As a Washington state employee, you've dedicated your career to public service. Now, it's time to ensure your pension works just as hard for you in retirement.

Many public servants wonder if their pension will be enough to support their retirement dreams. The good news? Your PERS or LEOFF pension can be a powerful foundation for your future financial security. However, you need to have additional savings beyond your pension.
Understanding PERS and LEOFF: Your Pension Foundation
Before we dive into optimization strategies, let's review the basics of PERS and LEOFF:

• PERS (Public Employees' Retirement System): This system covers most state and local government employees in Washington.
• LEOFF (Law Enforcement Officers' and Fire Fighters' Retirement System): This system is specifically for law enforcement officers and firefighters in the state.

Both systems offer defined benefit plans, promising a specific monthly benefit upon retirement based on your years of service and final average salary.
Know Your Plan: The Key to Maximizing Benefits
Understanding which plan you're in is crucial, as each has unique features:
PERS Plans:

• PERS 1: Closed to new members since 1977. Offers the highest benefit multiplier but requires the highest employee contribution.
• PERS 2: A defined benefit pension plan with a lower multiplier than PERS 1 but still provides guaranteed lifetime benefits.
• PERS 3: A hybrid plan combining a defined benefit portion with a defined contribution portion, offering more investment control but potentially lower guaranteed benefits.

LEOFF Plans:

• LEOFF 1: Closed to new members since 1977. Offers comprehensive benefits, including medical coverage.
• LEOFF 2: The current plan for new law enforcement and firefighter employees, offering strong benefits but without the medical coverage of LEOFF 1.

Knowing your plan is essential because each has different rules for vesting, retirement age, and benefit calculations.
7 Strategies to Optimize Your Pension Benefits
Now, let's explore how to maximize the value of your pension:
1. Understand the Power of Vesting
Patience can significantly increase your benefits. Most plans require 5 years of service to become vested (PERS 3 requires 10 years), but longer service can dramatically boost your pension:

• PERS 2: You'll earn 2% of your final average salary for each year of service. At 30 years, you could receive 60% of your salary in retirement.
• LEOFF 2: The multiplier structure is more complex:
  • 2% for the first 15 years of service
  • 2.5% for the next 10 years (years 16-25)
  • 2% for years beyond 25 For example, a 30-year career would provide 65% of your final salary (30% for the first 15 years, 25% for the next 10 years, and 10% for the final 5 years).

Consideration: Calculate how much your benefit increases for each additional year of service.
2. Understand and Plan for Your "Final Average Salary"
Your pension is typically based on your highest-earning consecutive 60 months. This makes your career trajectory in the years leading up to retirement particularly important. Here are some thoughtful approaches to consider:

• Focus on Long-Term Career Development: Consistently seek opportunities for professional growth and advancement throughout your career.
• Pursue Relevant Education and Training: Stay current in your field by pursuing additional certifications, training, or advanced degrees that are valued in your profession.
• Take on Leadership Roles: Look for chances to lead projects or mentor colleagues. Leadership experience can be a pathway to promotions and increased responsibilities, which often come with salary increases.
• Understand Your Compensation Structure: Familiarize yourself with your agency's policies on step increases, cost-of-living adjustments, and performance-based raises. This knowledge can help you plan your career moves more strategically.
• Plan Your Retirement Timing: Consider the timing of your retirement in relation to scheduled salary increases or step advancements. Sometimes, working just a few months longer can significantly impact your final average salary.

Remember, the goal is to focus on your overall career development and the value you bring to your role.
Important Note: Always ensure that any career moves or additional responsibilities you take on align with your personal well-being and work-life balance. The highest salary isn't always worth it if it comes at the cost of your health or job satisfaction.
3. Understand the Impact of COLAs
Cost of Living Adjustments (COLAs) help your pension keep pace with inflation:
Most of the state pension plans offer a COLA up to 3%. It’s important to note that regardless of what inflation is, the maximum COLA is 3%.
Any year that inflation is above 3%, the additional amount is applied to future adjustments. Any year that inflation is lower than 3%, the COLA can be pulled from the banked amounts from prior years.
Planning Tip: When projecting your retirement budget, factor in these COLAs. They can make a significant difference in maintaining your purchasing power over a long retirement.
4. Leverage the Deferred Compensation Program (DCP)
While not part of your pension, the DCP is a valuable supplemental savings plan:

• Contributions are made with pre-tax dollars, potentially lowering your current taxable income.
• Your money grows tax-deferred until withdrawal.
• In 2024, you can contribute up to $23,000 ($30,500 if you're 50 or older).

Strategy: Consider maximizing your DCP contributions, especially in your highest-earning years. It's an effective way to bridge any gap between your pension and your desired retirement income.
5. Evaluate Survivor Benefit Options
Protecting your loved ones is a crucial aspect of retirement planning. It's important to understand that choosing a survivor option will reduce your monthly benefit, but it provides ongoing payments to your survivor after your death. Here are the four options available:

1. Single Life Option: This provides the highest monthly benefit to you, but payments stop upon your death.
2. Joint and 100% Survivor Option: Your survivor receives the same benefit amount you were receiving. This option results in the largest reduction to your monthly benefit.
3. Joint and 50% Survivor Option: Your survivor receives 50% of the benefit amount you were receiving. This option results in a smaller reduction to your monthly benefit compared to the 100% option.
4. Joint and 66.67% Survivor Option: Your survivor receives 66.67% of the benefit amount you were receiving. This reduction to your benefit falls between the 50% and 100% options.

Important Decision: Carefully weigh these options. Consider factors such as your health, your survivor's potential needs, other sources of retirement income, and the difference in age between you and your survivor. This decision will significantly impact both your retirement income and your survivor's financial security.
7. Stay Informed About Legislative Changes
Pension systems can evolve with new legislation. While existing benefits are generally protected, future accruals might be affected:

• Stay informed about proposed changes to your pension system.
• Attend informational meetings or webinars offered by your employer or the Department of Retirement Systems (DRS).

Stay Proactive: Understanding potential changes can help you adjust your retirement strategy if needed.
Remember, your pension is a valuable benefit, but it's just one component of your retirement plan. By understanding and optimizing your PERS or LEOFF benefits, you're taking an important step towards a secure and comfortable retirement.
Consider working with a financial advisor experienced with Washington State pensions who can help you integrate your pension into a comprehensive retirement plan.

Did you know that as a Washington State public employee, you might be sitting on a gold mine of retirement benefits that even your financial advisor might have overlooked?

What I'm about to share could be the key to transforming your retirement from ordinary to extraordinary.

As a financial advisor and CPA who's been unraveling the complexities of public sector retirement planning, I've discovered some hidden gems in our state's system. These aren't just small perks – we're talking about strategies that could potentially add hundreds of thousands of dollars to your retirement fund.

The Overlooked Powerhouse: Deferred Compensation Program (DCP)

Imagine having a secret weapon in your retirement arsenal that could dramatically boost your nest egg. That's exactly what the Washington State Deferred Compensation Program (DCP) can be for you. But here's the kicker – many financial advisors don't fully leverage its potential.

Why is the DCP such a game-changer? Let's break it down:

1. Tax Advantages That Pack a Punch: The DCP offers both pre-tax and Roth contribution options.
   • Pre-tax contributions can lower your current tax bill.
   • Roth contributions set you up for tax-free withdrawals in retirement.
   • Think about your current tax rate and your future tax rate.
     1. If you think your current tax rate will be lower than your future tax rate, the Roth option might be best for you. (i.e. earlier career workers).
     2. If you think your current tax rate will be higher than your future tax rate, the pre-tax contribution might be best for you. (i.e. peak earning years near retirement).
2. Flexibility That Fits Your Life: You can adjust your contributions anytime. Got a raise? Bump up your savings. Unexpected expense? Dial it back. You're in control.
3. Fees That Don't Eat Your Savings: With lower fees than many private sector 401(k) plans, more of your money stays where it belongs – in your pocket.
4. Investment Options for Every Style: Whether you're a risk-taker or prefer to play it safe, there's an investment strategy for you.

But here's where it gets really interesting. Did you know that by strategically balancing pre-tax and Roth contributions, you could set yourself up for significant tax advantages in retirement? It's a strategy many overlook, but it could make a world of difference.

The DCP's Secret Weapon: Access Before Traditional Retirement Age

Here's a game-changing fact that many financial advisors overlook: Unlike traditional retirement accounts, you can access your DCP funds before age 59.5 without penalties.

Why is this such a big deal? Let's break it down:

1. Early Retirement Flexibility: Planning to retire before full retirement age? Your DCP funds can bridge the gap until your pension or Social Security kicks in.
2. Career Transition Support: Thinking about a mid-life career change? Your DCP can provide financial cushion during the transition.
3. Emergency Fund in Disguise: While it's not recommended to tap retirement funds for emergencies, knowing you have penalty-free access in dire situations can provide peace of mind.
4. Phased Retirement Options: You can start drawing from your DCP while still working part-time, easing into retirement on your terms.

Imagine John, a 55-year-old state employee who's ready for a change. Thanks to his DCP, he can reduce his hours, supplement his income with DCP withdrawals, and transition smoothly to his encore career as a part-time consultant. Without the age restrictions of other retirement accounts, John has the freedom to reshape his life when it suits him, not when an arbitrary age limit says he can.

This flexibility is a powerful tool in your retirement planning arsenal. It's not just about how much you save, but also about how and when you can use those savings to support your life goals.

The $915,000 Question

Now, you might be wondering, "Just how much of a difference can the DCP really make?" Let's crunch some numbers.
Imagine this: You start contributing $750 per month at age 35. Assuming a 7% annual return, by age 65, your DCP account could grow to nearly $915,000. And that's on top of your pension!

Think about what an extra $915,000 could mean for your retirement. Vacations? A dream vacation home? Financial security for you and your loved ones? The possibilities are endless.

Health Insurance in Retirement: The Often Misunderstood Benefit

Now, let's talk about something that keeps many soon-to-be retirees up at night: health insurance. The Public Employees Benefits Board (PEBB) Program offers retiree health insurance options that could save you a fortune. But here's the catch – many people don't fully understand how to maximize these benefits.

Did you know that:

• You might be able to cover your spouse or partner too?
• There are strategies to coordinate with Medicare that could significantly reduce your out-of-pocket costs?

Understanding these options could be the difference between worrying about medical bills in retirement and having peace of mind to enjoy your golden years.

The Leave Cash-Out Strategy: Your Hidden Treasure

Here's a little-known perk that could give your retirement savings a serious boost: cashing out unused leave. Many Washington State agencies allow employees to cash out a portion of their unused vacation or sick leave upon retirement.

But the real magic happens in how you use this cash-out. Imagine using it to:

1. Pay for several years of health insurance premiums without touching your savings.
2. Make a final, significant contribution to your DCP account.
3. Create a buffer for those first few years of retirement, allowing your other investments to grow.

It's like finding money you forgot you had – and who doesn't love that?

The Return to Work Program: Having Your Cake and Eating It Too

Now, for those of you who can't imagine fully slowing down, here's something that might sound too good to be true. The Return to Work program allows retirees to work up to 867 hours per year without impacting their pension benefits.
Think about it: You could ease into retirement, keep your skills sharp, mentor the next generation, and supplement your income – all without touching your pension. It's the best of both worlds!

Your Action Plan: Turning Insights into Reality

So, you're probably wondering, "This all sounds great, but what do I do now?" Here's your roadmap to maximizing these benefits:

1. Take a close look at your PERS or other pension plan. Do you know your projected benefit?
2. Explore the DCP. Could you increase your contributions, even by a small amount?
3. Consider how the DCP's flexibility for withdrawals before age 59.5 might factor into your retirement timeline or career plans.
4. Investigate your agency's leave cash-out policies. You might be sitting on a goldmine!
5. Start planning your health insurance strategy now, even if retirement seems far off.
6. Consider how the Return to Work program might fit into your retirement dreams.

Remember, the key to a successful retirement isn't just in knowing these strategies exist – it's in taking action to make them work for you.

The Bottom Line: Your Path to an Extraordinary Retirement

As Washington State public employees, we have access to a retirement system with perks that many in the private sector would envy. By understanding and leveraging these benefits, you can transform your retirement from ordinary to extraordinary.

Think about it: An extra $915,000 in your DCP, strategic health insurance planning, a significant leave cash-out, and the option to ease into retirement with part-time work. Combine all of these, and you're looking at a retirement that's not just comfortable, but truly remarkable.

So, what's your next move? Will you boost your DCP contributions? Investigate your leave cash-out options? Or maybe schedule that consultation to create a comprehensive retirement strategy?

​Whatever you choose, take that first step today. Your future self will thank you for it. And remember, as a financial advisor specializing in Washington State public employee benefits, I'm here to help you navigate this journey. Together, we can turn your retirement dreams into reality.

Imagine this: After 30 years of dedicated service to the state of Washington, you're ready to trade your office chair for a beach chair. But wait – what if retirement isn't quite what you expected? What if there's another way to enjoy your golden years while still making a difference?

Welcome to the crossroads faced by many Washington public employees. The decision to work after retirement isn't just about padding your bank account – it's about redefining what retirement means to you.

The Great Expectation Gap
Here's a truth bomb: Many of us imagine retirement as an endless vacation. But for a significant number of retirees, reality looks quite different. While 68% of workers expect to keep working in retirement, only about 31% actually do. Why? Let's dive into the realities of post-retirement work in the Evergreen State.

The Washington State Retirement Landscape
As a Washington public employee, you're part of a unique system. Whether you're in PERS, TRS, SERS, LEOFF, or WSPRS, your pension is a valuable asset. But did you know that returning to work could impact your benefits? Let's break it down:

1. The 867-Hour Rule: In many cases, you can work up to 867 hours per year without affecting your pension. But exceed that, and you might see some changes. There are some new exceptions where you may be able to return to work up to 1,040 hours so be sure to check out those out.
2. The Waiting Game: Most plans require you to wait at least 30 days after retirement before returning to a public service job.
3. The Pension Pause: In some cases, your pension payments might be put on hold if you return to full-time work.

Understanding these rules is crucial. Check out the exact rules of your plan at drs.wa.gov. After all, you've earned your pension – you want to make sure you're not accidentally leaving money on the table!

The Pros: Why Some Washingtonians Choose to Work

1. Financial Flexibility: Let's face it – a little extra cash never hurts. Whether it's for travel, spoiling the grandkids, or just peace of mind, working can provide that financial cushion. In Washington, where the cost of living can be high, especially in areas like Seattle or Bellevue, this extra income can make a significant difference.
2. Mental Stimulation: From the tech hubs of Seattle to the agricultural centers of Eastern Washington, our state offers diverse opportunities to keep your mind sharp. Some studies even suggest that working in retirement might lower the risk of cognitive decline. Imagine using your years of experience in a new field, like contributing to Washington's booming tech industry or helping in the state's renowned wine production.
3. Social Connection: Miss the water cooler chats? Many retirees find that work provides a valuable social network, which can contribute to better retirement adjustment. In a state known for its "Seattle Freeze," maintaining social connections can be particularly important.
4. Sense of Purpose: After years of public service, many find it hard to step away completely. Part-time or volunteer work can offer a continued sense of contribution. Washington's strong culture of community service provides numerous opportunities to stay engaged and make a difference.

The Cons: Why Some Choose to Fully Retire

1. Time Constraints: Want the freedom to explore Olympic National Park on a whim? Full retirement might be more your speed. Many retirees struggle to balance work with leisure activities and family time. In a state with so much natural beauty, from the San Juan Islands to Mount Rainier, having the time to explore can be a major draw of full retirement.
2. Stress Reduction: After years of dedicated service, some prefer to leave work stress behind. Continued employment can sometimes negatively impact retirement satisfaction. The relaxed Pacific Northwest lifestyle might be calling your name.
3. Health Considerations: Let's be real – some jobs can be physically demanding. Retirement might be the break your body needs, as physical job demands can be a significant barrier to working in later life. Plus, with Washington's emphasis on outdoor activities and healthy living, you might want more time to focus on your wellbeing.
4. Pursuit of Passions: Always wanted to write a novel, master the art of Washington wine making, or become a master gardener? Retirement could be your chance. Washington's rich cultural scene and natural environment offer endless possibilities for new hobbies and interests.

​Real Talk: Navigating the Decision
Here's the deal: There's no one-size-fits-all answer. Your retirement should be as unique as Washington's landscape.

Here are some questions to ponder:

1. What does your ideal day look like?
2. How's your financial picture? (Be honest!)
3. What gets you excited to get out of bed in the morning?
4. How's your health, and how might it change?

The Re-Wire Options: Washington's Opportunities

If you're leaning towards the "re-wire" option, Washington offers a smorgasbord of opportunities. According to the Washington State Employment Security Department, sectors with high demand for experienced workers include education, healthcare, and professional services. Let's explore some options:

1. Education: From community colleges to universities, your expertise could shape the next generation. Washington's commitment to education makes this a particularly rewarding field.
2. Consulting: Your years of public service have given you valuable insights. Why not share them? Washington's diverse economy, from aerospace to agriculture, offers numerous consulting opportunities.
3. Non-profit work: Washington's thriving non-profit sector could benefit from your skills. From environmental conservation to social services, there's likely a cause that aligns with your passions.
4. Seasonal work: From the Skagit Valley Tulip Festival to the Leavenworth Christmas Lighting Festival, seasonal opportunities abound. These roles can provide income and engagement without a year-round commitment.
5. State Parks: Love the outdoors? Consider a role in our beautiful state park system. Imagine spending your days helping others enjoy Washington's natural wonders.
6. Tech Industry: Even if you're not a coder, many tech companies value experienced professionals in areas like project management, human resources, or customer relations.
7. Wineries and Breweries: Washington's wine and craft beer industries are booming. Your organizational skills could be valuable in tasting rooms or event planning.

Financial Considerations: Beyond the Paycheck
If you're considering working in retirement, it's important to understand how it might affect your overall financial picture:

1. Social Security: If you claim benefits early (before your full retirement age) and continue working, you might face benefit reductions. In 2024, if you're under full retirement age, your benefits will be reduced by $1 for every $2 you earn above $22,320.
2. Taxes: Additional income could potentially push you into a higher tax bracket. Be sure to consider the net benefit of working after accounting for taxes.
3. Healthcare Costs: If you're relying on Medicare, be aware that higher income can lead to higher premiums for Parts B and D.
4. Pension Maximization: For some, working a few extra years can significantly increase their pension benefits. It's worth calculating the long-term impact of working longer versus retiring earlier.

Staying Sharp: Lifelong Learning in Washington
Whether you choose to work or not, continuing to learn and grow can be a fulfilling part of retirement. Washington offers numerous opportunities for lifelong learning:

1. Osher Lifelong Learning Institute: The University of Washington offers this program for adults over 50, with a wide range of non-credit courses.
2. Community Colleges: Many of Washington's community colleges offer reduced or waived tuition for seniors.
3. Senior Centers: Local senior centers often provide classes and workshops on various topics.
4. Online Learning: Platforms like Coursera and edX offer courses from top universities, many of which you can audit for free.

​The Bottom Line: Your Retirement, Your Rules
Here's the truth: Whether you choose to retire fully or "re-wire" with post-retirement work, there's no wrong answer.

The key is to make an informed decision that aligns with your goals, values, and circumstances.

Remember, your years of service to Washington have earned you the right to shape this next chapter on your terms.

Whether you're dreaming of sailing the Puget Sound, volunteering in your community, or taking on a new professional challenge, the choice is yours.

Planning for Success: Your Next Steps

1. Assess Your Finances: Take a close look at your pension, savings, and expected expenses in retirement.
2. Explore Your Passions: What have you always wanted to do but never had the time for?
3. Talk to Your Loved Ones: Discuss your plans with family – their support can be crucial.
4. Stay Informed: Keep up with changes in retirement laws and opportunities in Washington.
5. Consider a Trial Run: If possible, try out your preferred retirement lifestyle before making a final decision.

So, Washington public servants, what will it be? Will you retire or re-wire? The adventure awaits – and it's yours to define.

P.S. Navigating the specifics of your pension and the implications of post-retirement work can be complex. While this information provides a starting point, it's always a good idea to consult with a financial advisor who specializes in Washington State public employee retirement. They can help you crunch the numbers and understand the specifics of your unique situation. After all, you've worked hard for your retirement – make sure you're making the most of it!

As Washington State employees, you have been in the ring of public service for years. Now, as retirement approaches, it's time to focus on our own financial future. Like Rocky Balboa preparing for a championship fight, understanding what you can and can't control is crucial for a winning retirement strategy.

The Retirement Equation: Your Personal Training Regimen
Planning for retirement is like Rocky's intense training montages. Some aspects you can control (like your diet and exercise), while others are out of your hands (like your opponent's strategy). Your mission is to focus on the areas where you can make the most impact.

Factors You Can Control (Your Training Routine)

1. Savings Rate Just as Rocky increased his punch count with each training session, boosting your savings rate can significantly strengthen your retirement readiness. Consider upping your contributions to your 457(b) plan by 1% each year. Even small increases can pack a punch over time.
2. Retirement Age Rocky didn't quit after one fight, and neither should you. Working a bit longer can substantially enhance your financial picture. Could delaying retirement by a year or two be your knockout punch for financial security?
3. Lifestyle Choices Your spending in retirement will greatly impact how long your money lasts. Will your golden years be more modest like Rocky's early days, or luxurious like Apollo Creed's lifestyle? Create a retirement budget to get a clear picture of your needs.
4. Investment Allocation Choosing your investments is like selecting your training exercises. You need a diverse routine to be prepared for anything. Review your investment strategy annually to ensure it aligns with your goals.

Factors You Can't Control (Your Opponent's Moves)

1. Market Returns - The market's short-term ups and downs are as unpredictable as a boxing match. While you can't control it, you can prepare for volatility by diversifying your investments.
2. Inflation - Inflation creeps up like fatigue in a long fight, subtle but significant. Historically, inflation has averaged about 2.9% annually.
3. Longevity - None of us know exactly how long we'll live. But like Rocky, we should train for a long bout. A 65-year-old today has about a 50% chance of living beyond age 85.
4. Health Care Costs - Medical expenses can hit as hard as Ivan Drago. A 65-year-old couple retiring in 2024 can expect to spend an average of $315,000 on healthcare throughout retirement.

Your Secret Weapon: The Washington State Pension
Your state pension is like having Mickey in your corner - a reliable support system for your retirement journey. It provides a stable, predictable income that adjusts for inflation, helping to offset some of the uncontrollable factors we've discussed.

Assembling Your Retirement Plan

1. Start with your baseline: Your pension and Social Security estimates are your starting stats.
2. Bridge any gaps with your personal savings, including your 457(b) plan - these are your extra training sessions.
3. Plan for unexpected rounds: Build in buffers for market downturns, inflation, or a longer-than-anticipated lifespan - always be prepared to go the distance.
4. Regularly reassess: Review your retirement plan annually, like analyzing fight tapes to improve your strategy.

The Power of Professional Advice
Navigating the retirement equation can be as complex as planning for a championship fight. A financial advisor who understands the nuances of the Washington State retirement systems can be your Mickey, helping you optimize your plan and adjust for factors outside your control12.
If you want to chat with me to discuss your unique situation, click this LINK.

Conclusion
While you can't control every aspect of your financial future, focusing on the factors you can influence can make a significant difference. By understanding the retirement equation and taking proactive steps, you can work towards a retirement that's more "Gonna Fly Now" triumph than "Defeat in Moscow."
Remember, the best retirement plan is one that's personalized to your unique situation. Take the time to understand your options, make informed decisions, and seek professional advice when needed. Your future self will thank you for going the distance today.

​Want to learn more about optimizing your Washington State retirement benefits? Check out our free guides:
https://www.lifefocusadvisors.com/pers.html
https://www.lifefocusadvisors.com/ff.html
https://www.lifefocusadvisors.com/po.html
https://www.lifefocusadvisors.com/dcp.html


Sources
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[4] Blanchett, D. M. (2014). Exploring the Retirement Consumption Puzzle. Journal of Financial Planning, 27(5), 34-42.
[5] Ameriks, J., & Zeldes, S. P. (2004). How Do Household Portfolio Shares Vary with Age? Working Paper, Columbia University.
[6] Markowitz, H. (1952). Portfolio Selection. The Journal of Finance, 7(1), 77-91.
[7] U.S. Bureau of Labor Statistics. (2024). Consumer Price Index.
[8] Social Security Administration. (2024). Retirement & Survivors Benefits: Life Expectancy Calculator.
[9] Fidelity. (2023). How to plan for rising health care costs.
[10] Washington State Department of Retirement Systems. (2024). Plan Information.
[11] Bodie, Z., Treussard, J., & Willen, P. (2007). The Theory of Life-Cycle Saving and Investing. FRB of Boston Public Policy Discussion Paper No. 07-3.
[12] Blanchett, D., & Kaplan, P. (2013). Alpha, Beta, and Now... Gamma. The Journal of Retirement, 1(2), 29-45.