With the momentum of a brand-new school year, it might feel weird to have a check-in on retirement, however...the concept of fall data collection with our students also applies to us. How will we ever know where we are going and how close we are to the goal if we do not make the time to know exactly where we are at this moment?
Let's be very clear...the state retirement plans for public school educators by themselves are not going to be enough to live on once we decide to turn in our room keys for the last time. Some states contribute to both social security and a state retirement plan and others do not. In either case, a supplemental source of retirement funds will be needed. The sooner we get started building it, the better. I have met with clients who are very close to retirement and were not aware that they would not be receiving 100% of their current salary. I don't want that kind of surprise for you!
So, what can we be doing right now? One thing we do best as educators is ask questions. For example, ask about what types of retirement accounts are available, how do these accounts work and how do they work in conjunction with what I already have? How much should I be funding these accounts according to how much longer I intend to work? How often should I be reviewing the progress of these accounts? These are just a few to get us started. One place to begin is with someone licensed in financial services in your state.
In the spirit of being a lifelong learner, let's commit to taking one step towards our current and future financial security. Ask questions and reach out to someone.
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