Retirement Planning Checklist

Print Version

The earlier you begin planning for retirement, the better prepared you’ll be. If you haven’t already sought financial planning advice, now is a great time. This checklist can help you successfully transition into retirement. You might be able to increase your retirement income or even retire sooner than you had planned.

Start planning

  • Sign up for an online account. Use your account to:
    • Verify the number of service credit years you have.
    • Calculate your retirement income through the Benefit Estimator.
  • Review your plan for your retirement eligibility.

3-12 months before retiring

  • Request an official estimate of your monthly benefit through your online account or by calling DRS. In most cases we will provide your estimate 5 to 8 weeks before your retirement date.
  • Complete payment for any optional service credit.

1-3 months before retiring

  • Contact DRS if you need to make changes to your official estimate
    (for example, if you want to change your retirement date or survivor option).
  • Apply for retirement through your online account (members of more than one plan will need to contact DRS to apply). You must complete a retirement application at least 5 weeks from the date you intend to retire (once you receive your official estimate).
  • If you have Plan 3 or DCP, decide when you want to begin receiving payments from your contributions. See your withdrawal options for Plan 3 or DCP. Contact the record keeper at 888-327-5596 with questions.

Tell your employer your intended separation date.

At and during retirement

  • The same month you retire, you’ll receive your first payment on the final business day of that month. If you don’t receive your payment, contact DRS.
  • After you retire, we’ll mail you a letter with your monthly benefit information. Make sure your information on the letter is correct.
  • When you receive your first monthly benefit payment, make sure the deductions on your statement are correct. Contact DRS if you have questions about any
    non-medical insurance deductions.

Keep your address and beneficiary information up-to-date with DRS.
Enjoy retirement!

Tips for a better retirement

2-20 years before retirement

2-5 years before retirement

3-12 months before retirement

  • If you’ll be covered by the Public Employees Benefits Board (PEBB) program health insurance, contact PEBB/SEBB services at hca.wa.gov.

30-90 days before retirement

  • If you’ll be using PEBB health care, now is the time to send in your coverage election form.
  • DCP customers, contact DRS to find out if you can apply any unused leave toward your account.
  • If you qualify, apply for Public Service Loan Forgiveness (PSLF). You must still be employed in the public sector when you apply. Visit wsac.wa.gov/pslf. You will lose eligibility for this program once you retire.

Contacts

Here are some organizations customers commonly contact when retiring. 

Department of Retirement Systems
Website: www.drs.wa.gov
Phone: 360.664.7000 or 800.547.6657 (TTY dial 711)
Visit the DRS contact page for more options to reach us. 

Deferred Compensation Program (DCP)
Website: www.drs.wa.gov/dcp
Phone: 888.327.5596 

Plan 3 Record Keeper
Website: www.drs.wa.gov/rk
Phone: 888.327.5596 

Social Security Administration (SSA)
Website: www.socialsecurity.gov
Phone: 800.772.1213 

Internal Revenue Service (IRS)
Website: www.irs.gov
Phone: 800.829.1040 

Health Care Authority (PEBB or SEBB)
Website: www.hca.wa.gov
Phone: 800.200.1004PEBB Phone:  360.725.0440 or 800.200.1004 

Voluntary Employees’ Beneficiary Association (VEBA)
Website: www.veba.org
Phone: 888.828.4953

Back to Top