Only 1 in 5 teachers gets a full pension. More than half of people who teach never get any kind of pension. At the moment, nearly 40 percent of teachers are not covered by Social Security.
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While many teachers rely on their state-funded pensions, the truth is that their pensions may account for less than they expect. The typical state has enough money to pay just over 70% of the pensions it owes.2 The shortfall has resulted in states modifying their programs to reduce future benefits. The more years you have until retirement, the greater the chance future changes may affect your benefits. That is why it’s important to know what your income gap is and where a 403(b) annuity can help.
1Don't Let These 3 Social Security Surprises Ruin Your Retirement, The Motley Fool, July 9, 2021
2Every State's Pension Crisis Ranked, 24/7 Wall Street, December 4, 2020
Life is full of unknowns, and now is the time to consider smart ways to save for your retirement. This tool will take you through a series of quick questions about your retirement goals. Explore your retirement readiness today.
Select a profile to discover how much of an income gap is expected for teachers like you.
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Current Salary
Years Left to Work
Salary at Retirement
Current Salary
Years Left to Work
Salary at Retirement
Current Salary
Years Left to Work
Salary at Retirement
All of these scenarios use hypothetical salaries and wage increases. Public school employee wages are dependent upon position and geographical location. State pension payments are hypothetical. Actual state pension benefits are dependent on state of employment, age at retirement, and length of service within the system.
For current teacher salary statistics, visit The U.S. Education Department’s National Center for Education Statistics and National Education Association.
Discovering you have an income gap doesn’t mean the end of your retirement dreams. A retirement savings plan, like a 403(b) offered through your school system, allows you to save a portion of each paycheck and then grow these savings on a tax-deferred basis. This gives you a great option to close the gap and help secure your financial future.
Whether you are looking to better understand your options or get free advice from one of our financial professionals, we can help you find the answers you need to take the next step.
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*The gross amount is what you are paid prior to taxes and other withdrawals.