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Your retirement countdown: simple steps at 5 and 15 years out

Posted on May 5, 2026

It can be difficult to determine the steps to get ready for retirement. This simple timeline highlights key steps to help you stay on track.

Some retirement plans like LEOFF and WSPRS allow for a full retirement benefit at age 53 or 55. PSERS uses age 60. Others, like PERS, TRS, and SERS, use age 65 as the normal retirement age.

At age 60, or five years out:

Attend a Nearing Retirement Seminar online. Learn when and how to request an estimate, restore or purchase service credit, and explore ways to increase your income with annuity options.
Explore your annuity options. An annuity provides guaranteed monthly income in addition to your pension, and it has a cost-of-living adjustment (COLA). Plan 3 members have an additional option to consider called a TAP annuity.
Plan for health care. Explore your options and decide when to apply for Medicare and Social Security. Your employer may have helpful guidance. You can also contact:
- PEBB – If you have PEBB or SEBB healthcare, you can enroll in PEBB retiree healthcare when you retire. Contact the Health Care Authority to learn more.
- VEBA – Voluntary Employees Beneficiary Association. They provide a Health Reimbursement Arrangement (HRA) which is an account you can use to reimburse your out-of-pocket health care expenses. Check with your employer to find out if they offer VEBA.
- SHIBA – Statewide Health Insurance Benefits Advisors. Trained volunteers who can answer your Medicare questions.

At age 50, or 15 years out:

Consider increasing your DCP contribution. Once you turn 50, you can contribute a higher annual limit to DCP. You can also contribute up to twice the maximum during the three years before retirement.
Use the Benefit estimator in your online account. By answering a few simple questions, this tool will allow you to see what your monthly income might look like. Log in to your online account and select Benefit Estimator to get started.

Any time before age 50:

Review your service credit. Check your service credit total in your online account, especially if you have taken time off for illness, injury, military duty or a sabbatical. You may be able to restore missed credit, but deadlines and costs vary.
Sign up for Washington’s DCP. If you already have an account, increase your contribution. Your pension is designed to replace about 50% of your income, so additional savings can make a big difference. You can choose your own investments or have them professionally managed.
Update your beneficiaries. Life moves quickly and changes such as marriage, divorce or growing your family can affect who you want to name as your beneficiaries. Make sure your account reflects your current wishes.