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Retirement Education Homeroom

Experts say you’ll need 70% to 80% of your pre-retirement income to cover expenses each year in retirement.

What’s your pension grade?

Click your state to find out

west-contig west-alaska west-hawaii northeast southeast midwest southwest
Saving for Retirement: The Quest for Success, Investopedia (February 2023)  Pension Plan Funded Ratio Rankings 2022, equable.org, January 10, 2023
How much will you need to retire?

Teachers, take note of your retirement income gap

What you need for a healthy retirement.

[whole apple]
You’ll need: The income you had on your last day before retirement.
[bitten apple]
The challenge: Your Social Security and state pension may only replace 40% to 82% of your income.1
[finished apple]
This means: You may have to fill gaps in your pension with personal savings.

States reported that their pension plans were 82% funded in 2021, meaning 82 cents had been set aside for every dollar that actuaries calculated state plans should have had on hand to pay for promised benefits.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.

1Retirement Ready Fact Sheet For Workers Ages 61-69, ssa.gov, February 2023
2Public Retirement Systems Need Sustainable Policies to Navigate Volatile Financial Markets, pewtrusts.org, Issue Brief, November 8, 2023

Retirement Needs Assessment Tool

How prepared are you for retirement?

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.

LAUNCH TOOL

What could your retirement income gap look like?

Select a profile to discover how much of an income gap is expected for teachers like you.

select a profile

[headshot] [headshot] [headshot]
Brad – Starting career

Current Salary

Years Left to Work

Salary at Retirement

$39,000
35 years
$72,000
Lauren – Mid-career

Current Salary

Years Left to Work

Salary at Retirement

$50,000
20 years
$74,297
Renee – Nearing retirement

Current Salary

Years Left to Work

Salary at Retirement

$74,090
0 years
$74,090
Goal: Maintain current lifestyle in retirement

LET US HELP YOU FIND YOUR GAP

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.

Bridge the gap

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.

[bridge the gap]

Let’s create your retirement lesson plan

Ready to get started? Meet with one of our local agents for a complimentary session to start planning your secure financial future.

GET STARTED

 

LESSON PLAN

Goal:

Achieve the retirement of your dreams.

Objective:

Meet with a financial professional and create a personalized lesson plan to achieve your goals.

Activities:

  • Prepare answers to these questions:
    • What is the gross amount* of your paycheck? How many paychecks do you receive per year?
    • What date was your first teaching job? How many years (if any) have you taken off from teaching since that first job?
    • What is your date of birth?
    • What age do you wish to retire?
    • What is your existing 403(b) balance (if any)?

*The gross amount is what you are paid prior to taxes and other withdrawals.

Assessment:

Meet with a financial professional to review your plan and put it into action!