Show 23 - Pensions explained with Emily the Teacher Financial Planner
I talked with Emily the Teacher Financial Planner about pensions and how to maximize your retirement.
12/27/20231 min read
Understanding your pension can be the difference between a full retirement and a rather crummy one. The first thing to realize is that each state is different, so don’t rely on advice that isn’t tailored to your state specifically. The second thing to realize is that in every pension system, the longer you teach the larger your benefit is. But there is even more nuance than that, and Emily the Teacher Financial Planner and I discuss the things to keep in mind about your pension in this great episode!
Key Ideas
Your pension, even at the full amount, probably won’t be enough. You need to take control of your own retirement and set aside money in retirement vehicles such as a 457b or a 403b (depending on the best fee and investment options).
The financial “advisors” that try to sell these to you in the lunch room and making huge commissions. That means those funds will cost you thousands of dollars over your lifetime. Don’t walk, RUN away.
Set goals and work toward those. Your retirement is about meeting your goals, but you can only work toward those goals if you have them set. You can work with a fee only financial advisor (like Emily) to set yourself on the right track.
Show Notes
@TeacherFinancialPlanner on IG
If that link doesn't work, try this one (she is transitioning accounts)
State of pensions report (this is not a comprehensive resource, but a starting place)