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Money Thought
Old 01-18-2017, 12:27 PM
 
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I realize from my own first years (I changed jobs in education about four times) that the first three years in a job are the hardest and survival from day to day is primary on your agenda BUT...

Now that you are about mid way through the year, you might be able to think about a different topic.

I am a retired teacher and SO VERY grateful and happy that I put aside money for retirement. Even a small amount of money set aside monthly and carefully invested with a reliable advisor can reach a sizable amount over 30-40 years. Yes, that's a long time, but it does finally arrive. Add to your amount every time you get a raise. If you think you're broke now, wait until you are 70 or 80 and dependent on social security or a legislative threatened pension for shelter, food, and health care.

Invest in yourself as well as your students.


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Old 02-01-2017, 04:02 AM
 
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As another retiree here, I concur with broomrider's advice. It may seem difficult to even squeeze $20 a month from your budget, but if you have it automatically withdrawn you won't notice it. If you belong to a union check out if they have financial advisors. You will generally get free advice and have lower fees. ROTH IRA's are nice because you are taxed upfront and won't have to pay the taxes when you need the money. I wish I had more of mine invested in one!
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Great financial advice for younger teachers
Old 02-19-2017, 08:16 AM
 
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I'm approaching retirement in the next couple of years and am so thankful that I followed others' advice about having money deducted each pay period in a 403b plan as well as other investments.

At first it was a very small amount, but I continued to increase the amount until it was the maximum I could put in.

I am so glad I did because now I'm not panickng about retirement.

It may be the last thing you are thinking about, but start small now. You will be glad you did.
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403 question
Old 03-19-2017, 12:16 PM
 
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What do you think the minimum amount should be in a 403? I'm 64,with 20 years as I started teaching late in life? I'm worried about enough money. I know it's different for everyone. Just curious.
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Bellaflora
Old 03-19-2017, 05:39 PM
 
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You might want to post this on the retiree board.

I think the amount you need will depend on your debt load and general expenses. Your retirement system & financial advisor should have some general guides.


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