e’re already half-way through the month of August. That means it’s time to squeeze in those end-of-summer vacations, late nights outside and…. retirement planning? Well if you’re a teacher who is getting ready to go back to school this is the perfect time of year to discuss your future plans. We’ve dedicated our financial education this month to teachers to make sure you’re taking care of your future before helping the future of others.
Q: If I have a pension, do I need anything else?
Having a job that provides a pension is a great benefit. It will provide you with extra income during your retirement. However a pension plan is a set amount that never increases. As cost of living goes up the amount you receive from your pension will always stay the same. This is why we recommend you open a 403b (to learn more about 403b check out our previous blog: All About 403b Retirement Plans
). A 403b provides you with the opportunity for growth in the market.
Q: If I already have a 403b, how should I manage it?
Like any retirement plan, a 403b should be reviewed annually with your financial planner. Due to changes in your life, your goals and needs might change. It is important to make sure that your investments continue to mirror your life changes so you can attain your goals. We recommend meeting with a financial planner prior to the start of the school year as it is the best time to make changes or updates.
Q: How do I know when I can retire?
Planning for retirement when you’re a teacher can be difficult. Don’t be afraid to consider professional guidance. A financial planner can assist in many aspects such as deciding when to retire to maximize your benefits or making sure a post-retirement job doesn’t reduce your benefits. Everyone has a different path to retirement so it’s important that you have a plan that specific to your goals and needs.
Q: How do I take the next step to retirement planning?
If you want to set up a 403b or would like a second opinion on your current financial plan set up a complimentary meeting with one of our planners today. Sgroi Financial is dedicated to helping teachers from every school district in Western New York. Also if you’re interested in more information, listen to my interview with Clay Moden on 106.5FM WYRK.
WEEKLY SEGMENT ON WYRK
You can catch our weekly Plan.Protect.Invest. segment live on WYRK 106.5FM at 7:20am every Wednesday. Each week we will have a Sgroi Financial planner on with Clay Moden and the WYRK morning show to discuss financial topics to educate and help their listeners.
Since 1971, Sgroi Financial has proudly served Buffalo, NY and the Western New York community from our West Seneca location.