Retirement plans aren’t a piggy bank

Jun 10th, 2021 | By | Category: Personal Finance/Consumers

For Washingtonians planning retirement, the state Department of Retirement Systems (DRS) has

Instead of treating your retirement plan like a piggy bank, set up some emergency savings.

a section on its website (drs.wa.gov) with tools, tips and retirement information for making informed decisions about retirement.

Because of the pandemic, this year is different, and future retirement plans might be on hold. And while it might feel like the only route to take is to access COVID-19 resources or your personal savings, it’s important to understand how those decisions might affect your future, according to DRS. For instance, it’s probably a good idea to pause before withdrawing retirement contributions and ask yourself if there’s a different avenue.

Features of the DRS website include education webinars, short videos, planning calculators, annuity information, and retirement savings goals. For instance:

  • Don’t view your retirement plan as a piggy bank. Rather, work on creating emergency savings.
  • Emergency savings of three to six months of your salary can reduce financial anxiety.
  • Stay the course. Don’t let the uproar in the markets sway your financial decisions in the short term.

In addition to its website, DRS can be contacted at 360-664-7000.

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