Your Independent Retirement Resource on Washington State Retirement Benefits
As an employee of a school district you are given a unique retirement benefit package.
Many people don't understand how their benefits work or what options they have to save more money for retirement.
Your unique state benefits also creates unique tax problems for many people. These tax traps often go unnoticed until it is too late.
Given that 87% of Americans don't have pensions anymore the common advice you may hear likely isn't the best for your situation.
Most advisors aren't familiar with pension plans or how to properly plan around from a tax perspective.
They are too focused on helping people with blanket advice on saving more using tax deffered accounts like 403b's and IRA's.
The problem is because you are entitled to a pension that will likely make up a huge part of your retirement in addition to your social security, your future income often doesn't change that much, and usually you won't change tax brackets.
So if you are in the same tax bracket in retirement, and taxes go up like they are scheduled to do so in 2026, all of your pretax savings will have to be taken out at these higher tax rates.... leaving you to pay an increasing amount of taxes each year in retirement.
The reason I said "have to be taken out" is because starting at age 70.5 the IRS requires that you withdraw money each year weather you want to or not.
In your review we will cover
- How your pension works
- What your retirement income looks like
- What possible tax traps are created by your pension
- How to solve these tax problems problem
Click below to schedule a time on my calendar