EP 10 – What To Do With Plan 3 Money?

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