Retire or Re-wire? The Surprising Reality of Post-Retirement Work for Washington's Public Servants10/10/2024 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:
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
The Cons: Why Some Choose to Fully Retire
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:
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:
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:
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:
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
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! -Seth Deal
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AuthorsBob Deal is a CPA with over 30 years of experience and been a financial planner for 25 years. Archives
November 2024
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