Washington Retirement Benefits Basics Course Outline

Let me know what you think. What should be added? What am I missing?

This course will be designed for complete beginners. So a 22-year-old or anyone who knows nothing about money or finances should be able to go through this and come out feeling confident, empowered, transformed, and able to answer their friend’s questions basic benefits questions. I want them to be confident enough that the next time an advisor calls or knocks on their door to “review their benefits” they can say no thanks! I understand my situation very well πŸ™‚

Sure, here is a neatly numbered list based on the image provided:

Week 1 – Introduction to Washington State Employee Benefits

  1. Overview of Washington State Employee Benefits
    • Brief introduction to the types of benefits available to state employees, including retirement plans, healthcare, and other perks.
  2. Understanding Your Eligibility
    • Discusses the criteria for eligibility for various benefits, focusing on full-time vs. part-time status, and tenure requirements.
  3. How to Read Your Benefits Statement
    • Breaks down a typical benefits statement, explaining each section and what it means for the employee’s financial planning and overall benefits.
  4. The Importance of Beneficiary Designations
    • Explains what beneficiary designations are, why they’re important, and how to ensure they are up to date.
  5. Key Terms and Concepts Explained
    • Breaks down jargon and complex terms into simple language to build a foundational understanding.
  6. The Importance of Planning Your Retirement Early
    • Explains why starting retirement planning early is crucial, including compound interest and benefits accrual.
  7. How to Create a Budget That Works
    • Step-by-step on setting up a budget, tracking spending, and aligning it with goals.
  8. What Insurance Coverage Do You Actually Need?
    • Explanation of key insurance policies: health, renter’s, disability, and auto.
  9. Debt Payment Strategies: Snowball vs. Avalanche
    • Compares different debt repayment strategies.
  10. Managing Student Loans
    • Overview of repayment options, strategies for managing student loan debt, and tips for optimizing repayment plans.
  11. Building a Savings Plan at Any Income Level
    • Covers how to set short- and long-term savings goals.
  12. Creating a Personal Financial Roadmap
    • Identifying Your Financial Priorities
  13. How to Fill Out Your W-4 Correctly
    • Explains the purpose of the W-4, how to complete it, and the impact on paycheck withholdings.

Week 2 – Understanding Your Pension Plans

  1. Plan 2 Overview
    • Introduces the Public Employees’ Retirement System (PERS) plans, outlining the differences between PERS 1, PERS 2, and PERS 3.
  2. Plan 3 Overview
    • Overview of Law Enforcement Officers’ and Fire Fighters’ (LEOFF), Teachers’ Retirement System (TRS), and other specialized plans.
  3. Plan Comparison & Selection Strategies
    • Offers strategies for selecting the best retirement plan based on individual career paths and financial goals.
  4. Retirement Age and Requirements
    • Discusses the official retirement age, early retirement options, and requirements for full versus reduced benefits in both systems.
  5. Vesting and Benefits Accrual
    • Explains the concept of vesting, how long it takes, and how benefits accrue over time in each plan.
  6. Buying and Transferring Service Credits
    • How to increase your retirement benefits by buying back service credits or transferring credits from other retirement systems.
  7. Tax Implications of Pension Income
    • Explains how pensions are taxed and how to plan for this in retirement.

Week 3 – Healthcare and Insurance Benefits

  1. Healthcare Options for State Employees
    • Outlines the healthcare plans available, including PEBB, and how to choose the best option for you and your family.
  2. Dental and Vision Coverage
    • Details on dental and vision insurance options, including eligibility and enrollment processes.
  3. Life and Disability Insurance
    • Explains the benefits of life and disability insurance offerings, including optional and employer-paid plans.
  4. Flexible Spending Accounts (FSAs) and HSAs
    • Introduces Flexible Spending Accounts and Health Savings Accounts, explaining how they can save money on healthcare expenses.
  5. Navigating Open Enrollment and Making Changes
    • Guides viewers through the open enrollment process, including deadlines, and how to make changes to plans.

Week 4 – Supplemental Retirement Savings

  1. Why Supplemental Savings Matter
    • Explains the importance of supplemental savings alongside PERS for a secure retirement.
  2. Getting Started with 403(b) Plans
    • A beginner’s guide to understanding and setting up a 403(b) plan, including eligibility and benefits.
  3. Navigating Your DCP Options
    • Detailed walkthrough of how to choose the right investment options within the Deferred Compensation Program.
  4. Roth vs. Traditional: Choosing Your Contribution Type
    • Explains the difference between Roth and traditional contributions for DCP and 403(b) plans and how to decide which is best for you.
  5. Maximizing Employer Contributions and Matches
    • How to ensure you’re getting the most out of any employer contributions or matching funds in your 403(b) plan.
  6. Understanding Investment Fees
    • Breaks down the types of fees associated with DCP and 403(b) accounts and how to minimize costs.
  7. Strategies for Increasing Your Savings Over Time
    • Tips for gradually increasing your retirement savings rate to maximize growth without impacting your current lifestyle too much.
  8. When to Consider a Financial Advisor
    • Discusses the benefits of consulting with a financial advisor for your supplemental retirement planning and how to choose one.
  9. Preparing for Tax Implications
    • Overview of the tax implications of withdrawing from your DCP and 403(b) in retirement and strategies to minimize taxes.
  10. Reviewing and Adjusting Your Plan Annually
    • The importance of annual reviews of your supplemental retirement plans to adjust for changes in your financial situation or goals.
  11. Understanding Estimated Tax Payments & Withholdings
    • How to make estimated tax payments, especially for those with additional income from investments or side jobs.

Week 5 – Embracing Retirement Journey

  1. Creating a Retirement Income Plan
    • How to balance pensions, Social Security, and other income streams.
  2. Planning Your Retirement Lifestyle
    • How to envision and plan for the lifestyle you want in retirement, including hobbies, travel, and volunteer work.
  3. Managing Healthcare in Retirement
    • Strategies for managing healthcare costs in retirement, including Medicare and supplemental insurance.
  4. The Role of Social Security in Your Retirement Plan
    • Understanding how Social Security benefits integrate with Washington public employee retirement benefits.
  5. Estate Planning Essentials
    • A deeper dive into estate planning, including how to ensure your assets are distributed according to your wishes.
  6. Navigating Life Events as a Retiree
    • How to adjust your financial planning in response to major life events during retirement, such as relocation or changes in health status.
  7. Staying Financially Fit in Retirement
    • Tips for maintaining financial health in retirement, including budgeting, managing withdrawals, and investing wisely.
  8. Leaving a Legacy
    • Planning for how you want to be remembered, including charitable giving, scholarships, or other legacies.
  9. Community and Social Life in Retirement
    • Exploring opportunities for staying socially active and connected in retirement to support mental and emotional health.
  10. Lifelong Learning Opportunities
    • Opportunities for continued learning and personal development in retirement, including classes, workshops, and online courses.
  11. Course Conclusion: Making the Most of Your Retirement
    • Wrapping up the course with a focus on taking proactive steps to ensure a fulfilling and financially secure retirement.

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