Washington State Retirement Planning

Ep 44 - Should I move my Plan 3 benefits?

Free Washington Retirement Planning Community and Courses [https://www.skool.com/washington-wealth-breakthrough/about] What should you actually do with your Plan 3 account once you retire? This is one of the most common questions Washington State employees ask, and the answer isn’t one-size-fits-all. In this episode, we break down the real options you have after separating from service, including when it makes sense to keep your money in Plan 3, move it out, or use it to create additional guaranteed income. We also walk through how the TAP annuity works, when it might make sense, and why it can be a powerful tool for covering fixed expenses like healthcare in retirement. Then we shift into a full update on recent Washington State retirement-related legislation, including what passed, what didn’t, and what it could have meant for your pension. Topics covered: - What to do with your Plan 3 account after retirement - When a TAP annuity makes sense - Why many people choose to roll funds into an IRA - Investment flexibility and tax planning opportunities - Recent Washington State pension and benefits legislation updates If you're approaching retirement or just planning ahead, this episode will help you think through your next move with your Plan 3 money. Links: 1. Free Washington Retirement Planning Community⁠⁠ [https://www.skool.com/wa-retirement-planning-1635] 2. ⁠Plan 3 Investment Advice⁠ [https://scenicfinancial.net/scenic-plan-confidence1/] 3. ⁠Schedule Meeting⁠ [https://calendly.com/scenicfinancial/initial-consultation-60-minutes] 4. More free resources at ⁠WATRSPERS.com⁠ [https://www.watrspers.com/] ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ 🙋🏽‍♀️ Need help? Schedule A Meeting : https://calendly.com/scenicfinancial ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ 🎯Get TRS 3, PERS 3 & DCP Investment Advice Here: 💥💥 https://scenicfinancial.net/scenic-plan-confidence1/💥💥 The Only Place To Receive Ongoing, Personalized Investment Advice, So You Can Confidently Invest In Your TRS 3, PERS 3 & DCP Retirement Plans! ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ 🕸 Visit Us Online: Scenicfinancial.com WATRSPERS.com ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ DISCLAIMER **Advisory Services offered through Intirety, LLC a registered investment adviser. Intirety LLC and Scenic Financial are not associated with the Washington State Department of Retirement in any way. Scenic Financial makes content available as a service to its clients and other visitors, to be used for informational purposes only. While our best intentions are to provide accurate and timely information, you should always consult with retirement, tax, and legal professionals prior to taking any action. 🕸️

EP 43 - School District Retirement Benefits Explained

Free Washington Retirement Planning Community and Courses [https://www.skool.com/washington-wealth-breakthrough/about] Most Washington State school district employees know they have great retirement benefits. But very few people actually understand how the full system works together. In this episode we break down the core retirement benefits available to teachers and school district employees in Washington State. This presentation walks through the basics of the pension systems, how Plan 2 and Plan 3 work, and the additional retirement savings options available through your employer. Topics covered include: - How the Plan 2 pension formula works - The difference between Plan 2 and Plan 3 retirement systems - How the Plan 3 investment account works - Investment options inside the WSIB and self directed plans - The role of Social Security and pension income in retirement - How educators fill retirement income gaps Additional retirement savings tools like DCP, Roth IRA, and 403b plans We also explain a major mistake many educators make when choosing retirement investments and why understanding fees and surrender schedules in 403b plans is critical. If you work for a Washington State school district and want a clearer understanding of your retirement benefits, this episode covers the foundation of how everything works together. 00:00 - Intro 02:07 - 4 retirement topics educators need to understand 03:07 - How the Plan 2 pension formula works 06:31 - How Plan 3 pensions and contributions work 10:10 - Understanding retirement income and shortfall planning 11:24 - Deferred Compensation Plan DCP explained 12:41 - Roth IRA basics for educators 13:50 - 403b retirement plans explained 19:15 - Ways to save 20:45 - Pretax vs Roth 21:40 - Tax Trap ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ 🙋🏽‍♀️ Need help? Schedule A Meeting : https://calendly.com/scenicfinancial ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ 🎯Get TRS 3, PERS 3 & DCP Investment Advice Here: 💥💥 https://scenicfinancial.net/scenic-plan-confidence1/💥💥 The Only Place To Receive Ongoing, Personalized Investment Advice, So You Can Confidently Invest In Your TRS 3, PERS 3 & DCP Retirement Plans! ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ 🕸 Visit Us Online: Scenicfinancial.com WATRSPERS.com ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ DISCLAIMER **Advisory Services offered through Intirety, LLC a registered investment adviser. Intirety LLC and Scenic Financial are not associated with the Washington State Department of Retirement in any way. Scenic Financial makes content available as a service to its clients and other visitors, to be used for informational purposes only. While our best intentions are to provide accurate and timely information, you should always consult with retirement, tax, and legal professionals prior to taking any action. 🕸️ Links: 1. Free Washington Retirement Planning Community⁠⁠ [https://www.skool.com/wa-retirement-planning-1635] 2. ⁠Plan 3 Investment Advice⁠ [https://scenicfinancial.net/scenic-plan-confidence1/] 3. ⁠Schedule Meeting⁠ [https://calendly.com/scenicfinancial/initial-consultation-60-minutes] 4. More free resources at ⁠WATRSPERS.com⁠ [https://www.watrspers.com/]

EP 42 - Can I change my Plan 3 contribution?

Free Washington Retirement Planning Community and Courses [https://www.skool.com/washington-wealth-breakthrough/about] One of the most common questions from Washington State employees in Plan 3 retirement systems is simple: Can I change my Plan 3 contribution? Unfortunately, the answer for most people is no. In this episode we break down the rules around Plan 3 contributions and why many employees are locked into the contribution rate they originally selected. We also explain the one situation where you may be able to change it and why the rule changed in the first place. We also discuss: - Why contribution changes were removed in 2015 - The one exception that allows you to change your contribution - Why many employees choose the 5 percent contribution option - Other retirement savings options like 403b plans and DCP Then we answer a community question from someone who is receiving income from PERS 1 after a divorce and wants to know if they can add that income to their PERS 2 pension to increase future retirement income. We explain why that is not possible and review two alternative strategies that could increase retirement income instead. If you are in PERS 3, TRS 3, or SERS 3, understanding how contribution elections work is critical because once you select a rate, it may be locked in for the rest of your career. 00:00 Intro 00:59 Can you change your Plan 3 contribution 01:13 Why contribution changes were removed in 2015 02:16 When you can change your Plan 3 contribution 02:57 Community question about adding PERS 1 income to PERS 2 03:26 Why you cannot add money to a Plan 2 pension 04:18 Options to increase Plan 2 retirement income 05:20 Join our Free Retirement Community ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ 🙋🏽‍♀️ Need help? Schedule A Meeting : https://calendly.com/scenicfinancial ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ 🎯Get TRS 3, PERS 3 & DCP Investment Advice Here: 💥💥 https://scenicfinancial.net/scenic-plan-confidence1/💥💥 The Only Place To Receive Ongoing, Personalized Investment Advice, So You Can Confidently Invest In Your TRS 3, PERS 3 & DCP Retirement Plans! ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ 🕸 Visit Us Online: Scenicfinancial.com WATRSPERS.com ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ DISCLAIMER **Advisory Services offered through Intirety, LLC a registered investment adviser. Intirety LLC and Scenic Financial are not associated with the Washington State Department of Retirement in any way. Scenic Financial makes content available as a service to its clients and other visitors, to be used for informational purposes only. While our best intentions are to provide accurate and timely information, you should always consult with retirement, tax, and legal professionals prior to taking any action. 🕸️

EP 41 - Switch From Plan 2 to Plan 3

Free Washington Retirement Planning Community and Courses [https://www.skool.com/washington-wealth-breakthrough/about]Every January, some Washington State employees on Plan 2 receive an offer to switch into Plan 3.Sometimes the incentive looks attractive. $50,000. $80,000. Even $100,000 upfront to make the change .But what are you really giving up?In this episode, we break down: * Why the state offers buyouts in the first place * What you lose when you leave a 2 percent per year guaranteed pension * Why retirement is about income, not account balances * Why most people who switched later regretted it * Why this decision is permanent We also discuss pending legislation that may allow certain Plan 3 members to switch back into Plan 2 if they were never given a choice when hired . If that happens, it will not be free. Members would likely need to give up a significant portion of their Plan 3 balance to buy back service credit.We walk through a real income comparison example:Would you give up $400,000 in Plan 3 to double your guaranteed pension income?Sometimes the math may surprise you.Finally, we answer a community question:Should you buy a TAP annuity because of political uncertainty?The short answer is no. Financial decisions should be based on your plan, not who is in office .If you are in PERS 2, TRS 2, or considering a switch to Plan 3, this is one of the most important irreversible decisions you will make.00:00 [https://www.youtube.com/watch?v=jVNCdzbTmVs] Should you switch from Plan 2 to Plan 302:00 [https://www.youtube.com/watch?v=jVNCdzbTmVs&t=120s] Why the state offers lump sum buyouts04:20 [https://www.youtube.com/watch?v=jVNCdzbTmVs&t=260s] Pending legislation to switch back to Plan 205:40 [https://www.youtube.com/watch?v=jVNCdzbTmVs&t=340s] Income example: Giving up 400,000 to double pension07:45 [https://www.youtube.com/watch?v=jVNCdzbTmVs&t=465s] Should you buy a TAP annuity because of politics09:00 [https://www.youtube.com/watch?v=jVNCdzbTmVs&t=540s] Final thoughts and community resources▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬🙋🏽‍♀️ Need help? Schedule A Meeting : https://calendly.com/scenicfinancial [https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqbjhDNWVuel9QS1F6SXVtQkdCYnpOMWJZV29Sd3xBQ3Jtc0trWHB0c2t0OVJPM3AydGlZNnFCSnY2eUJmb3lJREhlcG4zWjNvdlVwSW5MNDAxZmpLdGhWS21yNjhpTU1STW5waTFmTUZna2ZpU3lhekdtWk56VWQ0SXRzeTVPMmhQRDNscUI1VUlzZXQ3aHNUYnRRTQ&q=https%3A%2F%2Fcalendly.com%2Fscenicfinancial&v=jVNCdzbTmVs]▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬🎯Get TRS 3, PERS 3 & DCP Investment Advice Here:💥💥 https://scenicfinancial.net/scenic-pl... [https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqa1ZDcnBFMzR6TUhXSlJSVlJ1M09NaEpwRFFuQXxBQ3Jtc0trSmdRci1FQmI1VllmWlROTGhOS0R4RU8zeTFYLWZUT2pUbFQzaTFHSGpXczlBalZ0a0h2aVF1eVU5VEpQeHUyMWJtUDlaX3hTTVo0aEFFTHE0NDhuRjcxcmZueXRzcjJWU01velBFSmVkdnVsT1BWTQ&q=https%3A%2F%2Fscenicfinancial.net%2Fscenic-plan-confidence1%2F%F0%9F%92%A5%F0%9F%92%A5&v=jVNCdzbTmVs]The Only Place To Receive Ongoing, Personalized Investment Advice, So You Can Confidently Invest In Your TRS 3, PERS 3 & DCP Retirement Plans! ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬🕸 Visit Us Online: Scenicfinancial.comWATRSPERS.com▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬DISCLAIMER**Advisory Services offered through Intirety, LLC a registered investment adviser. Intirety LLC and Scenic Financial are not associated with the Washington State Department of Retirement in any way. Scenic Financial makes content available as a service to its clients and other visitors, to be used for informational purposes only. While our best intentions are to provide accurate and timely information, you should always consult with retirement, tax, and legal professionals prior to taking any action. 🕸️

Ep 40 - 5 Retirement tips for 2026

Free Washington Retirement Planning Community and Courses [https://www.skool.com/washington-wealth-breakthrough/about]If you are a Washington State employee planning to retire soon, 2026 is a year you cannot afford to wing it. In this episode, I break down five retirement planning mistakes I saw repeatedly this past year and how to fix them before they cost you money . We cover: - Why taking the highest pension option is not always the smartest move - How survivorship choices can dramatically impact your spouse - Why Roth conversions need a real strategy, not guesswork - What most people misunderstand about long term care insurance - Why timing matters more than your account balance We also answer a key listener question: How can I retire as early as possible on PERS 3 with over 30 years of service? If you qualify for the 2008 ERF and are considering retiring at 55 instead of 62, the break even math might surprise you . We walk through how reductions, COLAs, and lifetime payout comparisons actually work. Whether you are in PERS 2, PERS 3, TRS, SERS, or DRS deferred comp, this episode will help you avoid costly timing mistakes and build a retirement plan that survives real life. 00:00 Intro 01:11 Tip 1 - Bigger pension is not always better 04:38 Tip 2 - Do not assume your spouse will figure it out 07:40 Tip 3 - Roth conversions need strategy 09:25 Tip 4 - Long term care insurance misconceptions 11:20 Tip 5 - Timing matters more than account balance 13:31 - How to retire early on PERS 3 with 30 years Links: 1. ⁠⁠Free Washington Retirement Planning Community⁠⁠ [https://www.skool.com/wa-retirement-planning-1635] 2. ⁠Plan 3 Investment Advice⁠ [https://scenicfinancial.net/scenic-plan-confidence1/] 3. ⁠Schedule Meeting⁠ [https://calendly.com/scenicfinancial/initial-consultation-60-minutes] 4. More free resources at ⁠WATRSPERS.com⁠ [https://www.watrspers.com/]