EP 21 – New Hire Retirement Guide For Washington Teachers

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:

  1. ⁠⁠Free Washington Retirement Planning Community⁠⁠

  2. ⁠Plan 3 Investment Advice⁠

  3. ⁠Schedule Meeting⁠

  4. More free resources at ⁠WATRSPERS.com⁠

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Join our free community and gain exclusive access to expert financial insights & personalized tools tailored for Washington State employees. Whether you’re just starting out or nearing retirement, our community offers the resources you need to confidently plan your financial future. Connect with like-minded individuals, ask questions, and stay informed about the latest strategies to maximize your retirement benefits. Start your journey today and take control of your financial goals—it’s completely free!

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