Show 129 - How much money doteachers need to retire?

Listen to the Podcast:

Retirement may seem far away or looming large in front of you, but either way the question remains, will I be ready? Will I have enough to retire? And, as with all important things in life, the answer is, it depends. I can’t give you a one size fits all answer, but I can tell you how to discover the answer for yourself. That’s what we discuss in this episode!

Show Notes

The Teacher's Roadmap to Financial Confidence — a free five-question worksheet for teachers who want greater financial confidence
Teacher Money Show Pension Calculator
Free Spending Tracker Spreadsheet
My Budget Coach - Build a 0 based budget with me to coach you!
Compound Interest Calculator

Recommended Books (Amazon Affiliate Links)
How to Adult: Personal Finance for the Real World

Key Ideas

• There is a right way to calculate how much money you actually need to retire as a teacher

• Your retirement expenses matter more than your current salary

• You must include your teacher pension when calculating your retirement income

• Social Security can factor into a teacher's retirement plan

• The 4% rule works—and why it doesn't tell the whole story

• Investments can help cover the gap between your retirement income and expenses

• Dividend income, real estate, and other cash-flow sources can reduce the amount you need invested

• A side hustle or part-time income can change your retirement math

Bonus Tip

Here is a bonus tip I didn't get to in the episode.

• I know that teachers are used to living frugally. So I just want to add this little piece. If you are worried about having enough money to retire and you are close to retirement, adding more money to your investments is good, but cutting expenses is better. For every $1 you don’t spend you need $25 fewer dollars in a retirement account. You can see how saving $100 a month can add up pretty quickly in terms of less dollars you need to retire!

Show Transcript

The Teacher Money Show