Washington State Retirement Planning

Ethan Meikle
  • 5.0 (6)
  • EDUCATION
  • UPDATED WEEKLY

Welcome to The Washington State Retirement Planning Podcast – the ultimate podcast designed to demystify and optimize your Washington retirement journey! Our seasoned experts will break down complex topics into digestible, actionable insights. From TRS & PERS Pensions to DCP, 403b, Social Security, and beyond, we cover it all. With engaging interviews, real-life success stories, and Q&A sessions, this podcast is your go-to resource for a secure retirement. You'll gain a comprehensive understanding of your benefits, so you can make well-informed decisions. Want More? Visit WATRSPERS.com

  1. Ep 44 - Should I move my Plan 3 benefits?

    APR 6

    Ep 44 - Should I move my Plan 3 benefits?

    Free Washington Retirement Planning Community and Courses What should you actually do with your Plan 3 account once you retire? This is one of the most common questions Washington State employees ask, and the answer isn’t one-size-fits-all. In this episode, we break down the real options you have after separating from service, including when it makes sense to keep your money in Plan 3, move it out, or use it to create additional guaranteed income. We also walk through how the TAP annuity works, when it might make sense, and why it can be a powerful tool for covering fixed expenses like healthcare in retirement. Then we shift into a full update on recent Washington State retirement-related legislation, including what passed, what didn’t, and what it could have meant for your pension. Topics covered: - What to do with your Plan 3 account after retirement - When a TAP annuity makes sense - Why many people choose to roll funds into an IRA - Investment flexibility and tax planning opportunities - Recent Washington State pension and benefits legislation updates If you're approaching retirement or just planning ahead, this episode will help you think through your next move with your Plan 3 money. Links: Free Washington Retirement Planning Community⁠⁠ ⁠Plan 3 Investment Advice⁠ ⁠Schedule Meeting⁠ More free resources at ⁠WATRSPERS.com⁠ ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ 🙋🏽‍♀️ Need help? Schedule A Meeting : https://calendly.com/scenicfinancial ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ 🎯Get TRS 3, PERS 3 & DCP Investment Advice Here: 💥💥 https://scenicfinancial.net/scenic-plan-confidence1/💥💥 The Only Place To Receive Ongoing, Personalized Investment Advice, So You Can Confidently Invest In Your TRS 3, PERS 3 & DCP Retirement Plans! ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ 🕸 Visit Us Online: Scenicfinancial.com WATRSPERS.com ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ DISCLAIMER **Advisory Services offered through Intirety, LLC a registered investment adviser. Intirety LLC and Scenic Financial are not associated with the Washington State Department of Retirement in any way. Scenic Financial makes content available as a service to its clients and other visitors, to be used for informational purposes only. While our best intentions are to provide accurate and timely information, you should always consult with retirement, tax, and legal professionals prior to taking any action. 🕸️

    11 min

  2. MAR 16

    EP 43 - School District Retirement Benefits Explained

    Free Washington Retirement Planning Community and Courses Most Washington State school district employees know they have great retirement benefits. But very few people actually understand how the full system works together. In this episode we break down the core retirement benefits available to teachers and school district employees in Washington State. This presentation walks through the basics of the pension systems, how Plan 2 and Plan 3 work, and the additional retirement savings options available through your employer. Topics covered include: - How the Plan 2 pension formula works - The difference between Plan 2 and Plan 3 retirement systems - How the Plan 3 investment account works - Investment options inside the WSIB and self directed plans - The role of Social Security and pension income in retirement - How educators fill retirement income gaps Additional retirement savings tools like DCP, Roth IRA, and 403b plans We also explain a major mistake many educators make when choosing retirement investments and why understanding fees and surrender schedules in 403b plans is critical. If you work for a Washington State school district and want a clearer understanding of your retirement benefits, this episode covers the foundation of how everything works together. 00:00 - Intro 02:07 - 4 retirement topics educators need to understand 03:07 - How the Plan 2 pension formula works 06:31 - How Plan 3 pensions and contributions work 10:10 - Understanding retirement income and shortfall planning 11:24 - Deferred Compensation Plan DCP explained 12:41 - Roth IRA basics for educators 13:50 - 403b retirement plans explained 19:15 - Ways to save 20:45 - Pretax vs Roth 21:40 - Tax Trap ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ 🙋🏽‍♀️ Need help? Schedule A Meeting : https://calendly.com/scenicfinancial ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ 🎯Get TRS 3, PERS 3 & DCP Investment Advice Here: 💥💥 https://scenicfinancial.net/scenic-plan-confidence1/💥💥 The Only Place To Receive Ongoing, Personalized Investment Advice, So You Can Confidently Invest In Your TRS 3, PERS 3 & DCP Retirement Plans! ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ 🕸 Visit Us Online: Scenicfinancial.com WATRSPERS.com ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ DISCLAIMER **Advisory Services offered through Intirety, LLC a registered investment adviser. Intirety LLC and Scenic Financial are not associated with the Washington State Department of Retirement in any way. Scenic Financial makes content available as a service to its clients and other visitors, to be used for informational purposes only. While our best intentions are to provide accurate and timely information, you should always consult with retirement, tax, and legal professionals prior to taking any action. 🕸️ Links: Free Washington Retirement Planning Community⁠⁠ ⁠Plan 3 Investment Advice⁠ ⁠Schedule Meeting⁠ More free resources at ⁠WATRSPERS.com⁠

    27 min
  3. EP 42 - Can I change my Plan 3 contribution?

    MAR 9

    EP 42 - Can I change my Plan 3 contribution?

    Free Washington Retirement Planning Community and Courses One of the most common questions from Washington State employees in Plan 3 retirement systems is simple: Can I change my Plan 3 contribution? Unfortunately, the answer for most people is no. In this episode we break down the rules around Plan 3 contributions and why many employees are locked into the contribution rate they originally selected. We also explain the one situation where you may be able to change it and why the rule changed in the first place. We also discuss: - Why contribution changes were removed in 2015 - The one exception that allows you to change your contribution - Why many employees choose the 5 percent contribution option - Other retirement savings options like 403b plans and DCP Then we answer a community question from someone who is receiving income from PERS 1 after a divorce and wants to know if they can add that income to their PERS 2 pension to increase future retirement income. We explain why that is not possible and review two alternative strategies that could increase retirement income instead. If you are in PERS 3, TRS 3, or SERS 3, understanding how contribution elections work is critical because once you select a rate, it may be locked in for the rest of your career. 00:00 Intro 00:59 Can you change your Plan 3 contribution 01:13 Why contribution changes were removed in 2015 02:16 When you can change your Plan 3 contribution 02:57 Community question about adding PERS 1 income to PERS 2 03:26 Why you cannot add money to a Plan 2 pension 04:18 Options to increase Plan 2 retirement income 05:20 Join our Free Retirement Community ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ 🙋🏽‍♀️ Need help? Schedule A Meeting : https://calendly.com/scenicfinancial ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ 🎯Get TRS 3, PERS 3 & DCP Investment Advice Here: 💥💥 https://scenicfinancial.net/scenic-plan-confidence1/💥💥 The Only Place To Receive Ongoing, Personalized Investment Advice, So You Can Confidently Invest In Your TRS 3, PERS 3 & DCP Retirement Plans! ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ 🕸 Visit Us Online: Scenicfinancial.com WATRSPERS.com ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ DISCLAIMER **Advisory Services offered through Intirety, LLC a registered investment adviser. Intirety LLC and Scenic Financial are not associated with the Washington State Department of Retirement in any way. Scenic Financial makes content available as a service to its clients and other visitors, to be used for informational purposes only. While our best intentions are to provide accurate and timely information, you should always consult with retirement, tax, and legal professionals prior to taking any action. 🕸️

    7 min
  4. EP 41 - Switch From Plan 2 to Plan 3

    MAR 2

    EP 41 - Switch From Plan 2 to Plan 3

    Free Washington Retirement Planning Community and CoursesEvery January, some Washington State employees on Plan 2 receive an offer to switch into Plan 3.Sometimes the incentive looks attractive. $50,000. $80,000. Even $100,000 upfront to make the change .But what are you really giving up?In this episode, we break down: Why the state offers buyouts in the first placeWhat you lose when you leave a 2 percent per year guaranteed pensionWhy retirement is about income, not account balancesWhy most people who switched later regretted itWhy this decision is permanentWe also discuss pending legislation that may allow certain Plan 3 members to switch back into Plan 2 if they were never given a choice when hired . If that happens, it will not be free. Members would likely need to give up a significant portion of their Plan 3 balance to buy back service credit.We walk through a real income comparison example:Would you give up $400,000 in Plan 3 to double your guaranteed pension income?Sometimes the math may surprise you.Finally, we answer a community question:Should you buy a TAP annuity because of political uncertainty?The short answer is no. Financial decisions should be based on your plan, not who is in office .If you are in PERS 2, TRS 2, or considering a switch to Plan 3, this is one of the most important irreversible decisions you will make.00:00 Should you switch from Plan 2 to Plan 302:00 Why the state offers lump sum buyouts04:20 Pending legislation to switch back to Plan 205:40 Income example: Giving up 400,000 to double pension07:45 Should you buy a TAP annuity because of politics09:00 Final thoughts and community resources▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬🙋🏽‍♀️ Need help? Schedule A Meeting : https://calendly.com/scenicfinancial▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬🎯Get TRS 3, PERS 3 & DCP Investment Advice Here:💥💥 https://scenicfinancial.net/scenic-pl...The Only Place To Receive Ongoing, Personalized Investment Advice, So You Can Confidently Invest In Your TRS 3, PERS 3 & DCP Retirement Plans! ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬🕸 Visit Us Online: Scenicfinancial.comWATRSPERS.com▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬DISCLAIMER**Advisory Services offered through Intirety, LLC a registered investment adviser. Intirety LLC and Scenic Financial are not associated with the Washington State Department of Retirement in any way. Scenic Financial makes content available as a service to its clients and other visitors, to be used for informational purposes only. While our best intentions are to provide accurate and timely information, you should always consult with retirement, tax, and legal professionals prior to taking any action. 🕸️

    10 min
  5. Ep 40 - 5 Retirement tips for 2026

    FEB 23

    Ep 40 - 5 Retirement tips for 2026

    Free Washington Retirement Planning Community and CoursesIf you are a Washington State employee planning to retire soon, 2026 is a year you cannot afford to wing it. In this episode, I break down five retirement planning mistakes I saw repeatedly this past year and how to fix them before they cost you money . We cover: - Why taking the highest pension option is not always the smartest move - How survivorship choices can dramatically impact your spouse - Why Roth conversions need a real strategy, not guesswork - What most people misunderstand about long term care insurance - Why timing matters more than your account balance We also answer a key listener question: How can I retire as early as possible on PERS 3 with over 30 years of service? If you qualify for the 2008 ERF and are considering retiring at 55 instead of 62, the break even math might surprise you . We walk through how reductions, COLAs, and lifetime payout comparisons actually work. Whether you are in PERS 2, PERS 3, TRS, SERS, or DRS deferred comp, this episode will help you avoid costly timing mistakes and build a retirement plan that survives real life. 00:00 Intro 01:11 Tip 1 - Bigger pension is not always better 04:38 Tip 2 - Do not assume your spouse will figure it out 07:40 Tip 3 - Roth conversions need strategy 09:25 Tip 4 - Long term care insurance misconceptions 11:20 Tip 5 - Timing matters more than account balance 13:31 - How to retire early on PERS 3 with 30 years Links: ⁠⁠Free Washington Retirement Planning Community⁠⁠ ⁠Plan 3 Investment Advice⁠ ⁠Schedule Meeting⁠ More free resources at ⁠WATRSPERS.com⁠

    20 min
  6. EP 39 - Washington Plan 3 Pros and Cons Explained - Pension, Investments, and Retirement Risks (2025)

    12/29/2025

    EP 39 - Washington Plan 3 Pros and Cons Explained - Pension, Investments, and Retirement Risks (2025)

    Free Washington Retirement Planning Community and CoursesWashington State Plan 3 is one of the most misunderstood retirement systems, part pension, part investment account. In this episode, we break down the real pros and cons of Plan 3 so you understand how it works, what it does well, and where it can fall short if you’re not careful. You’ll learn why Plan 3’s 1% per year pension is still a valuable guaranteed benefit (and completely free), how the forced savings component helps many employees retire with more money than they otherwise would, and why Plan 3 pensions continue to grow by 3% per year even if you leave service early after 20 years. We also cover the investment side, including contribution limits, default funds, target-date funds, and why many Plan 3 portfolios underperform compared to private retirement accounts. Then we explain the biggest downside: only half of your retirement income is guaranteed, while the other half depends on the market, timing, and sequence of returns. In the second half, we answer a common listener question: Can you access Plan 3 (401(a)) and Deferred Comp (457) after separating from service without penalties? We walk through the Rule of 55, how Deferred Comp works differently, and a critical mistake people make when contributing to multiple 457 plans. If you’re in PERS 3, TRS 3, or SERS 3, this episode will help you decide how to manage risk, income, and flexibility in retirement. 00:00 - What Plan 3 is and who it applies to 01:23 - Pro #1: 1% per year guaranteed pension (free benefit) 02:01 - Pro #2: Forced savings and long-term account growth 02:58 - Pension growth after leaving service early (3% per year) 03:52 - Using Plan 3 money for TAP annuities 04:27 - Con #1: You cannot change your contribution rate 04:59 - Con #2: Investment limitations and default fund risks 06:39 - Why Plan 3 portfolios often underperform private accounts 07:21 - Con #3: Only half your retirement income is guaranteed 08:40 - Why market volatility affects retirement income 09:12 - Listener Q&A: Accessing Plan 3 and Deferred Comp penalty-free 10:30 - Rule of 55 for Plan 3 explained 11:09 - Deferred Comp (457): No penalty after separation, any age 11:53 - Critical warning: Multiple 457 plans share one contribution limitLinks: ⁠⁠Free Washington Retirement Planning Community⁠⁠ ⁠Plan 3 Investment Advice⁠ ⁠Schedule Meeting⁠ More free resources at ⁠WATRSPERS.com⁠

    10 min
  7. Ep 38 - Plan 2 Pros and Cons Explained - Is a Washington State Pension Really Enough? (2025)

    12/22/2025

    Ep 38 - Plan 2 Pros and Cons Explained - Is a Washington State Pension Really Enough? (2025)

    Free Washington Retirement Planning Community and CoursesPlan 2 is one of the most generous pension systems in the country, but it’s not perfect. In this episode, we break down the real pros and cons of Plan 2 for Washington State teachers, public employees, and school employees so you can understand what you’re gaining, and what you may be missing. We explain why Plan 2’s 2% per year lifetime pension is such a powerful benefit, how vesting works after just five years, and why many Plan 2 retirees actually earn more guaranteed income than Plan 3 members who saved aggressively on their own. You’ll also learn about lesser-known features like the 5.5% interest credit on contributions after separation. Then we cover the downsides: - No built-in savings account - Rising mandatory contribution rates - Limited liquidity and legacy concerns - What happens if you pass away early in retirement In the second half of the episode, we answer a critical listener question about survivorship benefits and community property rules. We explain why spouses do not automatically receive a pension unless the correct survivorship option is selected, and why this decision is permanent. If you’re in PERS 2, TRS 2, or SERS 2, this episode will help you avoid costly retirement mistakes and make smarter planning decisions. 00:00 - Intro - Plan 2 for WA State Employees 01:32 - The biggest advantage: 2% per year lifetime pension 02:29 - Why income matters more than account balances 03:32 - Low required contributions vs private retirement savings 04:04 - Vesting after just 5 years 04:26 - Little-known benefit: 5.5% interest on contributions after separation 05:24 - The biggest downside: no built-in savings account 06:01 - Mandatory contributions and why you have no control 06:54 - Liquidity and legacy concerns with Plan 2 07:17 - What happens if you pass away early in retirement 08:13 - Listener question: survivorship benefits and community property 08:32 - Pension option choices and why they are permanent 09:09 - Why spouses must sign and notarize Option 1 10:16 - Real example: how Option 1 can financially devastate a survivor 11:56 - Why survivorship options often break even faster than expected 12:26 - Why this is one of the most important retirement decisions you’ll make Links: ⁠⁠Free Washington Retirement Planning Community⁠⁠ ⁠Plan 3 Investment Advice⁠ ⁠Schedule Meeting⁠ More free resources at ⁠WATRSPERS.com⁠

    14 min
  8. EP 37 - Income Too High for a Roth IRA? 3 Smart Ways WA Employees Can Still Build Tax-Free Income

    12/15/2025

    EP 37 - Income Too High for a Roth IRA? 3 Smart Ways WA Employees Can Still Build Tax-Free Income

    Free Washington Retirement Planning Community and CoursesIf your income is too high to contribute to a Roth IRA, you’re not out of options, especially if you’re a Washington State employee. In this episode of the Washington Retirement Planning Podcast, we break down three proven ways to continue building tax-free Roth income, even after you’ve passed the Roth IRA income limits. We also explain why some commonly recommended strategies, like backdoor Roth IRAs are often overused, misunderstood, and sometimes done incorrectly. You’ll learn how Roth options inside Deferred Comp (457), 403(b), and employer plans work, why they have no income limits, and how recent Secure Act changes created powerful new catch-up opportunities for ages 50–63. We also walk through Roth conversions, when they make sense, how to avoid IRS penalties, and why paying taxes the wrong way can cost you extra. Finally, we cover backdoor Roth IRAs: what they are, when they actually make sense, and the critical tax form (Form 8606) that people forget to file, often leading to penalties years later. The second half of the episode answers a listener's question about Plan 3 annuity options, comparing private annuities versus Washington State options like service credit purchases, TERS annuities, and the TAP annuity, including why the guaranteed 3% COLA makes TAP so powerful for early retirement planning. If you’re a high-income earner trying to reduce future taxes and retire earlier, this episode is a must-watch. 00:00 - Why high earners get shut out of Roth IRAs 01:32 - 2025 Roth IRA income limits and phaseout ranges 02:53 - Best option #1: Roth Deferred Comp (no income limits) 04:05 - New Secure Act catch-up rules (ages 50–63) 05:16 - Option #2: Roth conversions and when they make sense 06:39 - How to pay Roth conversion taxes correctly (avoid penalties) 08:11 - Option #3: Backdoor Roth IRA explained (and common mistakes) 10:42 - Pro-rata rule and Form 8606 warning 14:55 - Listener Q&A: Plan 3 annuity options explained 20:22 - TAP annuity vs service credits vs TERS annuity 23:40 - Using annuities strategically to retire earlier Links: Free Washington Retirement Planning Community⁠⁠ ⁠Plan 3 Investment Advice⁠ ⁠Schedule Meeting⁠ More free resources at ⁠WATRSPERS.com⁠

    25 min
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About

Welcome to The Washington State Retirement Planning Podcast – the ultimate podcast designed to demystify and optimize your Washington retirement journey! Our seasoned experts will break down complex topics into digestible, actionable insights. From TRS & PERS Pensions to DCP, 403b, Social Security, and beyond, we cover it all. With engaging interviews, real-life success stories, and Q&A sessions, this podcast is your go-to resource for a secure retirement. You'll gain a comprehensive understanding of your benefits, so you can make well-informed decisions. Want More? Visit WATRSPERS.com

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