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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. 

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1. The Road to Service Retirement

F. At 20 Years of Service

LEOFF Plan 2 members are eligible to retire at age 53 if they have at least five years of service credit. Options to retire earlier are available, but the value of your yearly retirement benefits will be reduced because you are receiving them over a longer-than-planned period.

Twenty years of service is a great time to determine whether there’s a significant gap between the retirement of your dreams and the retirement you’re on track to afford. Why? Because there’s still time to bridge the gap if there is one. Celebrate your 20 years of service, then take some time to look ahead and plan.

  • Re-evaluate your retirement plan and goals.
  • Visit the Washington State Department of Retirement Systems (DRS) site to find and attend a retirement seminar.
  • Visit the DRS retirement site to calculate your Final Average Salary (FAS).
  • Confirm your current service credits with the DRS.
  • If there’s a gap between the retirement you want and the retirement you’re on track to afford, consider working with a qualified financial advisor or retirement planning specialist to review your current benefits and savings, your retirement plans, and your options for closing the gap.
F 20 Years of Service roadmap graphic