Fund Your Future with DRS

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.

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. 

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.

We chat with two DRS team members from Gen X, Devi and Corinne, who started saving for retirement a few years ago. They both share how they started shifting priorities after having an "ah-ha moment," and now saving for retirement is their top priority.

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Generation Z recently joined the work force and they bring a new perspective. DRS team member Jacob describes his generation as growing up with “all internet, all the time.” He opens up about how he and his friends are strapping down to pay for rising rent costs and getting creative with their budgets.

Generation X was dubbed the "MTV Generation," and now some of them are getting ready to retire. We sit down with Terri, a DRS team member from Gen X. She shares that saving for retirement when you’re single can present its own challenges. Terri discusses her experience and tips for saving.

In April 2024, the Socially Responsible Balanced Fund (SRI) will change from a balanced fund – invested in stocks and bonds – to a new SRI that solely invests in stocks. Managed by AllianceBernstein (AB), the new Socially Responsible Equity Fund's strategy uses the UN Sustainable Development Goals to identify and invest in key sustainability themes. We sit down with Dan who works at AB to find out more.

These two terms are commonly used for retirement plans, but what's the difference? If you haven’t retired from your plan, you only have beneficiaries. If you are retired, you could have both. In this episode, we take a look at the difference between these two terms and what they can provide for your loved ones.

If you're a member of more than one Washington state retirement system, you're a member of multiple systems - also known as a dual member. In this episode, we look at what you should be aware of when you're approaching retirement. Our guest is Wendy, a DRS team member, who explains some of the advantages of being a dual member.

Did you know not all states manage pensions the same way? Washington state is 94% on track to meet the funding goals of pension plans. That rate is one of the highest in the country. Your pension is a guarantee. Our guest is Mitch from the Office of the State Actuary who explains how pensions are funded in Washington in order to meet that guarantee.

New legislation allows some employees to earn retirement service credit if their employment was interrupted by service in the US Military. Find out how this can increase your retirement benefit and why you shouldn't wait more than five years to report it. 

As a retired public employee, you have access to insurance options through the Public Employees Benefits Board (PEBB). And when you retire at age 65 or more, you're required to enroll in Medicare. Find out more about Medicare and what options you have for a PEBB retiree health plan. Our guest is Ellen, from the Washington State Health Care Authority.

Is your pension benefit taxed? The short answer is: yes. But there are a lot fewer deductions taken out of your pay in retirement. When you retire, you're no longer paying into programs like Medicare and FICA which could result in you seeing more money.

When it comes to preparing for retirement, women often face different challenges than men. Women tend to live longer but typically earn 21% less, often with fewer years of work due to caring for a child or elderly parent. Our guest is Catherine, a DRS team member who gives some insight on how women can be better prepared both financially and socially.

Upon divorce or separation, your monthly benefit is not subject to sharing or division unless it is court-ordered. If you are going though a separation, you can call DRS to find out what resources are available to you. Our guest is Kumano, a DRS team member who talks about common mistakes and misconceptions that can happen in this process.

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We continue to explore programs that can help you pay for medical expenses with pretax money. A Health Savings Account (HSA) has a higher deductible but has advantages for those with lower medical expenses. Our guest is Leanna from the Health Care Authority, who talks about the pros and cons of the program.

Paying for healthcare can be expensive, but there is help. Flexible Spending Arrangements (FSA) and the Dependent Care Assistance Program (DCAP) allow you to set aside pretax money from your paycheck to help pay for qualifying medical expenses. Our guest on the show is Kelsie from the Health Care Authority who explains the benefits of these programs.