Fund Your Future with DRS

What does it really mean to retire early? Is it about leaving work behind completely, or is it more about creating flexibility, freedom, and balance sooner rather than later? We’re joined by Christine, a DRS employee who’s been carefully planning for her future since her mid-20s. She shares how her perspective on retirement has evolved: from imagining it as “stopping work altogether” to thinking about it as a chance to downshift: maybe working part-time, pursuing a different role, or finding new ways to stay engaged without the 9-to-5 grind.

The term micro-retirement is becoming popular with people of all ages. The idea involves stepping away from the workforce for an extended period to pursue passions, travel, recharge, or learn new skills, essentially hitting the reset button on life. We look at perspectives and planning strategies to help you make micro-retirement a viable, enriching option.

If you’ve ever seen the name Voya Financial with your DCP or Plan 3 account and wondered what they do, this episode is for you. We look at the role of a record keeper: helping process transactions, maintain accounts, and support over 400,000 customers! We also look at what record keepers don’t do and how they differ from investment managers. Tune in to find out how record keepers play a key role in making your retirement accounts run smoothly.

Why do pensions sometimes go up? In this episode, we talk with Matt Smith, the state actuary, about COLAs (Cost of Living Adjustment) and how it’s tied to inflation. Matt explains how prices are tracked using the Consumer Price Index for Urban Workers (CPI-U) and why that matters for your pension. We also look at why COLAs are based on prices in the Seattle area, even if you live somewhere else. Tune in to find out how inflation and COLAs work together to shape your retirement income.

If you ever wanted a quick way to estimate how many years it’ll take for your investments to double, take 72 and divide it by the interest rate. In this episode, we explore how this a great way to think about the power of compound interest. If you’re early in your career, it may encourage you to set aside more money now. And if you’re close to retirement, it can be reassuring to know your investment could double in the next 7-10 years.

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 need it most.

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’re close to retirement age.

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 Clark, 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 @EconChrisClark on TikTok and Instagram. In our discussion we tackle misconceptions about the economy, the unpredictability of recessions, and the persistent myths surrounding inflation and stock markets. Chris shares his journey into teaching economics and his passion for making daunting economic topics relatable and understandable for everyone. Find out more on Chris’ personal website.

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 website: HRAVEBA.org, VEBA.org

When you decided 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 balances into the Deferred Compensation Program (DCP), offering potential tax savings and investment opportunities.

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 retirees contemplating a return to public employment. Listen and explore how to effectively plan this stage of your retirement journey.

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 from retirement, this episode provides guidance on making informed decisions about your retirement journey. Retirement checklist: https://www.drs.wa.gov/life/retire/check/

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 related to this episode: https://www.visitspokane.com/ https://stehekin.com/ https://visitrainier.com/ https://olympicpeninsula.org/ https://parks.wa.gov/ Los Hernandez Tamales in Yakima

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 future without losing their state or federal benefits. We sit down with Katie who works for the Department of Commerce to learn about this wonderful program. https://www.washingtonstateable.com/

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 security for Washington's retirement plans. View the full Actuarial Valuation Report

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 chat about diverse accommodations offered, including cabins, yurts, and even historic vacation homes. Ariel shares unique experiences like staying at a lighthouse keeper's residence or a fire lookout. Everything you need to get started on your next outdoor adventure. Parks highlighted in the episode (alphabetically): Brooks Memorial State Park, Cape Disappointment, Conconully State Park, Curlew State Park, Deception Pass, Fort Ebey, Fort Flagler, Fort Worden, Ginkgo Petrified Forest, Goldendale Observatory, Ike Kinswa State Park, Lewis & Clark Interpretive Center, Millersylvania State Park, Mount Spokane State Park, Palouse to Cascades State Park Trail.