When you purchase an annuity from the state of Washington, you receive a guaranteed monthly income from that annuity for the rest of your life. Annuities are not impacted by market swings, and you cannot outlive them. Annuity income is in addition to your pension. Your monthly annuity payment will depend on several factors, including…
Tag Archives: Retiring
How to make the most of your unused leave
If you’re getting ready to retire, or considering leaving public service, there’s a good chance you have a balance of unused leave. You may have the option to cash-out this leave, but you’ll still have to pay the taxes on the extra income. Luckily, some employers allow you to roll over leave into your DCP…
COLA vs benefit indexing
Your pension is designed to grow over time to help keep up with inflation. All Plan 2 and Plan 3 retirees are eligible for a cost-of-living adjustment (COLA) every July. However, only Plan 3 and LEOFF 2 members can qualify for benefit indexing, which helps your pension grow with inflation before you retire. Here are…
The basics of retiring with DRS
Once you’ve reached the required age and years of service for your plan, you can apply for your pension retirement through DRS. We have a complete retirement checklist as well as live and recorded seminars to guide you through the retirement process, but basically it goes like this: 1. Make sure you qualify for retirement. Do you meet the age requirements?…
7 podcast episodes to get you ready to retire
One of the biggest challenges of prepping for retirement is understanding all the different pieces — like choosing the right health care, understanding the jargon and getting a clear picture of your finances. Since retirement looks different for everyone, it’s important to take the time to figure out what’ll work best for you. Luckily, our…
Episode 60 – Strategies and benefits of VEBA, a health reimbursement arrangement (HRA)
Episode transcript: [music intro] Jenny Welcome back to Fund Your Future with DRS. Now, when you separate from public service, either to retire or to go work in the private sector, you might have the option to cash out your vacation leave and sick leave. And depending on where you work, these cash outs could…
Episode 59 – Cash-out strategies for your leave balance
Episode transcript: [music intro] Jenny Welcome back to Fund Your Future with DRS. Today we’re looking at leave cash-outs. And for anyone who’s either getting ready to retire, or maybe you’re just leaving public employment and moving to the private sector or whatever that choice is. A lot of people choose to cash-out their annual…
Stay on track with an online retirement check up
Can you live comfortably in retirement? If you don’t know the answer, there’s an easy way to check. From this website you can log in to your online account and use the retirement benefit estimator tool. While you’re employed, you can use your online account to take the following actions: Don’t forget to check your…
School employees: how to time your retirement
Is it better to retire at the beginning of summer or at the end? When it comes to retirement for teachers and school employees, a few months can have a big impact. Before deciding on the month you want to retire, you need to understand how Cost-of-Living Adjustments (COLA) and the Public Employees Benefits Board…
Retirees returning to work must wait 30 days
For a lot of people, retirement is a time to sit back and relax, or time to do some traveling. But some retirees like to stay busy by volunteering. They may even decide they want to go back to work after they retire. As a retiree, you can go back to work for a Department…
