Public-school employees face unique circumstances when it comes to planning for retirement. There’s specific information you need to know and distinct issues you’ll have to consider when retirement planning for teachers. Knowing this will help you figure out how much retirement income you’ll need and where that income will come from.
This guide, written specifically for members of the National Education Association (NEA), provides an overview of the three main sources of retirement income—state pension plans, Social Security and retirement savings accounts—and explains various rules and regulations unique to public-school teachers, education support professionals and other public-pension employees.
Did you know…
- About 40% of U.S. public-school employees aren’t eligible for Social Security and will have to rely on state pension payments and personal retirement savings
- Switching jobs between states, and even school districts, can affect your pension benefits in retirement
- Working a private-sector job—before or after your teaching career, or even a summer job—can affect your Social Security and the benefits you receive from your pension plan
- Your entitlement to your spouse’s full Social Security benefits can be negatively affected by two current federal retirement provisions that NEA opposes
The goal of this retirement planning guide is to empower you with the information you need to make decisions now so you’ll be able to maximize your retirement income and live a fulfilling life in retirement.
In this guide, which is FREE for NEA members, you’ll find:
- Information about state pension plans, how they’re funded, how pension benefits are determined, how plans may transfer if you move, and how to find out what you can expect to receive
- Information about Social Security benefits, how it works, which states participate, how it can affect your pension benefit, and how your spousal retirement benefits could be affected
- Information about the differences between defined benefit plans and defined contribution plans and how they can affect your retirement savings and planning
- Information about personal savings and investment options, why you may need to supplement your pension plan savings, what it means to invest in the stock market, and options for saving and investing money in retirement plans
- A 2-page checklist to help you better understand your current retirement savings and make informed plans now for your future
- Links to additional resources for deeper dives to help you put your retirement income plan into motion
Click the button above to sign in (or register on our website, if you haven’t already) and download your FREE copy of this valuable retirement resource, exclusively for NEA members.
You can find additional information and membership benefits in our Retirement Learning Center.