{"id":270,"date":"2016-04-18T20:58:23","date_gmt":"2016-04-19T03:58:23","guid":{"rendered":"http:\/\/hr.uw.edu\/benefits\/?page_id=270"},"modified":"2021-09-09T15:40:53","modified_gmt":"2021-09-09T22:40:53","slug":"pers-3-preparing-to-retire","status":"publish","type":"page","link":"https:\/\/hr.uw.edu\/benefits\/retirement-plans\/nearing-retirement\/pers-3-preparing-to-retire\/","title":{"rendered":"PERS 3: Preparing to retire"},"content":{"rendered":"<p>You\u2019ve worked, you\u2019ve saved, and you\u2019ve envisioned your life in the years to come. Now as you near retirement, it\u2019s time to make a plan for ending your service here at UW.\u00a0The more you plan the smoother your transition will go &#8212; you may even realize you can retire sooner than you thought.<\/p>\n<p>If you\u2019re a member of the Public Employees\u2019 Retirement System (PERS) 3 retirement plan, start with the resources here to begin planning your retirement from UW. You can find comprehensive information about the plan in the <a href=\"https:\/\/www.drs.wa.gov\/plan\/pers3\/\" target=\"_blank\" rel=\"noopener noreferrer\">PERS Plan 3 Handbook<\/a>.<\/p>\n<h4>When can I retire?<\/h4>\n<p>You can retire if you are:<\/p>\n<ul>\n<li>Age 65 and have 10 or more years of service credits (you may be able to retire without having 10 years of service credits. See the PERS 3 Plan Handbook for details)<\/li>\n<li>Age 62 and have 30 or more years of service credits<\/li>\n<li>Age 55 and have 10 or more years of service credits\u00a0(this will reduce your monthly benefit)<\/li>\n<\/ul>\n<p>The Washington State Department of Retirement Systems (DRS) provides comprehensive information for those <a href=\"https:\/\/vimeo.com\/432555023\" target=\"_blank\" rel=\"noopener noreferrer\">thinking about retiring early<\/a>.<\/p>\n<h4>Plan as you near retirement<\/h4>\n<p>There\u2019s lots to consider as you approach retirement. Among other things, you\u2019ll need to:<\/p>\n<ul>\n<li>Set a target date<\/li>\n<li><a href=\"https:\/\/www.drs.wa.gov\/calculators\/\" target=\"_blank\" rel=\"noopener noreferrer\">Estimate your retirement benefit<\/a><\/li>\n<li><a href=\"http:\/\/hr.uw.edu\/benefits\/retirement-plans\/nearing-retirement\/workshops-prepare-to-retire-from-uw\/\">Attend a UW retirement workshop<\/a><\/li>\n<li>Complete the <a href=\"https:\/\/uw.service-now.com\/uwc.do?sysparm_direct=true#\/catalog_order\/b1557dc90f6a7e006cad419ce1050e73\"> UW Retirement Application<\/a><\/li>\n<li>Consider increasing your benefit by <a href=\"https:\/\/www.drs.wa.gov\/calculators\/\" target=\"_blank\" rel=\"noopener noreferrer\">purchasing additional service credit<\/a><\/li>\n<li>Plan for health <a href=\"http:\/\/hr.uw.edu\/benefits\/retirement-and-savings\/nearing-retirement\/insurance-during-retirement\/\">insurance during retirement<\/a><\/li>\n<li>Determine the impact taxes have on your income<\/li>\n<li>Estimate your Social Security using their <a href=\"https:\/\/www.ssa.gov\/retire\/estimator.html\" target=\"_blank\" rel=\"noopener noreferrer\">retirement estimator<\/a><\/li>\n<\/ul>\n<p>For help planning, see the <a href=\"https:\/\/www.drs.wa.gov\/life\/retire\/\" target=\"_blank\" rel=\"noopener noreferrer\">DRS web resources for those nearing retirement<\/a>.<\/p>\n<p>It\u2019s a good idea to create your own retirement planning calendar. It\u2019ll help you keep track of your plan and avoid missing any steps. Starting two years before your target date, begin using the <a href=\"https:\/\/www.drs.wa.gov\/retirement-planning\/checklist\/\" target=\"_blank\" rel=\"noopener noreferrer\">DRS retirement planning checklist<\/a>. Also, during your\u00a0last year of work, use the\u00a0<a class=\"uwhr-form  \" target=\"_blank\" href=\"https:\/\/hr.uw.edu\/benefits\/wp-content\/uploads\/sites\/3\/2016\/07\/hr-retirement-checklist-2026-a11y.pdf\">Retirement - UW Retirement Checklist (PDF)<\/a>\u00a0as your career here comes to an end.<\/p>\n<p>For in-person guidance, the UW Benefits office organizes <a href=\"http:\/\/hr.uw.edu\/benefits\/retirement-and-savings\/nearing-retirement\/workshops-prepare-to-retire-from-uw\/\">workshops to help you prepare for retiring<\/a>.<\/p>\n<h4>Retirement Savings Education &amp; Resources<\/h4>\n<p>The Department of Retirement Systems (DRS) offers a wide range of resources to help you understand your retirement plan and meet your retirement savings goals. Visit <a href=\"https:\/\/www.drs.wa.gov\/webinars\/#getting-ready-for-retirement\">DRS Education<\/a> to find webinars, seminars, calculators and more.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>For PERS 3 members, learn when you&#8217;re eligible to retire and how to begin making a plan<\/p>\n","protected":false},"author":9,"featured_media":0,"parent":254,"menu_order":50,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"_lmt_disableupdate":"no","_lmt_disable":"","footnotes":""},"class_list":["post-270","page","type-page","status-publish","format-standard","hentry","search_bucket-contact-benefits","search_bucket-page","search_bucket-retirement"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>PERS 3: Preparing to retire - Benefits<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/hr.uw.edu\/benefits\/retirement-plans\/nearing-retirement\/pers-3-preparing-to-retire\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PERS 3: Preparing to retire - 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