Guide to Retirement

Plan now for Retirement

If you’re like most of us, you probably believe that retirement planning is something that you start thinking about when the end of your career is in sight. Nothing could be further from the truth. The secret to a successful retirement is getting started early: it’s never too early to start planning and saving for your retirement. 

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1. The Road to Service Retirement

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Key Contacts

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D. At the Start of Your Career

Set yourself up for a successful retirement on the first day you join the department. It only takes a few small steps to ensure you’re planning for your future and protecting your loved ones.

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  • Review the latest Spokane Fire Fighters Benefit Trust (SFFBT) Enrollment Guide to learn about and select your healthcare benefits.
  • Create your WA State Department of Retirement Systems (DRS) online account. With an online account, you can review all of your retirement accounts administered by DRS. You can use the DRS online benefit estimator to estimate your future monthly benefit. You can also use your online account to verify the accuracy of your service credit.
  • You should also take this opportunity to learn more about the Voluntary Deferred Compensation Plans available to Local 29 members from the DRS and Voya. (Note that you are also eligible to participate in the Mission Square Deferred Compensation plan offered by the City of Spokane; we recommend the DRS and Voya plans.) Visit the DRS Deferred Compensation Plan site and/or watch this video to learn more about the plan offered by the state. Email Stephen Gray at Purpose Financial () or call him at (509) 455-4010 to learn more about the Voya plan for Local 29 members. You may participate in the Voya and DRS plans if you choose to.
  • Sign up for online access to your Social Security account.
  • Review and update the beneficiary information for your insurance policies. Note that you are automatically enrolled in the Washington State Council of Firefighters (WSCFF) Life, Accidental Death and Disability (AD&D), and Long Term Disability (LTD) plans from The Standard. Your Life Insurance plan includes $15,000 of coverage for you and $1,000 of coverage for your spouse and dependent children (up to age 26). You can pay for additional coverage if you want. See the plan description on the Benefit Trust website for more information.
  • Work with a qualified financial advisor to develop your retirement plan. Even if you’re just starting your career, a qualified advisor can help lay the foundation for your eventual retirement.
  • Create a will (using the services of a qualified attorney or an online tool from a reputable vendor).
Start of your career roadmap