Retirement Planning Checklist
The earlier you begin planning for retirement, the better prepared you’ll be. If you haven’t already sought financial planning advice, now is a great time. This checklist can help you successfully transition into retirement. You might be able to increase your retirement income or even retire sooner than you had planned.
How to retire
Sign up for an online account.
- Use your account to:
- Verify the number of service credit years you have.
- Calculate your retirement income through the Benefit Estimator.
3-12 months before you retire
Request an official benefit estimate. Do this through your online account or by calling DRS. In most cases, we will provide your estimate 5 to 8 weeks before your retirement date.
- If you need to make changes to your official estimate, contact DRS. (For example, contact us if you want to change your retirement date or survivor option.)
- Complete payment for any optional service credit. (You can use funds from your DCP account to pay for optional service credit.)
1-3 months before you retire
Apply for retirement through your online account (members of more than one plan will need to contact DRS to apply).
We encourage you to complete the application at least 5 weeks from the date you intend to retire (once you receive your official estimate).
- Tell your employer your intended separation date.
- If you have Plan 3 or DCP: Decide when you want to begin receiving payments from your investments. See your withdrawal options for Plan 3 or DCP. Contact the record keeper, Voya Financial at 888-327-5596 with questions.
At and during retirement
After you retire, we’ll mail you a letter with your monthly benefit information.
- Make sure the information on the letter is correct.
The same month you retire, you’ll receive your first payment on the final business day of that month. If you don’t receive your payment, contact DRS.
- Make sure the deductions on your statement are correct. Contact DRS if you have questions about any non-medical insurance deductions.
- Keep your address and beneficiary information up-to-date with DRS. Visit the DRS retiree page to get information like the latest Pension Payment schedule.
Enjoy retirement!
Tips for a better retirement
2-20 years before retirement
- Sign up for DCP to save even more for retirement.
- Age 50 or older? You can contribute a higher annual limit to DCP. And you can contribute up to twice the maximum during the three years before your normal retirement age. More about DCP.
- Review your options for restoring or purchasing service credit to increase your benefit.
1-5 years before retirement
- Attend a Nearing Retirement Seminar online or in person.
Learn how and when to:- request an official estimate
- restore or purchase service credit
- increase your retirement income with annuity options
- Want to increase your retirement income? Explore your annuity options or contact us.
- Plan for health care in retirement. Find out which options are available to you. Your employer may have additional information for you.
- VEBA – Voluntary Employees Beneficiary Association. They provide a Health Reimbursement Arrangement (HRA) which is an account you can use to reimburse your out-of-pocket expenses.
- SHIBA – Statewide Health Insurance Benefits Advisors. A group of trained volunteers that can help you with Medicare questions and options.
- Decide when to apply for Medicare and Social Security retirement benefits.
3-12 months before retirement
- DCP customers, contact DRS to find out if you can apply any unused leave toward your account.
- If you’ll be covered by the Public Employees Benefits Board (PEBB) program health insurance, contact PEBB/SEBB services at hca.wa.gov/pebb.
30-90 days before retirement
- If you’ll be using PEBB health care, now is the time to send in your coverage election form.
- If you qualify, apply for Public Service Loan Forgiveness (PSLF). You must still be employed in the public sector when you apply. Visit wsac.wa.gov/pslf. You will lose eligibility for this program once you retire.
Contacts
Here are some organizations customers commonly contact when retiring.
Department of Retirement Systems
Website: www.drs.wa.gov
Phone: 360-664-7000 or 800-547-6657 (TTY dial 711)
Visit the DRS contact page for more options to reach us.
Deferred Compensation Program (DCP)
Website: www.drs.wa.gov/dcp
Phone: 888-327-5596
Plan 3 Record Keeper
Website: www.drs.wa.gov/rk
Phone: 888-327-5596
Social Security Administration (SSA)
Website: www.ssa.gov
Phone: 800-772-1213
Internal Revenue Service (IRS)
Website: www.irs.gov
Phone: 800-829-1040
Health Care Authority (PEBB or SEBB)
Website: www.hca.wa.gov
Phone: 800-200-1004 PEBB Phone: 360-725-0440 or 800-200-1004
Medicare/Medicaid
Website: www.medicare.gov
Phone: 888-633-4227
Voluntary Employees’ Beneficiary Association (VEBA)
Website: www.veba.org
Phone: 888-828-4953
Statewide Health Insurance Benefits Advisors (SHIBA)
Website: www.insurance.wa.gov/my-shiba
Phone: 800-562-6900
