Washington State Retirement Planning

Ep 46 - What is a Financial Plan?

Free Washington Retirement Planning Community and Courses [https://www.skool.com/washington-wealth-breakthrough/about] What exactly is a financial plan, and do you really need one? In this episode of the Washington Retirement Planning Podcast, Ethan breaks down what a financial plan is, what it should include, and why having a clear roadmap can help you make smarter decisions about retirement, taxes, investing, and long-term financial security. From cash flow projections and retirement income planning to tax strategies and "what-if" scenarios, you'll learn how a comprehensive financial plan can help bring clarity to your future. Later in the episode, Ethan answers a listener question about one of the biggest concerns facing early retirees: how to pay for healthcare before Medicare begins at age 65. He discusses PEBB retiree coverage, COBRA options, VEBA accounts, retirement savings strategies, and how Washington State annuity options can help create reliable income to cover healthcare expenses. Whether you're decades away from retirement or preparing to leave work soon, this episode provides practical guidance for building a retirement plan with confidence. 00:00 Introduction 00:20 What is a financial plan? 01:36 Key components of a comprehensive financial plan 03:11 When should you create a financial plan? 03:48 How to find a financial planner 04:45 What financial plans typically cost 06:23 Why financial planning is an ongoing process 06:42 Listener question: Paying for healthcare before age 65 07:46 PEBB retiree coverage vs. COBRA 10:13 How to fund pre-Medicare healthcare costs 11:30 Using VEBA and sick leave benefits 13:43 Using annuities to cover healthcare expenses 17:31 Important annuity deadlines and planning considerations 18:30 Final thoughts on retirement healthcare planning 19:15 Resources and community support ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ 🙋🏽‍♀️ 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 45 - Should I use a TAP annuity

Free Washington Retirement Planning Community⁠⁠⁠ [https://www.skool.com/wa-retirement-planning-1635] Should you use the TAP annuity when you retire? In this episode of the Washington Retirement Planning Podcast, we break down one of the most powerful and misunderstood retirement tools available to Washington State Plan 3 members. We cover how the TAP annuity works, who can use it, when you can purchase it, and why it may help create more reliable retirement income. We also discuss the guaranteed lifetime income feature, the 3% annual COLA, common myths surrounding TAP, and why many retirees underestimate the value of guaranteed income. You'll also learn: * How TAP converts Plan 3 savings into lifetime income * Why TAP can only be purchased with Plan 3 funds * The impact of interest rates on TAP payouts * Why returns and retirement income are not the same thing * Common mistakes retirees make with Plan 3 accounts * How TAP can help cover healthcare costs in retirement * What happens to unused TAP funds when you pass away In the second half of the episode, we answer a community question about maximizing Washington State retirement benefits and discuss savings strategies, healthcare planning, retirement timing, and survivor benefit decisions. Whether you're approaching retirement or already separated from service, understanding TAP could have a major impact on your retirement income plan. 00:00 Introduction and today's topics 01:23 What the TAP annuity is and how it works 03:07 TAP eligibility, separation from service, and payout rates 05:31 Why TAP is different from private annuities 07:07 Returns do not equal retirement income 12:17 Common TAP mistakes and beneficiary myths 16:40 Five ways to maximize Washington State retirement benefits 20:59 Understanding retirement timing and pension decisions 23:15 Survivor benefit options explainedLinks: 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 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. 🕸️