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Teachers are tasked with the vitally important and challenging role of nurturing our children and preparing them for the future. Yet, they are generally so busy multi-tasking and giving to others that they struggle to find time to plan for themselves. Fortunately, as a teacher, you do have options available to pursue a comfortable retirement. While the CalSTRS pension is a good starting point for planning, we have learned that this benefit alone often will not fund all retirement goals. A tax qualified 403(b) and diligent financial planning, in addition to the CalSTRS pension, offers the best opportunity for you to live the secure retirement you dream of. Click below to learn more about your retirement income and how we can help.
CalSTRS is the backbone of your retirement income. There are three variables that determine your final benefit amount: years of service, final three years wage, and the formula your pension is based off.
These tax advantaged accounts are available to most teachers, support staff, and other county employees. Similar to an IRA, these accounts can be a great way to take advantage of tax benefits while saving for your future.
The best outcome, in any situation, is one that was planned for. Retirement is the fruition of lifelong dedication to your profession and shouldn't be left up to chance. Take an active role in planning for your retirement to ensure the best chance of succes.