This October, create your retirement blueprint
When it comes to budgeting, you may have heard the term “Save more and spend less.” But that’s easier said than done. We know that retirement planning can be a lot. However, if you set up a plan now, it’ll feel easy-peasy.
When you think about it, planning for retirement is a lot like using a blueprint to build a house. Just as a blueprint outlines the structure of a home, a retirement plan maps out your financial goals and strategies for achieving them. When you have that blueprint in your hand, it can help to relieve a lot of that stress.
Take a moment to think about your retirement blueprint. What kind of lifestyle do you want to have? Do you want to plan for an early retirement? What’s your risk tolerance when it comes to investing?
Set aside some time to ask yourself these questions. The beginning of fall is a great time to take a fresh look at your plans and to review your budget. Draft a plan for your finances before the busy holidays start.
This October, we’re hosting four free Q&As to help you lay the foundation to achieve your retirement goals. Each session is 30-min which includes a short 10-minute presentation followed by time for your questions. Sign up to get your spot.
Special 30-min Q&As for October
Tuesday, Oct. 1 – Planning for an early retirement
Saving just a little more during your career can help you in retirement. Find out how contributing to DCP with a percent of your pay or a flat dollar amount could help you plan for an early retirement.
Session has ended.
Tuesday, Oct. 8 – DCP Roth and pretax options
DCP offers Roth and pretax options. Compare these options and discover how DCP differs from an Individual Retirement Account (IRA).
Session has ended.
Tuesday, Oct. 16 – What’s your risk tolerance?
DCP and Plan 3 investments all have levels of risk. Find out about investing for the long term and what type of risk tolerance you have.
This session still has spots that are open.
Tuesday, Oct. 22 – How does a pension work?
Defined benefit pensions in the U.S. are rare to have nowadays. Find out what it means to have a pension and how you can increase it.
Session is full, but you can still join the waitlist.
Financial resources to craft your perfect retirement blueprint
DCP calculator
Use the DCP calculator to estimate how much you’ll have in retirement with your current contribution. If you ever wished that you could have a crystal ball to look into your financial future, look no further.
Try estimating different contribution amounts. If you increase your monthly contribution by $100 or 1%, it can make a big difference over time.
Benefit estimator tool
Log in to your online account and select “Benefit Estimator” to get an idea of your monthly retirement income. By answering a few simple questions, this tool will allow you to see what your monthly income could look like.
Retirement planner calculator
The Retirement planner calculator projects how much (or how much more) you should be saving based on your current plan for retirement. It also allows you to stagger income sources. This can be especially helpful for Plan 3 customers who have different options for how they withdraw their retirement savings.
TAP annuity calculator
If you’re a Plan 3 customer, you can turn your Plan 3 Investments into a second lifetime benefit income option (guaranteed by the State of WA). Use the TAP annuity calculator to estimate what that income might look like.
DRS podcast
Listen to the podcast: Fund Your Future with DRS. Now available on all listening platforms.
Explore some of the basics of financial planning, tools for managing your money and ideas for sparking conversations with friends and family. Join DRS employees as they tackle the stigma around money and share their personal financial journeys.
Financial independence checklist
Setting and maintaining your course toward financial independence could take less time than you think. The financial independence checklist has 5 easy steps you can take to set yourself up for success in retirement.
DRS Webinars
Watch a live or recorded webinar. Topics cover your retirement plan as well as tips for financial wellness. See the webinar schedule.
More resources:
Hey millennials, plan for your future with 3 easy steps
Retirement guide for new hires
Financial Wellness Video Library from VOYA
America Saves – A nonprofit that encourages and supports average-income households to save money, reduce debt, and build wealth.
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