Episode transcript: [music intro] Jenny Welcome back to Fund Your Future with DRS. Today we’re diving into, a pretty popular topic around here, which is early retirement, and we get a lot of questions about this. Seems like all of the articles and podcast episodes that we put out are everyone wants to know how…
Tag Archives: Retiring
How much does an annuity pay?
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…
Episode 70 – How to plan for a micro-retirement
Episode transcript: [music intro] Jenny Welcome back to Fund Your Future with DRS. Today we’re diving into a fascinating concept that’s changing the way that people kind of approach retirement with this idea of a micro retirement. It’s kind of like a short, planned break in your career rather than waiting until traditional retirement age…
Episode 69 – What is a record keeper?
Episode transcript: [music intro] Jenny Welcome back to Fund Your Future with DRS. Well, if you’ve ever gotten an email or read a news story from us about DCP or Plan 3, chances are you’ve seen the name Voya Financial in the last couple of years. They are our current record keeper, but you might…
Do you have unclaimed funds?
Unclaimed funds are money or assets that are owed to you that you didn’t collect or that didn’t get refunded to you. Retirement contributions If you’re a former a public employee but didn’t become vested, you may have money remaining in your retirement account. Use the DRS inactive accounts search tool. If you’re still employed…
Episode 68 – Understanding COLAs and the CPI connection
Episode transcript: [music intro] Jenny Welcome back to Fund Your Future with DRS. Today we’re talking about everyone’s favorite subject COLAs, which stands for Cost of Living Adjustment. So basically at the end of each July, most retirees receive a Cost of Living Adjustment on their pension and the COLA can increase up to 3%…
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…
Episode 67 – Why the rule of 72 feels like magic (but isn’t)
Episode transcript: [music intro] Jenny Welcome back to Find Your Future with DRS. Today, we’re breaking down the rule of 72. This is kind of a thing I hear a lot of finance folks talk about, but it’s basically just a quick way to estimate how long it can take your money to double when…
Episode 66 – DCP withdrawals, rollovers, and RMDs
Episode transcript: [music intro] Jenny Welcome back to Fund Your Future with DRS. Well, we’ve talked a lot about DCP and putting your money in and why you should put money in. But we really wanted to talk today about when the time comes that you’re ready to take the money out of DCP and…
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…
