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
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7 Money Murdering Mistakes Washington Teachers Make:
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DISCLAIMER
**Advisory Services offered through Intirety, LLC a registered investment adviser. Intirety LLC and Scenic Financial are not associated with the Washington State Department of Retirement in any way. Scenic Financial makes content available as a service to its clients and other visitors, to be used for informational purposes only. While our best intentions are to provide accurate and timely information, you should always consult with retirement, tax, and legal professionals prior to taking any action. 🕸️