Fund Your Future with DRS

You have options when it comes to accessing your DCP funds. In this episode, we cover smart ways to manage your funds, including monthly payouts, rollovers, lump sums and annuities. Plus, find out about required minimum distributions, emergency access and managing beneficiaries.   Resources: Withdrawals in retirement calculator DCP Roth vs pretax calculator DCP savings calculator    

According to a study by Allianz Life Insurance , Americans are more afraid of running out of money than of dying. We unpack the emotional toll of financial stress and talk about practical ways to regain a sense of control. Whether you’re living paycheck to paycheck, or simply overwhelmed by rising costs, this episode offers real talk to help you breathe a little easier when it comes to your money.

In this timely episode, we dive into the reality many are facing: economic uncertainty and its impact on personal finances and retirement plans. We discuss practical steps to manage stress, maintain financial stability, and make informed decisions. We also explore how tools like Washington's Deferred Compensation Program (DCP) can provide flexibility and serve as a financial safety net when you ne...

Are there some groups of public employees that do a better job of saving for retirement? In this episode, our guest AJ shares why firefighters are proactive when it comes to retirement planning. Find out about their approach and how you can apply it to your own long-term planning.

It can be scary to look at your DCP or Plan 3 investments and see that your balance has suddenly gone down. However, even if stocks are low, that doesn’t necessarily mean you should panic. In this episode, we talk about how to mentally deal with the stock market during uncertain times. Our guest, Malia, highlights the importance of long-term investment planning and what you should consider if you’...

Ever wonder why prices rise, how the stock market shapes our world, or what drives the financial decisions? This is the study of economics. In this episode, we sit down with Chris Clarke, an economics professor from Washington State University. Chris has gained a large online following from his videos by making economics relatable for the younger generation. You can follow him @EconChrisClarke on...

As you plan for health care in retirement, a VEBA or HRA can be a helpful tool. Many public employers participate to help you save for your out-of-pocket healthcare expenses and premiums. Our guest Brian, from Gallagher (consultant for VEBA trusts), shares insights on how these tax-advantaged accounts work including how to enroll, investment options and the flexibility the account offers. Official...

When you decide to separate from service - either to retire, or work elsewhere - there's a good chance you'll have a balance of sick leave and annual 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 account. Our guest Malia shares insights on transferring leave balan...

As a retiree, you can go back to work for a Department of Retirement Systems (DRS) employer and still receive your pension benefit as long as you follow a few rules. In this episode, our guest Kumano, sheds light on considerations for retirees who wish to work for a DRS employer post-retirement. From separating employment to navigating hours, Kumano guides us through the must-know details for reti...

In this episode, we delve into the crucial distinctions between separation date and retirement date, specifically for those retiring with DRS. Understanding these dates will help you determine when you can start collecting your pension benefits. Learn why timing matters, especially if you're planning around health insurance coverage or have accumulated leave. Whether you're months or years away fr...

During the chilly winter months, you might be thinking about planning that spring or summer vacation. But you don't have to spend money on an expensive flight to get away. Sometimes it's nice to do a staycation and explore Washington state! From arid deserts to moss-covered rainforests, there's plenty to explore in your own backyard. Tune in to get some ideas for your next adventure.   Links relat...

Millions of people with disabilities rely on federal programs. However, if they're receiving benefits like Supplemental Security Income (SSI) or Medicaid, they're restricted to having only $2,000 in assets. As a result, the Achieving a Better Life Experience (ABLE) act was passed in 2014. A Washington State ABLE Savings Plan allows people with disabilities to save, invest and prepare for the futur...

Washington state pensions are calculated to be 94% funded. That rate is one of the highest rates in the country. We welcome Matt Smith, the Washington State Actuary, to talk about the latest Actuarial Valuation Report recently released by his office. He explains the significance of funded status, often misunderstood by many. Discover how ongoing evaluations and adjustments ensure long-term pension...

A new Retirement Strategy Fund (RSF) is coming to the lineup of investment options in Plan 3 and the Deferred Compensation Program (DCP). The most recent addition – the 2070 Retirement Strategy Fund – will be available beginning Jan. 6, 2025. We sit down with Chris from AllianceBernstein to talk about how these funds work and support you through retirement.

Planning a get-a-way doesn't have to be expensive. In this episode, we're joined by Ariel from Washington State Parks to explore the budget-friendly recreational opportunities available across 140 state parks. From the popular Discover Pass to several discounted options for those over age 62 and multiple free days in the year, you can access these natural treasures without breaking the bank. We ch...

Your credit score plays a crucial role in your financial health. So, it’s important to know how to manage and improve your credit. Our guests, Lyn and Nathan from the Department of Financial Institutions, break down the differences between credit scores and credit reports. They also share insights into the importance of checking your credit report regularly and the benefits of freezing your credit...

Editor's note: In December 2024, Congress repealed the two provisions within Social Security benefits that we discuss in this episode. - Continuing our discussion of Social Security benefits, we focus on unique provisions that can apply to public employees. Some people assume all public employees participate in Social Security, but this isn't always the case. We explore why some government workers...

We dive into the essentials of Social Security benefits with special guest Kirk from the Social Security Administration. Kirk answers frequently asked questions about creating a My Social Security account, its benefits, and how to use online resources for your retirement planning. Learn how to qualify for Social Security retirement benefits, understand the calculations behind your benefit amounts,...

Significant changes are coming to PEBB Medicare Part D in 2025. Discover why these changes are being implemented, how they aim to reduce premiums and what specific plans will include Medicare Part D. Our guest is Ellen, who works as a Retiree Benefits Manager at the Washington State Healthcare Authority. She explains what this new change means for retirees and where to go for more information.   O...

Your auto and home insurance can have a significant impact on your budget, but it’s hard to know if you’re getting the best rate. Our guest, Amy from the Office of the Insurance Commissioner (OIC), joins us to provide tips on shopping around for insurance and the value of having an agent.   Resources:  Office of the Insurance Commissioner Podcast: OIC Answers

The amount of service credit, or time that you’ve been teaching, has a huge impact on your pension. In this episode, we explore the details of service credit for teachers in Washington state. Our guest, Jon from the DRS Contact Center, joins us to discuss options for teachers who have worked in other states and wish to transfer or purchase service credits.

We dive into the common challenges faced right after retirement. DRS team member John shares insights about handling the transition period and offers practical advice to avoid pitfalls. Whether you're planning to buy a house, plan to travel, or trying to navigate insurance coverage, this episode provides valuable tips to help ensure a smooth post-retirement experience.

Do you know how much you can spend from your investment account once you retire? Some people choose to purchase an annuity for peace of mind. Plan 3 members have access to a TAP Annuity with a lifetime cost of living adjustment (COLA). Find out more about this and other unique advantages of the TAP Annuity.

Millennial and DRS team member Durin recently got married and says that changed how he thinks about planning for the future. He shares his love of food and tips for budgeting when it comes to cooking and grocery shopping.

We talk with two DRS team members from the baby boomer generation who are less than five years from retiring. Hear what they’re doing in this critical time to prepare for their next stage of life.