It goes without saying that teachers play one of the most critical roles in American society as the primary individuals responsible, other than a young person’s parents, for helping to create the next generation of leaders and workers.
But that weighty responsibility rarely matches up with the highest salary. As a result, retirement planning requires additional foresight, planning, and better lifelong financial habits for teachers than for their white-collar counterparts working the 9 to 5 in a downtown corner office.
And on top of that, teachers often have more intricate possibilities for retirement because they can invest in pension accounts. The question for teachers becomes not only how much can I or should I invest, but also which mix of accounts will create the best opportunity for a satisfying retirement?
Let’s take a hard look at what teachers need to know about retirement planning. If you’re a teacher, you know that your financial security can be completely different than the teacher across the hall from you.