{"id":277,"date":"2016-04-18T22:30:28","date_gmt":"2016-04-19T05:30:28","guid":{"rendered":"http:\/\/hr.uw.edu\/benefits\/?page_id=277"},"modified":"2021-09-09T15:44:45","modified_gmt":"2021-09-09T22:44:45","slug":"leoff-2-preparing-to-retire","status":"publish","type":"page","link":"https:\/\/hr.uw.edu\/benefits\/retirement-plans\/nearing-retirement\/leoff-2-preparing-to-retire\/","title":{"rendered":"LEOFF 2: 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 Law Enforcement Officers\u2019 and Fire Fighters\u2019 (LEOFF) 2 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\/leoff2\/\">LEOFF Plan 2 Handbook<\/a>.<\/p>\n<h4>When can I retire?<\/h4>\n<p>You\u2019re eligible to retire at age 53 or older if you have at least five years of service credit. If you have at least 20 years of service credit, you can retire with a reduced benefit when you\u2019re 50 years old or older.<\/p>\n<p>If you have additional questions, the Washington State Department of Retirement Systems (DRS) provides <a href=\"https:\/\/www.drs.wa.gov\/plan\/leoff2\/#early-retirement\" target=\"_blank\" rel=\"noopener noreferrer\">information for LEOFF plan 2 members<\/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 sponsors\u00a0<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 LEOFF 2 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":80,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"_lmt_disableupdate":"no","_lmt_disable":"","footnotes":""},"class_list":["post-277","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>LEOFF 2: 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\/leoff-2-preparing-to-retire\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"LEOFF 2: Preparing to retire - 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