seminar information overview, online registration link and the following fall schedule:

The DRS Fall 2011 Retirement Planning Seminar Schedule

  • Seattle – 9/24/11
  • Vancouver –10/15/11
  • Bellingham – 11/5/11
  • Tacoma – 11/19/11
  • Tumwater/Olympia – 12/3/11

Other options for registering are:

  • E-mail DRS at Register@drs.wa.gov or
  • Call (360) 664-7300 or 1-888-711-6676

Retirement planning tips

It’s always the right time to begin planning and saving for retirement. Feel free to share the tips below with all your employees:

How do you begin developing your personal plan for retirement? First, estimate how much money you will need. That can vary, based on factors that include:

  • The lifestyle you’ll want to lead when you retire;
  • Your health;
  • Whether you’ll carry any debt into retirement; and
  • Your life expectancy.

Next, estimate how much money you will receive from all sources (consider Social Security, pension plans and other savings programs through your employer, personal savings, etc). When you compare this number with what you think you will need, you can adjust your savings plan accordingly.

There are a number of different tools that can help. Those available on the DRS website include:

  • The benefit estimator within our online account services will calculate your retirement benefit under a variety of different scenarios (for example, different retirement dates), using your actual account data. If you haven’t already registered for this service, it takes just a few minutes to do so.
  • The Deferred Compensation Program (DCP) offers an online calculator (also accessible from our website home page) that can estimate your DCP savings and analyze whether you are on schedule to meet your income needs. Another calculator shows the effects of different DCP deferral amounts on your take home pay.
  • The Retirement Planning page provides useful information to help you with your retirement planning regardless of how close or far away it is.

Be sure to revisit your plan and adjust for changes in your professional and personal life that will happen over time.