Washington State Retirement Planning

Thinking about retiring early on Plan 3? While having control over your pension payouts is great, there are hidden risks and key decisions that could make or break your retirement plan. In this episode, we cover:✅ Plan 3 early retirement penalties – What to expect if you retire before 62✅ Should you delay collecting your pension? Pros & cons of waiting until 65✅ Social Security timing – Why taking it early can be a costly mistake✅ How to use your Plan 3 investments wisely – The best withdrawal strategies✅ PEBB healthcare options – How to stay covered before Medicare kicks in✅ Veba & sick leave – Smart ways to use these benefits tax-free🔹 Whether you're considering early retirement or just want to maximize your Plan 3 benefits, having a strategy is key. Don't leave your financial future to chance!📢 Join our Free Washington Retirement Planning Community⁠⁠📅 Plan 3 Investment Advice⁠ / ⁠Schedule Meeting⁠👍 Like, subscribe, and hit the bell for more retirement insights!00:00 – Intro: Plan 3 Early Retirement Explained00:26 – Key Rules for Retiring Early on Plan 301:24 – How Early Retirement Penalties Work02:36 – Should You Take Social Security Early?02:51 – How to Use Plan 3 Investments to Cover Early Retirement03:26 – Healthcare Before Medicare: PEBB Coverage Options04:12 – Using Veba & Sick Leave to Your Advantage05:35 – Listener Question: Should You Delay Taking Your Pension to 65?06:38 – Why Delaying Might NOT Be the Best Move08:08 – Break-even Analysis: 62 vs. 65 Pension Collection09:28 – The Hidden Risk of Delaying Pension Payments10:38 – Final Thoughts: How to Retire Early with Confidence

Washington State’s Plan 2 pension is incredible, but is it enough to retire stress-free? Many employees assume their pension + Social Security will cover everything—but that’s not always the case. In this episode, we break down:✅ Early retirement rules for Plan 2 – What penalties apply?✅ Why your pension isn’t “set and forget” – Hidden financial risks✅ Healthcare & taxes in retirement – Costs you might not expect✅ Why you still need savings & investments – Even with a great pension✅ Estate planning & long-term care – Protecting your legacy🔹 If you’re relying only on Plan 2, you could be leaving yourself exposed to rising taxes, inflation, and healthcare costs. A strong retirement plan is more than just a pension—it’s a strategy for keeping more of your money and retiring with confidence!00:00 – Intro00:24 – Plan 2 Basics: How It Works & When You Can Retire01:01 – Early Retirement Penalties & Why They Matter02:03 – Biggest Mistakes Plan 2 Retirees Make02:42 – Rolling the sick leave into VEBA03:44 – How Social Security is Taxed (What Most People Miss!)04:43 – Q&A: How do people expect the government to care for them?07:27 – The Risk of Rising Taxes & Inflation on Your Pension09:12 – Healthcare & Long-Term Care Costs in Retirement11:40 – Inflation vs COLA13:03 – Estate Planning: Why You STILL Need a Will & Power of Attorney15:06 – Final Thoughts: How to Retire with More ConfidenceLinks: ⁠⁠Free Washington Retirement Planning Community⁠⁠ ⁠Plan 3 Investment Advice⁠ ⁠Schedule Meeting⁠ More free resources at ⁠WATRSPERS.com⁠

One of the biggest challenges of early retirement is figuring out how to afford healthcare before Medicare kicks in at 65. Many Washington State employees hesitate to retire early due to high healthcare costs—but with the right strategies, you can retire earlier than you think!In this episode of the Washington Retirement Planning Podcast, we break down realistic ways to cover healthcare costs, including:✅ Cobra vs. PEBB Benefits – Which one is right for you?✅ Health Insurance Options – Private plans, spouse coverage & state benefits✅ Paying for Healthcare – Using your pension, VEBAs & investments✅ Early Retirement & Full Benefits – When can you retire under PERS, TRS, & SERS?💡 Want to retire early with confidence? We help Washington State employees plan their pensions, reduce taxes, and retire smarter.👉 Like, subscribe, and turn on notifications for more retirement planning content!00:00 – Intro & Why Healthcare Costs Delay Retirement01:12 – Listener Question: When Can I Retire with Full Benefits?02:04 – Spouse’s Insurance: The Cheapest Option?02:25 – Cobra Coverage: Pros & Cons04:00 – PEBB Benefits: Who Qualifies & How It Works07:17 – Plan 2 vs. Plan 3 Changes (2024 Update)08:21 – Washington Health Exchange & Private Plans09:15 – Tax Credits & Hidden Costs of Health Plans11:36 – Medicare at 65 – What You Need to Know12:50 – How to Pay for Healthcare Before Medicare13:39 – Part-Time Work & Employer Coverage14:35 – Using Your Retirement Portfolio to Cover Costs17:54 – VEBA Accounts – Tax-Free Healthcare Funding19:49 – Early Retirement Mistakes & Success Stories27:46 – Final Thoughts – Why You Can Retire Sooner Than You Think!Links:⁠⁠Free Washington Retirement Planning Community⁠⁠⁠Plan 3 Investment Advice⁠⁠Schedule Meeting⁠More free resources at ⁠WATRSPERS.com⁠

Thinking of retiring early as a Washington State Employee? This podcast dives into everything you need to consider before leaving the workforce. Learn about: Penalties for taking your pension early and how they decrease with more years of service. Options for covering medical expenses if you’re no longer insured through the state. The importance of consulting a financial advisor to avoid costly mistakes. We also answer a key listener question about service credits and how they impact your retirement income. Don’t miss this essential guide for teachers, public employees, and more! 0:00 Introduction 1:03 Pension Rules for Early Retirement 1:24 Alternative Strategies – Using investment accounts instead of pensions 3:12 Social Security – Timing and penalties explained 4:01 Medical Coverage Options – VEBA accounts, part-time work, and more 5:43 Q: Maximizing Service Credits – How more credits boost your pension 7:29 Final Thoughts – Balancing retirement timing and life goals Useful links: ⁠⁠Free Washington Retirement Planning Community⁠⁠ ⁠Plan 3 Investment Advice⁠ ⁠Schedule Meeting⁠ More free resources at ⁠WATRSPERS.com⁠

In this episode, we provide an essential guide for new teachers in Washington State to navigate their retirement options. From understanding the differences between Plan 2 and Plan 3 to exploring key savings tools like the Deferred Compensation Plan (DCP) and 403(b) plans, we break down how to make the most of your benefits. You’ll also learn about student loan forgiveness options, tips for maximizing your pension, and strategies to fill income gaps during retirement. Plus, we address real questions from a new teacher to ensure you’re set up for financial success right from the start. Whether you're starting your career or want to future-proof your finances, this episode is packed with actionable advice to help you retire with confidence! 0:00 - Introduction 1:49 - Student Loan Forgiveness 2:32 - Become NEA / WEA Member 4:03 - Plan 2 7:11 - Plan 3 1:08 - Deferred Compensation Plan (DCP) 12:22 - Roth IRA 13:25 - 403(b) / TSA 18:50 - How to Enroll in Your 403b 20:07 - Q: What's better - Plan 2 or Plan 3? 20:44 - Q: How much do you need to set aside into a 403b to meet your retirement goals? 21:56 - Q: How to change the 403b / modify your retirement investment? 22:37 - Q: What's the process of setting up a 403b in a School District? 22:37 - Q: What's the optimal amount to put in a 403b to lower your tax bracket? 24:41 - Washington Wealth Breakthrough Links: ⁠⁠Free Washington Retirement Planning Community⁠⁠ ⁠Plan 3 Investment Advice⁠ ⁠Schedule Meeting⁠ More free resources at ⁠WATRSPERS.com⁠

In this episode, we break down Plan 2 vs. Plan 3 in Washington State's DRS retirement systems (TRS, SERS, and PERS). Which plan makes more sense for your future? We’ll cover the guaranteed income of Plan 2, the flexibility of Plan 3’s defined contribution portion, and why factors like indexing, liquidity, and early retirement matter. We also compare real-world scenarios: how much you’d need saved in Plan 3 to match Plan 2’s income and what happens if you stop working early. Plus, we address common misconceptions and comments about these plans, giving you clarity on your retirement options. Whether you’re new to the system or reevaluating your choices, this podcast will help you make an informed decision for long-term financial security. 0:00 - Introduction 2:02 - Plan 2 vs Plan 3 Overview 8:21 - Addressing Comments 24:53 - Final Thoughts If you want to take your planning even further, join our free retirement community for exclusive insights and resources (link down below). Make the most of your retirement options today! 🚀 Links: ⁠⁠Free Washington Retirement Planning Community⁠⁠ ⁠Plan 3 Investment Advice⁠ ⁠Schedule Meeting⁠ More free resources at ⁠WATRSPERS.com⁠

In this episode of the Washington Retirement Planning Podcast, I break down the essential steps for enrolling in a 403(b) plan, tailored specifically for school district employees in Washington State. Learn the differences between mutual fund and annuity-based 403(b) options, how to select the best vendor, and how to avoid common mistakes that can cost time and money. I also address a listener's question about managing small 403(b) accounts in retirement, including strategies like rolling over into an IRA or leveraging an income annuity. Whether you're setting up your first plan or figuring out how to maximize an existing one, this episode has actionable tips to help you retire sooner and pay less in taxes. Be sure to join my free community on School for exclusive courses and resources designed to simplify your financial planning journey. Links and resources mentioned are in the description below! 00:00 – Intro 01:18 – How do we enroll in a 403(b) Plan? 02:14 – Step 1: Understand what your options are 03:37 – Step 2: Choosing Between Annuity-Based and Mutual Fund-Based Plans 08:18 – Step 3: Completing Your Application 10:12 – Step 4: Submitting Your Salary Reduction Agreement (SRA) 11:26 – Step 5: Tracking Contributions and Avoiding Payroll Errors 14:16 – Listener Question: Options for Small 403(b) Accounts 19:42 – Washington Wealth Breakthrough - Free Course Links: ⁠⁠Free Washington Retirement Planning Community⁠⁠ ⁠Plan 3 Investment Advice⁠ ⁠Schedule Meeting⁠ More free resources at ⁠WATRSPERS.com⁠

In this episode of the Washington Retirement Planning Podcast, we uncover the “tax bomb” lurking in pre-tax retirement accounts like Plan 3, DCP, and 403(b). I explain how current tax laws, RMDs, and future tax increases could cost you more than you expect in retirement. Learn strategies to minimize these impacts, like Roth conversions, reducing taxable withdrawals, and proactive tax planning. Plus, I answer a listener's question on making wealth transfers easier for beneficiaries. Don’t let taxes eat away your retirement savings—tune in for actionable advice! 0:00 - Introduction: Understanding the tax bomb in retirement accounts0:30 - Why pre-tax accounts like Plan 3 and DCP are vulnerable1:25 - How national debt could drive future tax increases3:00 - RMDs: When you’re forced to withdraw (and pay taxes)5:10 - Why you might pay more taxes in retirement than expected7:20 - Example: Saving $155,000 but paying taxes on $1M+9:40 - Tax planning strategies: Roth conversions and after-tax accounts11:00 - Tools for reducing taxes on inherited accounts13:30 - Estate planning tips: Wills, trusts, and beneficiary alignment15:00 - Listener question: Simplifying wealth transfer to beneficiaries17:30 - Final thoughts: Take control of your tax future Check out these too: ⁠⁠⁠⁠⁠⁠⁠Free Washington Retirement Planning Community⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠Plan 3 Investment Advice⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠Schedule Meeting⁠⁠⁠⁠⁠⁠ More free resources at ⁠⁠⁠⁠⁠⁠WATRSPERS.com⁠

In this Washington Retirement Planning Podcast episode, I share actionable strategies to get the most out of your 403(b) retirement account. Learn about contribution limits, creative funding techniques, and tax-efficient setups like Roth 403(b)s. I also explain how to choose the best providers, optimize investment options, and navigate hidden benefits like the 15-year catch-up rule. Plus, I address a listener’s question about health insurance options for early retirees. Tune in to maximize your retirement savings and ensure a secure financial future! 0:00 - Introduction: Why 403(b) plans matter 0:30 - Key strategies to maximize your 403(b) contributions 1:55 - Understanding annual contribution limits and catch-up options 3:06 - Creative ways to fund your 403(b) using existing savings 3:58 - Timing contributions with extra income like coaching or bonuses 6:10 - Getting the right 403(b) plan from the start 6:55 - Choosing the right investments 7:56 - 403(b) loan provisions 8:42 - Tax considerations: Pretax vs. Roth contributions 12:17 - Question: Health insurance, Medicare 15:54 - Health insurance options for retirees under 65 (PEB and beyond) 16:33 - Free guides to accessing and transferring 403(b) funds Check out these too: ⁠⁠⁠⁠⁠⁠Free Washington Retirement Planning Community⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠Plan 3 Investment Advice⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠Schedule Meeting⁠⁠⁠⁠⁠ More free resources at ⁠⁠⁠⁠⁠WATRSPERS.com⁠

In this Washington Retirement Planning Podcast episode, I break down the tax implications of Plan 3 retirement accounts. From understanding Plan 3 as a pre-tax 401(a) to strategies for minimizing taxes when you withdraw, this episode covers it all. Learn why transferring funds to an IRA isn’t taxable, but withdrawals are, and how calculating a safe withdrawal can prevent tax surprises. We also discuss Roth conversions, penalties, and proactive tax planning for the future. Whether you’re near retirement or just starting to plan, tune in to maximize your financial strategy. 0:00 - Introduction to Plan 3 tax implications 1:20 - Why Plan 3 isn’t a 401(k) or IRA: It’s a 401(a) 2:35 - Understanding tax timing: When transfers are taxable 3:00 - Withdrawal tax rates and examples (+net amounts) 7:03 - How to withdraw tax efficiently for your needs 8:38 - Our solution 10:18 - The importance of proactive tax planning 11:15 - Resources for personalized tax and investment guidance Check out these too: ⁠⁠⁠⁠⁠Free Washington Retirement Planning Community⁠⁠⁠⁠⁠ ⁠⁠⁠⁠Plan 3 Investment Advice⁠⁠⁠⁠ ⁠⁠⁠⁠Schedule Meeting⁠⁠⁠⁠ More free resources at ⁠⁠⁠⁠WATRSPERS.com⁠

In this episode of the Washington Retirement Planning Podcast, we explore the benefits of including an annuity in your retirement portfolio. I’ll cover the four key reasons an annuity might be right for you, from providing guaranteed income to protecting your money during market downturns. Discover how annuities offer tax advantages and ways to reduce portfolio fees without sacrificing growth. Plus, I answer a listener’s question about the importance of 30 years of service for Washington State employees and what penalties apply for early retirement. Tune in to learn how annuities could enhance your retirement plan! 0:00 - Intro 1:27 - An annuity is the only investment that can guarantee you a lifetime stream of income 2:28 - Protect your money 3:45 - Tax Deferral Benefit 4:16 - Eliminate fees and expenses from your retirement portfolio 5:17 - You don't have to put everything into the annuity 7:10 - Explaining the 30 years of service for the Employees 13:24 - WATRSPERS free course Check out these too: ⁠⁠⁠Free Washington Retirement Planning Community⁠⁠⁠ ⁠⁠Plan 3 Investment Advice⁠⁠ ⁠⁠Schedule Meeting⁠⁠ More free resources at ⁠⁠WATRSPERS.com⁠

In this episode of the Washington Retirement Planning Podcast, I break down investment options for Plan 3 members, covering everything from choosing funds to the challenges of finding quality advice. I’ll explain the Rule of 100 to help you assess your risk level and introduce a custom subscription platform with 10 investment models designed for Plan 3, updated regularly for both conservative and aggressive investors. Plus, I’ll answer a common question about the differences between 403(b) and 457 plans. Tune in to get a solid foundation for managing your retirement investments!0:00 - Intro3:05 - Ep 14 - Plan 3 investments3:38 - The investment types in Plan 34:36 - WSIB Program vs. Self-Directed5:58 - Targeted funds6:54 - The investment advice7:33 - The investment performance9:30 - The rule of 10012:49 - Our service13:12 - 403(b) vs 45716:42 - WATRSPERS Check out these too: ⁠⁠Free Washington Retirement Planning Community⁠⁠ ⁠Plan 3 Investment Advice⁠ ⁠Schedule Meeting⁠ More free resources at ⁠WATRSPERS.com⁠

In this episode, we dive into the key strategies for ensuring your retirement savings last as long as you do. From the outdated 4% rule to more reliable guaranteed income options, we explore the pros and cons of each approach. Learn why relying on the stock market alone may not be enough and how guaranteed strategies, like annuities, can provide lifelong financial security. Plus, we tackle how to report IRA withdrawals on your taxes and answer listener questions. Tune in to get expert insights on maximizing your retirement income!   0:00 - Intro2:43 - The outdated 4% rule and its limitations3:43 - How market volatility impacts retirement strategies5:37 - Non-guaranteed strategies: Real estate, portfolios, and risks6:17 - Guaranteed strategies: Why annuities provide lifetime security8:02 - Misconceptions about annuities and fees 9:00 - Am I pro-annuity?10:02 - Comparing the 4% and 5% rules10:26 - The 3-bucket strategy for income in retirement  12:00 - How to claim IRA withdrawals on your taxes 14:00 - Upcoming retirement course for state employees   ⁠⁠Free Washington Retirement Planning Community⁠⁠ ⁠Plan 3 Investment Advice⁠ ⁠Schedule Meeting⁠ More free resources at ⁠WATRSPERS.com⁠

The Last Decade: 10 Essential Tips for a Smooth Retirement and Understanding Roth Contributions In this episode of the Washington Retirement Planning Podcast, host Ethan Rico offers 10 crucial tips for employees in the last 10 years of their careers. These tips are designed to help listeners retire earlier, minimize taxes, and enjoy more free time. Topics include budgeting, creating a written financial plan, adjusting investment risks, increasing savings, and ensuring proper liability coverage. Ethan also answers a listener's question about contribution limits for Roth accounts and emphasizes the importance of tax-advantaged savings Listeners are encouraged to complete an anonymous survey to provide feedback and suggestions for future content and services. 00:00 Introduction to the Podcast 00:21 10 Tips for the Last 10 Years of Your Career 02:41 Tip 1: Budgeting for Your Household 03:33 Tip 2: Building a Written Financial Plan 04:11 Tip 3: Reducing Investment Risks 04:42 Tip 4: Paying Off High-Interest Debt 05:33 Tip 5: Increasing Your Savings 06:29 Tip 6: Tax Diversification 07:01 Tip 7: Long-Term Care Coverage 08:50 Tip 8: Investing in Guaranteed Income 09:41 Tip 9: Setting Up Trusts and Wills 10:30 Tip 10: Updating Liability Coverages 11:32 Listener Question: Contribution Limits for Roth Accounts 14:22 Maximizing Tax Advantages 18:13 Conclusion and Legal Disclosure 2024 Survey ⁠⁠Free Washington Retirement Planning Community⁠⁠ ⁠Plan 3 Investment Advice⁠ ⁠Schedule Meeting⁠ More free resources at ⁠WATRSPERS.com⁠

Financial Planning for Couples: Essential Steps and Tips In this episode of the Washington Retirement Planning Podcast, host Ethan Meikle provides valuable advice on financial planning for couples. He emphasizes the importance of communication, goal setting, budgeting, and saving for retirement. Ethan also answers a listener's question about retirement tips for young professionals, covering topics like taking inventory of finances, dealing with insurance, and understanding taxes. The episode features practical tips and tools to help couples maximize their retirement benefits and ensure a stable financial future. 00:00 Introduction to the Podcast 00:27 Main Topic: Financial Planning for Couples 01:11 Step 1: Communication is Key 04:01 Step 2: Creating a Budget 05:25 Step 3: Allocating Extra Money 06:15 Step 4: Insurance and Risk Protection 08:23 Step 5: Managing Debt 09:14 Step 6: Building an Emergency Fund 10:15 Step 7: Regular Maintenance and Adjustments 10:56 Listener Question: Tips for Young Professionals 18:08 Investment Advice and Strategies ⁠Free Washington Retirement Planning Community⁠ Plan 3 Investment Advice Schedule Meeting More free resources at WATRSPERS.com

My Tribute to Coach Duarte and Perspectives on Retirement Planning Today is the first day of the 2024 Track and field season. In this episode, I pay tribute to Coach Duarte, who had a significant impact on my life. I share my reflections on his values and lessons that helped shape me professionally and personally. I also delve into asset protection strategies for retirement, featuring buffer annuity, fixed indexed annuity, and Exchange Traded Fund (ETF). Importantly, I talk about the benefits of strategic tax planning, particularly in instances of inheritance, and highlight the necessity of having a comprehensive estate plan. As I expand my horizons and shift towards a more holistic financial planning approach, I discuss how I plan to leverage my newfound knowledge to better aid my clients in their retirement journey. I conclude by expressing my excitement for the upcoming track season and reminding listeners of the essentiality of learning from those around us, underlining life's fleeting nature. 00:07 Introduction and Tribute to Coach Duarte 00:22 Remembering Coach Duarte's Impact 03:01 Transitioning to Retirement Planning 03:29 Asset Protection Strategies in Retirement 04:25 Exploring Investment Options 07:17 Understanding Annuities and ETFs 11:50 Tax Planning and Estate Planning ⁠⁠Free Washington Retirement Planning Community⁠⁠ ⁠Plan 3 Investment Advice⁠ ⁠Schedule Meeting⁠ More free resources at ⁠WATRSPERS.com⁠

Announcement of Giveaway Winners In this special episode of the Washington Retirement Planning Podcast, various winners of the podcast's launch giveaway, held in November 2023, are announced. Prizes range from Starbucks gift cards to free months of Scenic Financial's subscription service and strategic consultation meetings. The grand prize is a comprehensive financial plan valued at $4,000. Additionally, everyone who provided a review of the podcast receives a copy of the 'Washington Retirement Roadmap'. The podcast host emphasizes the importance of claiming these giveaway prizes within 90 days. 00:07 Announcement of Podcast Launch Giveaway 00:48 Details of the Giveaway and Prizes 01:19 Announcement of Starbucks Gift Card Winners 02:38 Announcement of Free Months of Plan Confidence Subscription Service Winners 04:17 Announcement of Free Strategy Consultation Winners 07:42 Announcement of Free Tax Planning Consultation Winners 10:50 Announcement of Grand Prize Winner 13:50 Bonus for All Reviewers 2024 Content Survey ⁠⁠Free Washington Retirement Planning Community⁠⁠ ⁠Plan 3 Investment Advice⁠ ⁠Schedule Meeting⁠ More free resources at ⁠WATRSPERS.com⁠

Managing Your Washington State Retirement Funds: Investment Options and Potential Pitfalls In this episode of the Washington State Retirement Planning podcast, we dive into the often-asked question of how to manage money in the plan three accounts. Along with discussing the possible options, including moving to an IRA or purchasing annuities, we also warn against taking lump sum amounts or using it to pay off the mortgage due to potential tax impacts. We also answer a listener's question about the impact of fees on investments and advise on choosing a financial advisor, emphasizing the need to consider performance, taxes, and risk in addition to fees. The importance of getting a comprehensive financial plan ahead of time for Washington State employees is stressed, to ensure a stress-free retirement. 00:23 Understanding Your Plan Three Retirement Account 00:52 Listener Questions: Impact of Fees on Investments 01:06 Introducing the Investment Decision Filter 01:25 Exploring Options for Your Plan Three Retirement Account 01:39 Understanding the Difference Between Retirement and Separation 02:06 How to Manage Your Plan Three Account While Employed 02:38 Understanding the Transfer Process in Plan Three 04:36 Moving Your Money to an IRA 06:59 The Benefits of Purchasing Annuities 11:51 What Not to Do with Your Plan Three Money 13:36 The Consequences of Ignoring Financial Advice 13:54 The Dangers of Misusing Retirement Funds 15:18 Listener Question: Impact of Fees on Investments 16:12 Understanding Investment Fees and Their Impact 17:03 The Benefits of ETFs and Individual Stocks 20:01 The Importance of Considering Risk in Investments 24:24 The Role of a Financial Advisor in Managing Risk 26:35 Taking Action for Your Financial Future Get investment advice on your TRS 3 account now! Free Downloads Available at WATRSPERS.com ⁠⁠Free Washington Retirement Planning Community⁠⁠ ⁠ ⁠Schedule Meeting⁠

Understanding 403b Retirement Plans: Differences, Pros, Cons, and Recommendations Let's talk about the two types of 403b retirement plans available: the 403b or TSA plans and the 403b7 plans. We'll explain the differences including their functioning, fees, and investment selections. We will also give a brief on surrender charges associated with annuity-based plans and commissions. The pitfalls of picking certain 403b plans are discussed, particularly those run by life insurance companies. We will provide tips on how to identify and choose better 403b7 plans. At the end, we'll talk about a new DIY investing solution to manage their own 403b account. 00:25 Understanding 403b Plans 02:11 The Two Types of 403b Plans 02:35 The Pros and Cons of TSA 403b Plans 05:32 The Benefits of 403b7 Plans 08:41 Choosing the Right 403b Plan Provider 12:20 Identifying Your Current 403b Plan 13:15 DIY Investing Solution for Your 403b Plan ⁠⁠Free Washington Retirement Planning Community⁠⁠ ⁠Plan 3 Investment Advice⁠ ⁠Schedule Meeting⁠ More free resources at ⁠WATRSPERS.com⁠ 2024 Content Survey - Please Share your thoughts

Understanding your 403b Retirement Plan and Its Benefits In today's episode, we're diving into a crucial retirement benefit often overlooked by many: the 403b plan. Especially relevant for non-profit workers, like those in school districts, the 403b is a powerful tool for building retirement savings. Surprisingly, the state doesn't emphasize this benefit, favoring its own Deferred Compensation Plan (DCP). Why? Well, the DCP generates revenue for the state, unlike the 403b, so they downplay its significance. But fear not, I'm here to shed light on the advantages of the 403b. I recently shared a success story where one of my clients, facing a tax dilemma due to a denied rollover of sick leave, triumphed after concerted efforts. It's a reminder to ensure your school district allows the transfer of sick leave into the VEBA account, potentially saving you thousands in taxes. Now, onto the 403b: a flexible retirement savings plan allowing you to start, stop, and adjust contributions easily. I share insights on contributions, access to funds, taxation, and the importance of selecting the right investment options. Curious about starting your own 403b? Be cautious, as there are different types—TSAs and 403b7s—and choosing the wrong one can lead to complications. I've prepared a list of the top 5 questions to ask before opening a 403b, available for download in the description. Outline: 00:00 Introduction and Welcome 00:36 Understanding the 403b Plan 02:07 Success Story: Client's Retirement Savings 04:30 Exploring the 403b Plan 05:59 Accessing Your 403b Plan 08:13 Tax Implications of 403b Plans 09:00 Investing with 403b Plans 10:20 Choosing the Right 403b Plan Resources Go here to get advice on your DCP⁠ ⁠ 5 403b Questions You Need To Ask ⁠⁠Free Washington Retirement Planning Community⁠⁠ ⁠Plan 3 Investment Advice⁠ ⁠Schedule Meeting⁠ More free resources at ⁠WATRSPERS.com⁠