Wisconsin Retirement System
You've earned the pension.
Now let's build the plan.
For Wisconsin public employees with a Wisconsin Retirement System (WRS) pension and savings outside of it — we help you bring everything together into a retirement income plan that lasts.
✓ WRS & Pension Specialists
✓ Fiduciary — Always
✓ Fee-Only Structure
✓ Comprehensive Retirement Planning
The Real Planning Work
Your pension is settled.
Everything else isn't.
Your WRS pension will provide reliable monthly income for life — that part is handled. But it’s only one piece of your retirement picture, and in many ways, the easier piece.
The decisions that require active planning — when to retire, how to elect your annuity, when to claim Social Security, how to draw from your IRAs and 403(b)s, how to manage taxes across decades of retirement — those decisions fall entirely on you.
That’s where we come in. We build and manage a comprehensive retirement plan that incorporates your WRS benefit into the broader planning process, helping coordinate the other financial decisions that come with retirement.
Decisions We Help WRS Retirees Navigate
✓
Annuity election — a permanent, irrevocable choice at retirement
Annuity election — a permanent, irrevocable choice at retirement
✓
When to claim Social Security relative to your pension start date
When to claim Social Security relative to your pension start date
✓
Which accounts to draw from first — and in what order — to minimize taxes
Which accounts to draw from first — and in what order — to minimize taxes
✓
How to invest your IRAs and 403(b)s given that you already have guaranteed income
How to invest your IRAs and 403(b)s given that you already have guaranteed income
✓
Whether — and how much — to convert pre-tax savings to Roth over time
Whether — and how much — to convert pre-tax savings to Roth over time
✓
How to plan for healthcare costs between retirement and Medicare eligibility
How to plan for healthcare costs between retirement and Medicare eligibility
Retirement Date Planning
Your pension amount, your Social Security eligibility, and your account balances all shift with your retirement date. We evaluate how different timing decisions impact your overall retirement plan.
Tax-Efficient Withdrawal Planning
Because your pension provides a guaranteed income base, we have flexibility in how and when we draw from your IRAs, 403(b)s, and 457(b)s. We coordinate withdrawals to help manage your lifetime tax burden.
Roth Conversion Strategy
The years between retirement and Required Minimum Distributions are often a window for lower-tax Roth conversions. We evaluate annual conversion opportunities to help reduce potential future tax exposure.
Annuity Election Guidance
Choosing your annuity option is permanent — it cannot be changed after your first payment. We review the options available to you and model potential outcomes before you make a final election.
Investment Management
With guaranteed income already in place, your investable portfolio can be structured differently than it would be without a pension. We build and manage a portfolio aligned with your risk profile and financial plan.
Healthcare & Medicare Coordination
Retiring before Medicare eligibility or managing IRMAA surcharges on higher-income years requires advance planning. We incorporate healthcare costs into your income plan from day one.
Social Security Strategy
Social Security claiming decisions can significantly impact retirement income. We evaluate claiming strategies alongside your pension and spousal benefits within the context of your overall retirement plan.
Retirement Income Planning
We consolidate multiple income source — your WRS annuity, Social Security, account distributions, and any part-time income — into a single written plan that helps guide spending decisions throughout retirement.
Estate Planning Coordination
We work alongside your attorney to review account titling and beneficiary designations, help align pension survivor elections with your estate goals, and support coordination of your overall estate planning strategy.
One Decision YOu Can’t Undo
The annuity election
deserves more than a
guess.
When you retire from WRS, you must choose how your pension benefit is paid. This decision is permanent — once your first check is issued, it cannot be changed for any reason.
Your options range from a life-only benefit (the highest monthly payment, with nothing continuing to a surviving spouse) to joint-and-survivor elections that reduce your payment in exchange for ongoing income to your beneficiary after your death.
The right choice depends on your health, your spouse’s income, your other assets, and your full retirement income plan. We evaluate available annuity election options based on your Employee Trust Fund (ETF) benefit estimates before making a final election.
Life Annuity
Highest monthly payment. Ends at your death – no ongoing benefit to a surviving spouse.
Joint & Survivor (100%)
Most reduced monthly payment. Surviving spouse receives 100% of your benefit for life after your death.
Joint & Survivor (75%)
Smaller reduction. Surviving spouse receives 75% of your benefit – common when the survivor has their own income.
Period Certain (5 or 15 years)
Guarantees payments for a minimum period. If you die before the period ends, payments continue to a named beneficiary.
Additional options may be available. All options should be reviewed against your individual circumstances.
Why Endowment
We know WRS. We know
retirement planning. We
do both.
Most financial advisors understand general retirement planning. WRS introduces additional considerations, including annuity election decisions, Variable Trust Fund selection, coordination with Social Security, and how pension benefits fit within a broader retirement strategy. Our planning process incorporates these elements as part of a comprehensive financial plan.
Common Questions
Questions We Hear From WRS
Members.
Why do I need a financial advisor if I have WRS pension?
Your WRS pension handles the investment decisions for your pension benefit — but it doesn’t manage the IRA, 403(b), 457(b), or brokerage accounts you’ve built alongside it. How you coordinate those accounts with your pension, Social Security, and tax situation is entirely up to you. That coordination — especially the sequencing and timing — is where an advisor can offer strategic insights.
How does having a pension change my investment strategy?
Having a pension can meaningfully impact your investment strategy. Because a portion of your retirement income may already be provided through pension benefits, your investment portfolio may not need to serve the same level of income generation as someone without that benefit. As a result, considerations around risk, liquidity, and growth may be evaluated differently depending on your overall retirement income sources. Our planning process takes existing pension benefits into account when constructing an investment strategy.
What is the annuity election and why is it so important?
When you retire, you choose how your WRS pension is paid — life-only (highest monthly amount, ends at your death), joint and survivor (lower payment, continues to your spouse), or period-certain options. This decision is irrevocable once your first payment is issued. It is an important financial decision, and it should be modeled carefully against your household’s full income picture before you choose.
When should I claim Social Security if I also have a WRS pension?
The right answer depends on your health, your spouse’s earnings record, your other income sources, and your tax situation. In many cases, WRS pension benefits can provide a meaningful source of income in early retirement, which may allow for flexibility in the timing of delay Social Security benefits. Delaying Social Security can increase monthly benefits, but the appropriate claiming strategy depends on individual circumstances. We analyze your specific situation when evaluating potential claiming ages.
Can I still work part-time after I retire from WRS?
Yes, but there are rules. Returning to work for a WRS-participating employer requires a valid termination and typically a 75-day break in service. Working for a non-WRS employer is generally unrestricted. We help clients plan around these rules well in advance to avoid complications.
What does working with Endowment Wealth Management actually look like?
It starts with a complimentary introductory call — no paperwork, no obligation. We learn about your situation, your pension, your outside accounts, and your goals. If it’s a good fit, we build a written retirement income plan and manage your investments on an ongoing basis, meeting regularly to adjust as your life changes.
Free Consultation
Schedule Your
Complimentary WRS Review
In one focused conversation, we’ll review your WRS pension situation, your outside accounts, and discuss the planning decisions most relevant to your retirement. There is no cost and no obligation.
No obligation. No paperwork. Just a focused conversation about your retirement.
Important Disclosures
Endowment Wealth Management, Inc. (“EWM”) is a registered investment adviser. Registration does not imply a certain level of skill or training. The information contained on this page is provided for general informational and educational purposes only and does not constitute investment advice, legal advice, tax advice, or an offer or solicitation to buy or sell any security or investment product. All information regarding the Wisconsin Retirement System (WRS) and the Department of Employee Trust Funds (ETF) is believed to be accurate as of the date of publication but may change; readers should verify current plan provisions directly with ETF at etf.wi.gov. Endowment Wealth Management is not affiliated with, endorsed by, or a representative of the Wisconsin Department of Employee Trust Funds, the State of Wisconsin, or any government agency. Individual circumstances vary significantly; outcomes described are illustrative only and may not apply to your specific situation. Investing involves risk, including the possible loss of principal. Past performance is not indicative of future results. No guarantee is made that any strategy discussed will achieve its objectives. Before making any financial, investment, legal, or tax decision, you should consult with a qualified professional who is familiar with your individual circumstances.