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…

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 …

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-r…

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.By Washington State Department of Retirement Systems

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.By Washington State Department of Retirement Systems

People from Generation X grew up in a time where people didn’t talk about money and you couldn’t ask the internet. As a result, Mark and Sherry — two DRS team members from Gen X — are committed to making sure their kids know how to budget. Hear their advice on what you should be sharing with your kids.…

We chat with two DRS team members from Gen X, Devi and Corinne, who started saving for retirement a few years ago. They both share how they started shifting priorities after having an "ah-ha moment," and now saving for retirement is their top priority.By Washington State Department of Retirement Systems

We’ve received some great questions from our listeners asking about retirement. We jump into answering your questions: If you leave state service, what are the options for your retirement money and how does that affect service credit if you come back to work for the state? If I die before retiring, will my spouse have an option to receive a pension…

Generation Z recently joined the work force and they bring a new perspective. DRS team member Jacob describes his generation as growing up with “all internet, all the time.” He opens up about how he and his friends are strapping down to pay for rising rent costs and getting creative with their budgets.…

Generation X was dubbed the "MTV Generation," and now some of them are getting ready to retire. We sit down with Terri, a DRS team member from Gen X. She shares that saving for retirement when you’re single can present its own challenges. Terri discusses her experience and tips for saving.By Washington State Department of Retirement Systems

In April 2024, the Socially Responsible Balanced Fund (SRI) will change from a balanced fund – invested in stocks and bonds – to a new SRI that solely invests in stocks. Managed by AllianceBernstein (AB), the new Socially Responsible Equity Fund's strategy uses the UN Sustainable Development Goals to identify and invest in key sustainability themes…

These two terms are commonly used for retirement plans, but what's the difference? If you haven’t retired from your plan, you only have beneficiaries. If you are retired, you could have both. In this episode, we take a look at the difference between these two terms and what they can provide for your loved ones.…

If you're a member of more than one Washington state retirement system, you're a member of multiple systems - also known as a dual member. In this episode, we look at what you should be aware of when you're approaching retirement. Our guest is Wendy, a DRS team member, who explains some of the advantages of being a dual member.…

Did you know not all states manage pensions the same way? Washington state is 94% on track to meet the funding goals of pension plans. That rate is one of the highest in the country. Your pension is a guarantee. Our guest is Mitch from the Office of the State Actuary who explains how pensions are funded in Washington in order to meet that guarantee…

New legislation allows some employees to earn retirement service credit if their employment was interrupted by service in the US Military. Find out how this can increase your retirement benefit and why you shouldn't wait more than five years to report it.By Washington State Department of Retirement Systems

As a retired public employee, you have access to insurance options through the Public Employees Benefits Board (PEBB). And when you retire at age 65 or more, you're required to enroll in Medicare. Find out more about Medicare and what options you have for a PEBB retiree health plan. Our guest is Ellen, from the Washington State Health Care Authorit…

Is your pension benefit taxed? The short answer is: yes. But there are a lot fewer deductions taken out of your pay in retirement. When you retire, you're no longer paying into programs like Medicare and FICA which could result in you seeing more money.By Washington State Department of Retirement Systems

When it comes to preparing for retirement, women often face different challenges than men. Women tend to live longer but typically earn 21% less, often with fewer years of work due to caring for a child or elderly parent. Our guest is Catherine, a DRS team member who gives some insight on how women can be better prepared both financially and social…

Upon divorce or separation, your monthly benefit is not subject to sharing or division unless it is court-ordered. If you are going though a separation, you can call DRS to find out what resources are available to you. Our guest is Kumano, a DRS team member who talks about common mistakes and misconceptions that can happen in this process.…

Deciding on healthcare can be one of the most important decisions you make — both when you're working and when you're a retiree on Medicare. Luckily, you have the option to change your plan during each fall open enrollment period. In 2024, costs for plans are changing. It's important to see if your current plan is still right for you. Our guest on …

We continue to explore programs that can help you pay for medical expenses with pretax money. A Health Savings Account (HSA) has a higher deductible but has advantages for those with lower medical expenses. Our guest is Leanna from the Health Care Authority, who talks about the pros and cons of the program.…

Paying for healthcare can be expensive, but there is help. Flexible Spending Arrangements (FSA) and the Dependent Care Assistance Program (DCAP) allow you to set aside pretax money from your paycheck to help pay for qualifying medical expenses.Our guest on the show is Kelsie from the Health Care Authority who explains the benefits of these programs…

The Deferred Compensation Program now offers pretax and Roth options. Both help you save more for retirement. We look at the difference between the two as well as your options for converting funds from pretax to Roth.By Washington State Department of Retirement Systems

The amount of service credit you have has a direct impact to your retirement benefit. So, if you miss some credits because of maternity/paternity leave, National Guard service or taking a sabbatical, you have the option to restore that credit. In this episode, we discuss how service credit is accrued, how it affects your pension and how to see if y…

It can be frustrating to invest when the stock market is going down or sideways. Find out how to stay calm, invest for the long-run and take advantage of compound interest.By Washington State Department of Retirement Systems

Your DCP funds are like a large savings account. When you retire, you have several options for how you can use that money. In this episode, we look at the options for taking money out of the account. One popular choice includes purchasing an annuity that will guarantee the funds last for your lifetime.…

A recent survey found that only 28% of women feel confident investing in the stock market. In our first ever book review, we discuss New York Times bestseller: "Financial Feminist" by Tori Dunlap. Tori's shame-free approach has helped over 3 million women feel financially confident.By Washington State Department of Retirement Systems

Some of the biggest decisions you'll make in retirement are around your health care. Luckily, the Statewide Health Insurance Benefits Advisors (SHIBA) offer a free, unbiased service. Our guest Tim, explains how SHIBA volunteers help people of all ages and backgrounds with their Medicare questions and options.…

Paying off student loan debt can be challenging, but there's help. PSLF (Public Service Loan Forgiveness) is a program that can help you with debt. If you have federal student loans, you may be eligible to have those loans forgiven. Our guest is Jessica from the Washington Student Achievement Council (WSAC) with the PSLF program. She talks about ho…

Saving money for a child’s education can feel overwhelming, but it doesn’t have to be. The WA529 program allows families to set money aside where it will grow tax-free. Find out who can put money into the plan and how a child can use the money for a variety of educational expenses after high school. Some uses might surprise you such as books, housi…

For most plans, you need to work at least 5 years as a state employee to qualify for a retirement plan. But what if you leave state service before then? Or leave, and return a few years later? In this episode, you’ll learn the different options you have for the money in your retirement account. We also look at the details of restoring service credi…

Having a financial advisor can help you plan for your future, especially after a major life event such as a marriage, divorce or birth of a child. Learn the difference between a financial advisor and a money manager, and find out what questions you need to ask. Our guest on the show is Bruce, who’s had a long career as a financial advisor and now w…

As a new employee, you get to choose what type of retirement account you’d like. You have 90 days to decide between Plan 2 and 3. In this episode, you’ll learn the key differences between these two plans. Our guest on the show is Kimm who works for DRS. She talks to people every day who are trying to make this important decision. This choice applie…

Unclaimed Property is a program that reunites owners with their lost or missing money. This can be in the form of an old pay stub or an overpaid utility bill. Our guest on the show is Joe from the Unclaimed Property division at the Washington State Department of Revenue. He explains how the program works and how you can quickly and safely find your…

You can use automatic transfers and payments to help you manage your budget and make life easier, but there are a few things to be aware of before you automate all your bills. We look at different strategies for saving and paying bills on time — so you can create a system that works for you.By Washington State Department of Retirement Systems

The Deferred Compensation Program (DCP) is similar to a 401K and can help you save more for retirement. In this episode you’ll learn how taxes are applied, the importance of contributing with a percentage of your income and tools for maximizing your investment.By Washington State Department of Retirement Systems

We’ve received some great questions from our listeners asking how they can improve their finances. We jump into answering your questions: 0:23 - Is there any advantage to waiting past age 65 to start taking my pension? 3:38 - With inflation so high, do you have any tips on saving for retirement? 9:03 - What's the rule of 85? Does it apply in Washin…

Some public employees separate from work at age 55 and choose to start collecting their pension at age 65. We look at the pros and cons of this approach to retirement. If you’re under 40 and thinking about this path, learn what factors you need to consider and how to plan.By Washington State Department of Retirement Systems

Financial independence means a lot of things to different people. For some, it means you stop working and begin new adventures. For others, it means you’ve paid off your loans and can put that money towards other goals. Discover the steps you can take today to move towards this milestone.By Washington State Department of Retirement Systems

Net worth is a popular term these days. But how do you figure out what your net worth is? And what if your net worth is a negative number? Our hosts discuss the two factors of new worth: what you owe - liabilities - and what you have - assets. Hint: you may have some valuable assets hiding in your garage.…

If you want to save more for retirement, it might be time to look at where and how you’re saving. A supplemental account such as the Deferred Compensation Program (DCP) or a Roth IRA can boost your savings. We examine some of the best options for your retirement savings — including specific recommendations if you work in a school district.…

If you’re feeling overwhelmed by debt, you may have some questions about where to start. How do you decide which debt to pay first? Does the interest rate matter? What is APR? We look at some of the best tools and strategies for paying down your debt and what do after it’s paid off.By Washington State Department of Retirement Systems

There are so many “What ifs” when it comes to managing your money. What if your car breaks down? What if you need to go to the hospital? An emergency fund can help you prepare for the unexpected. So, how much should you save and where do you start? We offer some tips on how to master this crucial piece of budgeting.…

When most people think about budgeting, they examine their spending. But it’s also important to look at your income. We take a peek at different ways to think about income including changing your tax withholdings, side hustles and how to estimate your retirement income.By Washington State Department of Retirement Systems

We all spend money, so you might as well know where it’s going. In this episode, we take a look at a few different approaches to budgeting and how you can make it work for you.By Washington State Department of Retirement Systems

Money talk seems to be everywhere these days, even TikTok. Turns out, talking about your finances can lead to new insights. Our hosts share their first experience with money.By Washington State Department of Retirement Systems