Fund Your Future with DRS

Ep 50 - Social Security: understanding provisions for public employees

Continuing our discussion of Social Security benefits, we focus on unique provisions that can apply to public employees. Some people assume all public employees participate in Social Security, but this isn't always the case. We explore why some government workers, such as police officers and firefighters, might not be part of Social Security due to their unique pension plans.
We discuss two critical provisions that can impact Social Security benefits: the Government Pension Offset (GPO) and the Windfall Elimination Provision (WEP). Our guest, Kirk, from the Social Security Administration explains how these rules apply to folks trying to claim benefits on their own or a spouse's record while receiving a government pension.
More about the GPO: https://www.ssa.gov/policy/docs/program-explainers/government-pension-offset.html
More about the WEP: https://www.ssa.gov/policy/docs/program-explainers/windfall-elimination-provision.html

Ep 49 - Social Security basics

We dive into the essentials of Social Security benefits with special guest Kirk from the Social Security Administration. Kirk answers frequently asked questions about creating a My Social Security account, its benefits, and how to use online resources for your retirement planning.
Learn how to qualify for Social Security retirement benefits, understand the calculations behind your benefit amounts, and get insights into the financial health of the Social Security system. Kirk also discusses the best age to start receiving benefits and how to maximize your Social Security income.
Stay tuned for the next episode where we'll explore more specifics with provisions of Social Security that may impact public employees.
 
Official Social Security website: https://www.ssa.gov/

Ep 48 - Changes to Medicare Part D

Significant changes are coming to PEBB Medicare Part D in 2025. Discover why these changes are being implemented, how they aim to reduce premiums and what specific plans will include Medicare Part D. Our guest is Ellen, who works as a Retiree Benefits Manager at the Washington State Healthcare Authority. She explains what this new change means for retirees and where to go for more information.
 
Open enrollment is Oct. 28, 2024 – Nov. 25, 2024.
https://www.hca.wa.gov/
 

Ep 47 - Tips for choosing the best auto and home insurance

Your auto and home insurance can have a significant impact on your budget, but it’s hard to know if you’re getting the best rate. Our guest, Amy from the Office of the Insurance Commissioner (OIC), joins us to provide tips on shopping around for insurance and the value of having an agent.
 
Resources: 
Office of the Insurance Commissioner
Podcast: OIC Answers

Ep 46 - Teachers: out-of-state service credit

The amount of service credit, or time that you’ve been teaching, has a huge impact on your pension. In this episode, we explore the details of service credit for teachers in Washington state. Our guest, Jon from the DRS Contact Center, joins us to discuss options for teachers who have worked in other states and wish to transfer or purchase service credits.

Ep 45 - First month of retirement; what to avoid

We dive into the common challenges faced right after retirement. DRS team member John shares insights about handling the transition period and offers practical advice to avoid pitfalls. Whether you're planning to buy a house, plan to travel, or trying to navigate insurance coverage, this episode provides valuable tips to help ensure a smooth post-retirement experience.

Ep 44 - All about the Plan 3 TAP Annuity

Do you know how much you can spend from your investment account once you retire? Some people choose to purchase an annuity for peace of mind. Plan 3 members have access to a TAP Annuity with a lifetime cost of living adjustment (COLA). Find out more about this and other unique advantages of the TAP Annuity.

Ep 43 - Millennials and inflation

Millennial and DRS team member Durin recently got married and says that changed how he thinks about planning for the future. He shares his love of food and tips for budgeting when it comes to cooking and grocery shopping.

Ep 42 - Baby boomers: final advice for retirement

We talk with two DRS team members from the baby boomer generation who are less than five years from retiring. Hear what they’re doing in this critical time to prepare for their next stage of life. 

Ep 41 - Gen X: growing up without financial advice

People from Generation X grew up in a time where people didn’t talk about money and you couldn’t ask the internet. As a result, Mark and Sherry — two DRS team members from Gen X — are committed to making sure their kids know how to budget. Hear their advice on what you should be sharing with your kids.