Check out Jeremy’s latest podcast on the Wisconsin Retirement System by listening on “Apple Podcasts” or “Google Podcasts” or read below for 4 Ways To Maximize Your Pension in the Wisconsin Retirement System.

#84 – Pension plans often contribute heavily to your retirement income.

If you’re living in Wisconsin, you might have heard of The Wisconsin Retirement System (WRS), the 9th largest public pension fund in the U.S.

Today, we’ll talk about how you can maximize your pension with the WRS!

Although the numbers discussed mostly pertain to Wisconsin, the strategies can be applicable to your retirement, even if you’re living outside of Wisconsin or part of a private pension system.

In this episode, Jeremy Keil speaks with Dennis Eisenberg of Eisenberg & Associates, who is a Wisconsin pension consultant. Dennis explains what the WRS is all about and the different benefits it offers retirees.

Dennis discusses:

– How to tackle the risk of “outliving” your retirement savings
– Caveats concerning accelerated retirement benefits
– How delaying your pension by only two years can earn you thousands of dollars every year
– Alternative plans worth looking into before contributing to your 403(b) accounts
– And more

Do you want to learn more about pension planning? Check out the resources below!

If you have any questions, feel free to contact us or our guest Dennis Eisenberg using the contact information provided below!

Resources:

Free Retirement Planning Video Course: 5stepretirementplan.com
Retirement Checklist (Wisconsin Department of Employee Trust Funds)
Your Benefit Handbook (Wisconsin Department of Employee Trust Funds)
Calculating Your Retirement Benefits (Wisconsin Department of Employee Trust Funds)
Wisconsin Deferred Compensation Program
Additional Contributions (Wisconsin Department of Employee Trust Funds)
Retirement Planning (State of Wisconsin Investment Board)
403(B) & IRA Investment Fund Comparisons (WEA Member Benefits)
The SWIB Podcast
3 Things You Should Know Before Choosing A Financial Advisor
6 Questions Retirees Aren’t Asking But Should Be
5stepretirementplan.com
Subscribe to Retirement Revealed on Google Podcasts
Subscribe to Retirement Revealed on Apple Podcasts

Connect With Dennis Eisenberg:

AbcDge1@gmail.com
(262) 514-4443
LinkedIn: Dennis Eisenberg

Connect With Jeremy Keil:

Jeremy@keilfp.com
(262) 333-8353
Send Us Your Questions
Keil Financial Partners
LinkedIn: Jeremy Keil
Facebook: Jeremy Keil
LinkedIn: Keil Financial Partners
Book a call with Jeremy

About Our Guest:

Dennis G Eisenberg, Eisenberg & Associates LLC, has worked for education associations and:
Is focused on pension and group insurance issues including monitoring the Minnesota and the Wisconsin Retirement Systems (WRS). He has acted as a negotiator and arbitration specialist
and had executive responsibilities within the WEA Tax Sheltered Annuity (TSA) planhe also chaired a defined contribution pension committee for 20 years.

Dennis currently provides financial education for members and staff of regional teacher organizations. He consults and lecturers on pension plans and group insurance issues for the National Staff Union and their affiliates….(read more)

LEARN MORE ABOUT: Retirement Pension Plans

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4 Ways to Maximize Your Pension in the Wisconsin Retirement System

As you plan for your retirement, ensuring that you have sufficient income to support your lifestyle is crucial. For public employees in the state of Wisconsin, the Wisconsin Retirement System (WRS) provides a pension plan that can be optimized to maximize your benefits. Here are four ways to make the most of your pension in the WRS:

1. Contribute the maximum amount:
One of the simplest ways to maximize your pension is by contributing the maximum amount allowed under the WRS plan. Currently, employees can contribute up to 6.6% of their salary to their pension account. By maximizing your contributions, you will not only increase your pension benefits but also potentially lower your taxable income, providing additional tax advantages.

2. Understand vesting and stay longer:
To fully benefit from your pension plan, it’s important to understand the concept of vesting. Vesting determines how long you need to be employed in the WRS to receive your full pension benefits. For most employees, full vesting occurs after five years of creditable service. By staying longer and accumulating more years of creditable service, you can increase your pension amount significantly. Consider the long-term benefits and strive for a secure future by remaining employed long enough to maximize your pension benefits.

3. Explore supplemental savings programs:
In addition to the pension plan, the WRS offers supplemental savings programs such as the 457(b) Deferred Compensation Program. This program allows you to contribute pre-tax dollars towards your retirement savings, potentially lowering your taxable income. By taking advantage of these supplemental savings programs, you can increase your retirement assets and have more financial flexibility during your golden years.

4. Optimize Social Security benefits:
While the WRS pension provides a significant portion of your retirement income, it’s important to understand the impact of your Social Security benefits. Coordinating your WRS pension with Social Security benefits can help ensure you receive the maximum income possible. Consider factors such as when to apply for Social Security, the impact of the Windfall Elimination Provision (WEP), and the Government Pension Offset (GPO) rules. By understanding these regulations, you can optimize your Social Security and WRS benefits to receive the highest possible retirement income.

The Wisconsin Retirement System offers public employees a valuable pension plan. By making the most of the contributions, understanding vesting, exploring supplemental savings programs, and optimizing Social Security benefits, you can maximize your pension in the WRS and secure a more financially stable retirement. Take the time to educate yourself on the intricacies of the plan and consult with financial advisors to ensure you’re making the best decisions for your future.