Show 21 - Mid-Career Retirement Prep with Ms. Black
I talked with Ms. Black about how to prepare for retirement as a mid-career teacher.
12/13/20231 min read
In the middle of your career, it is really easy to get into the flow and just forget about the future. It seems like the future will take care of itself, and besides, there are bills to pay now, and things you want now, so you’ll worry about the future when it gets here. If only that were possible! I have Ms. Black back on to talk about considerations for retirement for mid-career teachers. What should you be doing 5-10 years into your career? What about 10-15 years before you retire? We discuss this oft forgotten range of time called “mid-career” in this episode.
Key Ideas
Review your numbers. The only way you can reach your financial goals it to know what those goals are and your progress toward them. By reviewing your numbers you can adjust your retirement preparation accordingly.
Review your benefits. Your HR department is likely adding or changing benefits yearly. Don’t forget to review these changes frequently so you can take advantage of any benefits offered that could save you money.
Cut expenses. Conventional behavior says that mid-career is the time to “upgrade,” what why? Do you really need (or even want) a bigger house (to clean)? Does the fully upgraded car bring you any more joy than a regular commuter car? Etc. Keeping housing, transportation, and food costs low are a huge part of low expenses.
If you do these things and then automatically save the amount you need to reach your goal, there is no way you can’t win!