Free Washington Retirement Planning Community and CoursesEvery January, some Washington State employees on Plan 2 receive an offer to switch into Plan 3.Sometimes the incentive looks attractive. $50,000. $80,000. Even $100,000 upfront to make the change .But what are you really giving up?In this episode, we break down:

• Why the state offers buyouts in the first place
• What you lose when you leave a 2 percent per year guaranteed pension
• Why retirement is about income, not account balances
• Why most people who switched later regretted it
• Why this decision is permanent

We also discuss pending legislation that may allow certain Plan 3 members to switch back into Plan 2 if they were never given a choice when hired . If that happens, it will not be free. Members would likely need to give up a significant portion of their Plan 3 balance to buy back service credit.We walk through a real income comparison example:Would you give up $400,000 in Plan 3 to double your guaranteed pension income?Sometimes the math may surprise you.Finally, we answer a community question:Should you buy a TAP annuity because of political uncertainty?The short answer is no. Financial decisions should be based on your plan, not who is in office .If you are in PERS 2, TRS 2, or considering a switch to Plan 3, this is one of the most important irreversible decisions you will make.00:00 Should you switch from Plan 2 to Plan 302:00 Why the state offers lump sum buyouts04:20 Pending legislation to switch back to Plan 205:40 Income example: Giving up 400,000 to double pension07:45 Should you buy a TAP annuity because of politics09:00 Final thoughts and community resources▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬🙋🏽‍♀️ Need help? Schedule A Meeting : https://calendly.com/scenicfinancial▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬🎯Get TRS 3, PERS 3 & DCP Investment Advice Here:💥💥 https://scenicfinancial.net/scenic-pl...The Only Place To Receive Ongoing, Personalized Investment Advice, So You Can Confidently Invest In Your TRS 3, PERS 3 & DCP Retirement Plans! ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬🕸 Visit Us Online: Scenicfinancial.comWATRSPERS.com▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬DISCLAIMER**Advisory Services offered through Intirety, LLC a registered investment adviser. Intirety LLC and Scenic Financial are not associated with the Washington State Department of Retirement in any way. Scenic Financial makes content available as a service to its clients and other visitors, to be used for informational purposes only. While our best intentions are to provide accurate and timely information, you should always consult with retirement, tax, and legal professionals prior to taking any action. 🕸️