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USLF Multistate Elder and Retirement Law Handbook - Guide

Retirement Plans For Dummies In Washington

Category:

Family Law - Elder Law

State:

Multi-State

Control #:

US-001HB

Format:

Instant download

Description

This Handbook provides an overview of federal laws affecting the elderly and retirement issues. Information discussed includes age discrimination in employment, elder abuse & exploitation, power of attorney & guardianship, Social Security and other retirement and pension plans, Medicare, and much more in 22 pages of materials.

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You need 5 or more years of service to qualify for a retirement with PERS Plan 2. Full retirement age is 65. You can also choose to retire as early as age 55, but your benefit could be reduced depending on your total years of service.

Someone between the ages of 51 and 55 should have 5.3 times their current salary saved for retirement. Someone between the ages of 56 and 60 should have 6.9 times their current salary saved for retirement. Someone between the ages of 61 and 64 should have 8.5 times their current salary saved for retirement.

The safe withdrawal rule is a classic in retirement planning. It maintains that you can live comfortably on your retirement savings if you withdraw 3% to 4% of the balance you had at retirement each year, adjusted for inflation.

Examples of defined contribution plans include 401(k) plans, 403(b) plans, employee stock ownership plans, and profit-sharing plans. A Simplified Employee Pension Plan (SEP) is a relatively uncomplicated retirement savings vehicle.

How do I retire with DRS? Request an official benefit estimate from DRS 3 to 12 months prior to your retirement date. Make this request through your online account or by contacting us. Complete a retirement application at least 5 weeks from the date you intend to retire (once you receive your official estimate).

The $1,000 per month rule is designed to help you estimate the amount of savings required to generate a steady monthly income during retirement. ing to this rule, for every $240,000 you save, you can withdraw $1,000 per month if you stick to a 5% annual withdrawal rate.

The first step in retirement planning is goal setting. It's important to envision what retirement looks like for you, and you can do so by asking yourself several important questions, such as: At what age do I want to retire? What kind of lifestyle do I want to live in retirement?

A Simplified Employee Pension Plan (SEP) is a relatively uncomplicated retirement savings vehicle. A SEP allows employees to make contributions on a tax-favored basis to individual retirement accounts (IRAs) owned by the employees. SEPs are subject to minimal reporting and disclosure requirements.

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Retirement plan guides for all Department of Retirement System plans including rules and benefit information for Washington State DRS pension customers. PERS Plan 3 is a 401(a) plan with two parts: pension and investment.Your employer contributes to your pension, and you contribute to the investment account. The Department of Retirement Systems (DRS) offers a wide range of resources to help you understand your retirement plan and meet your retirement savings goals. You are eligible to retire with a full benefit if you have at least five years of service credit when you meet the age requirement. The County offers its employees several opportunities to save for the future, including a pension through the Washington State Department of Retirement Systems. Plan 3 has two parts—a pension benefit and an investment account. Your employer contributes to your pension benefit. This booklet helps you understand your plan and explains what information you should review periodically and where to go for help with questions. Once vested, you are eligible to retire with a full benefit at age 65.

Retirement Plans For Dummies In Washington

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