Retirement Planning Checklist
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1
2Retirement Planning Checklist
Washington State Department of Retirement Systems
The earlier you begin planning for retirement, the better prepared you will be. If you haven’t already sought
financial planning advice, now is a great time. The checklist below can help you successfully transition into
retirement. You might be able to increase your retirement income or even retire sooner than you had planned.
1-2 years before retirement
3-12 months before retirement
F If interested, sign up for DCP or
F Sign up to access your retirement
another employer-sponsored voluntary
F Request an official estimate of your
account at
. If you are
retirement plan. You might also consider
monthly benefit payment. You can do
a Deferred Compensation Program
using a “catch-up” savings option.
this securely through online account
(DCP) and/or Plan 3 member, you can
access or by calling DRS.
also view your defined contribution
F If interested, contact DRS to find out
account(s) through online account
whether you’re eligible to purchase
F Complete payment of any outstanding
access.
optional service credit.
optional service credit invoices.
F Review your plan handbook, which
F Plan for health care coverage during
F Ask your employer about which
is available on the DRS website, for
retirement. Note options that are
health care coverage options are
retirement eligibility rules.
available to you.
available to you when you retire. If you
are covered by the Public Employees
F Use online account access to verify the
F Contact your employer to find out
Benefits Board (PEBB) Program, or will
accuracy of your service credit. If you
whether it participates in a health
be after you retire, contact PEBB Benefit
find information you think is incorrect,
reimbursement arrangement with
Services.
contact DRS.
the Voluntary Employees’ Beneficiary
Association (VEBA).
F Decide when you should apply for
F Use the Online Benefit Estimator to
Medicare and retirement benefits
estimate your future monthly
F Register for a retirement seminar or
available through the Social Security
benefit.
watch a seminar video online.*
Administration (SSA).
* Because of the decreasing number of active Plan 1 members, DRS is offering fewer Plan 1 retirement planning seminars. To see the schedule of seminars, visit
/seminars
. To watch a seminar online, visit
/multimedia/seminars/seminars.htm
. DRS no longer offers LEOFF Plan 1 or WSPRS Plan 1 seminars.
WSPRS and LEOFF Plan 1 members who are within five years of retiring can call DRS at 360-664-7000 or 800-547-6657 to schedule a one-on-one planning session with a
retirement specialist. That session can be in person, over the phone, or via Skype or another available videoconferencing tool. WSPRS Plan 1 members can also ask their union
representative(s) to contact DRS to set up a group retirement planning seminar.
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