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Dan's Blog

Back-to-School Saving for Retirement Checklist for Teachers ✅

August 11, 2020

Saving for retirement is important, but it is not even in the same stratosphere with what teachers are grappling with amongst a raging pandemic. The following is presented with an understanding that teachers have a lot more pressing matters on their minds. 

 

  1. Do you have a pension? If yes, learn the basics of how it works. Generally, states provide excellent online information including calculators that allow you to estimate a future pension payout.
  2. Do you have a 403(b) available at work? If yes, do you understand how it works? If you need to get wise to this plan read this and watch this
  3. Do you have quality 403(b) vendor(s) available? Ideally you have access to at least one of the following firms: Aspire Financial Services (non-advisor choice), CalSTRS Pension 2 (California), Fidelity, ICMA-RC, TIAA, T. Rowe Price, Vanguard. 
  4. Do you have a 457(b) available at work? Do you understand how it works? This is a second defined contribution plan available to school employees. If you need to get wise to this plan read this and this and listen to this and this.
  5. Do you have quality 457(b) vendor(s) available? Ideally you have access to at least one of the following firms: Aspire Financial Services (non-advisor choice), CalSTRS Pension 2 (California), Fidelity, ICMA-RC, TIAA, T. Rowe Price, a quality state based plan (the state of NY has an excellent plan). Note: Vanguard does not currently offer a 457(b).
  6. Do you contribute to Social Security? Not all teachers do. Read this and this.
  7. Do you have the right kind and amounts of insurance? Read this and this
  8. Do you have emergency savings? Do you know how much to save? Read this and this
     

If you are unsure of any of the above, post your question(s) on the 403bwise Facebook Group or the 403bwise Discussion Board. If you are interested in working with an advisor read this to be sure you are working with one who puts your interests first. 

Stay well.