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Guide to Retirement

Plan now for Retirement

If you’re like most of us, you probably believe that retirement planning is something that you start thinking about when the end of your career is in sight. Nothing could be further from the truth. The secret to a successful retirement is getting started early: it’s never too early to start planning and saving for your retirement. 

Get started by selecting a topic below

1. The Road to Service Retirement

E. Every Year You’re in the Department

As fire fighters, we know the importance of regular maintenance and checkups. Your retirement plan is no different. Set a date on your calendar to check in on the health of your retirement plan.

  • Check your Washington State Department of Retirement Systems (DRS) account balance.
  • Review your DRS Deferred Compensation Program (DCP) results and fund allocations.
    • If you’re unsatisfied with your investment returns, get advice from a qualified investment professional on adjusting your fund investments and allocations.
    • If you’re not contributing up to your contribution limit, consider whether you want to increase your contributions.
    • Ensure your beneficiary information is up to date.
  • Check your Social Security account balance to ensure your earnings are accurately reported.  Can we add the link for them to check their social security/medicare eligibility?
  • Review your will and update it if you’ve had significant life changes during the past year.
  • Review your insurance beneficiaries and update your instructions if you’ve had significant life changes during the past year, including:
    • Your personal information in Workday (such as your home address, phone number, and email address). See the “Change Personal Information” job aide in Workday for more information.
    • Your Group Term Life Insurance beneficiaries in Workday. See the “Manage Beneficiaries” job aide in Workday for more information.
    • Your DRS beneficiaries. See the Life Events page on the DRS site for more information.
    • Your City of Seattle Voluntary Deferred Compensation Plan beneficiaries. See the plan site for more information.
    • Your Seattle Fire Fighters HealthCare Trust (SFFHCT) Life & Accidental Death & Disability (AD&D) Insurance beneficiaries on SIMON.
    • Your Sick Leave beneficiaries. See the Beneficiaries Designation form on the City’s SharePoint site for more information.
    • If your marital/domestic partnership status has changed, use one of the following forms to update your status: Affidavit of Marriage/Domestic Partnership, Statement of Marriage/Domestic Partnership Termination.
    • Your Emergency Contact form. See the Emergency Contact form on the City’s SharePoint site for more information.
  • Review your retirement plan and update it if you’ve had significant life changes during the past year or have new retirement goals.
E Yearly Checklist roadmap graphic