No matter if you’re in your early 20s, about to retire or are already retired, planning is key to ensuring you achieve financial security during retirement. Start planning today.

In Your 20s

  • Establish a budget
  • Take advantage of benefits provided by your employer, such as short-term and long-term insurance, health care benefits, dental plans and retirement plans.
  • With as little as $20 a month, start a retirement savings plan by enrolling in the WRS’ 457 Plan
  • Establish a log in to your Online Pension Account and 457 plan
  • Check Your Progress and keep beneficiary and address information up to date

In Your 30s

In Your 40s

  • Calculate what your pension income might be at retirement using the Pension Benefit Calculator.
  • Evaluate and track savings goals using Retirement Goal Setting Calculator.
  • Evaluate your investment strategies which may change as you get closer to retirement.
  • Find out how increasing your pre-tax contribution to the WRS 457 would affect your take home pay. You can review the additional savings you gain each pay period by saving pre-tax dollars.
  • Increase your contributions to your 457 plan.
  • Review your beneficiary designation by accessing your accounts on-line.

In Your 50s

In Your 60s

In Your 70s

  • Apply for social security if you have not yet applied. Social Security benefits do not increase after age 70.
  • In the year you become 73 and are no longer working you are required to start taking Required Minimum Distributions (RMD) from your 457 Plan, as well as from any additional accounts you own requiring an RMD, such as a 401k and 403b plans and Traditional IRA’s. Contact WRS for an RMD form.
  • Use a budget and adjust expenses to match your retirement income. 
  • Check to make sure your investments strategy is appropriate for your needs and risk level.
  • Attend the “Living in Retirement Workshop” to get updated information.
  • Review beneficiary information and make necessary changes by logging into your accounts on line or contact the plan for a beneficiary designation form.
  • Make sure you are receiving annual 1099-R incoming reporting forms each year you are receiving Pension payments or Deferred Compensation distribution payments.