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