Fund Your Future with DRS

Ep 68 - Understanding COLAs and the CPI Connection

Why do pensions sometimes go up? In this episode, we talk with Matt Smith, the state actuary, about COLAs (Cost of Living Adjustment) and how it’s tied to inflation. Matt explains how prices are tracked using the Consumer Price Index for Urban Workers (CPI-U) and why that matters for your pension. We also look at why COLAs are based on prices in the Seattle area, even if you live somewhere else. Tune in to find out how inflation and COLAs work together to shape your retirement income.

Ep 67 - Why the rule of 72 feels like magic (but isn’t)

If you ever wanted a quick way to estimate how many years it’ll take for your investments to double, take 72 and divide it by the interest rate. In this episode, we explore how this a great way to think about the power of compound interest. If you’re early in your career, it may encourage you to set aside more money now. And if you’re close to retirement, it can be reassuring to know your investment could double in the next 7-10 years.

Ep 66 - DCP withdrawals, rollovers, and RMDs

You have options when it comes to accessing your DCP funds. In this episode, we cover smart ways to manage your funds, including monthly payouts, rollovers, lump sums and annuities. Plus, find out about required minimum distributions, emergency access and managing beneficiaries.
 
Resources:
Withdrawals in retirement calculatorDCP Roth vs pretax calculatorDCP savings calculator
 
 

Ep 65 - Fears about money and how to tackle them

According to a study by Allianz Life Insurance, Americans are more afraid of running out of money than of dying. We unpack the emotional toll of financial stress and talk about practical ways to regain a sense of control. Whether you’re living paycheck to paycheck, or simply overwhelmed by rising costs, this episode offers real talk to help you breathe a little easier when it comes to your money.

Ep 64 - Money moves when your finances are tight

In this timely episode, we dive into the reality many are facing: economic uncertainty and its impact on personal finances and retirement plans. We discuss practical steps to manage stress, maintain financial stability, and make informed decisions. We also explore how tools like Washington's Deferred Compensation Program (DCP) can provide flexibility and serve as a financial safety net when you need it most.

Ep 63 - Firefighters and financial planning: what we can learn

Are there some groups of public employees that do a better job of saving for retirement? In this episode, our guest AJ shares why firefighters are proactive when it comes to retirement planning. Find out about their approach and how you can apply it to your own long-term planning.

Ep 62 - Finding calm when the stock market goes down

It can be scary to look at your DCP or Plan 3 investments and see that your balance has suddenly gone down. However, even if stocks are low, that doesn’t necessarily mean you should panic. In this episode, we talk about how to mentally deal with the stock market during uncertain times. Our guest, Malia, highlights the importance of long-term investment planning and what you should consider if you’re close to retirement age.

Ep 61 - Exploring economics with TikTok's @EconChrisClarke

Ever wonder why prices rise, how the stock market shapes our world, or what drives the financial decisions? This is the study of economics. In this episode, we sit down with Chris Clarke, an economics professor from Washington State University. Chris has gained a large online following from his videos by making economics relatable for the younger generation. You can follow him @EconChrisClarke on TikTok and Instagram.
In our discussion we tackle misconceptions about the economy, the unpredictability of recessions, and the persistent myths surrounding inflation and stock markets. Chris shares his journey into teaching economics and his passion for making daunting economic topics relatable and understandable for everyone.
Find out more on Chris’ personal website.

Ep 60 - Strategies and benefits of VEBA, a health reimbursement arrangement (HRA)

As you plan for health care in retirement, a VEBA or HRA can be a helpful tool. Many public employers participate to help you save for your out-of-pocket healthcare expenses and premiums.
Our guest Brian, from Gallagher (consultant for VEBA trusts), shares insights on how these tax-advantaged accounts work including how to enroll, investment options and the flexibility the account offers.
Official website: HRAVEBA.org, VEBA.org

Ep 59 - Cash-out strategies for your leave balance

When you decide to separate from service - either to retire, or work elsewhere - there's a good chance you'll have a balance of sick leave and annual leave. You may have the option to cash-out this leave, but you'll still have to pay the taxes on the extra income. Luckily, some employers allow you to roll over leave into your DCP account.
Our guest Malia shares insights on transferring leave balances into the Deferred Compensation Program (DCP), offering potential tax savings and investment opportunities.