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Message
Retirement Advice
Posted on 4/1/16 at 2:37 pm
Posted on 4/1/16 at 2:37 pm
I teach in a parish outside of Baton Rouge. I contribute the required % every month to my teacher retirement program.
Is there something else I could begin contributing to so I have more money come retirement age? Any advice and recommendations are greatly appreciated.
TIA
Is there something else I could begin contributing to so I have more money come retirement age? Any advice and recommendations are greatly appreciated.
TIA
This post was edited on 4/1/16 at 2:38 pm
4
Posted on 4/1/16 at 3:43 pm to jac1280
quote:
I contribute the required % every month to my teacher retirement program.
What do you mean by required?
Any kinds of 401k or Roth or IRA will get you started.
Posted on 4/1/16 at 3:48 pm to jac1280
quote:
I contribute the required % every month to my teacher retirement program.
TRSL plan? If so do that for 30 years and you will end up with 75% of you highest (3 yr) salaries for life. If you are looking to make up the other 25%, see if you parish offers a 403B plan.
Posted on 4/1/16 at 3:53 pm to TigerintheNO
Start a Roth for you and your spouse. Max it every year. Put it in index funds. If none of this makes sense, start researching.
Posted on 4/1/16 at 4:08 pm to TigerintheNO
Yes it is the TRSL plan. For some reason I thought it was 80% for life, not that the 5% is a huge difference.
Posted on 4/1/16 at 4:10 pm to Costanza
I've heard of Roths before when I read this board but have no idea what it is lol, so yeah I would have to do some research.
I just know I will want more than just the TRSL 75% every year, so I'm hoping if I start now(I'm in my second year of teaching) that I will have a nice chunk come retirement.
I just know I will want more than just the TRSL 75% every year, so I'm hoping if I start now(I'm in my second year of teaching) that I will have a nice chunk come retirement.
Posted on 4/1/16 at 4:46 pm to jac1280
A Roth IRA is just an investment vehicle that grows tax free. If you search this board, you'll be directed to Vanguard (very solid choice) and buy some low thrills/expense mutual funds. Just throw some money ($5,500 max annually) in consistently for 30 years and you'll have a nice supplement to what we're all going to be paying you. 
No offense.
No offense.
Posted on 4/1/16 at 4:48 pm to jac1280
30 years is 75%, 40 years is 100%. Hopefully DROP will be there for you and it will help. I am sure your school system ahs a 403 B that you can contribute to. Good luck, I hit 33 years in February and more than likely retiring this year.
Posted on 4/1/16 at 10:28 pm to xcoach
75 and 100% pensions are mighty generous.
Posted on 4/2/16 at 11:02 am to matthew25
They would have to teach for 4 decades in public schools, while paying 8% of their salary for 40 years to get that.
Posted on 4/2/16 at 11:34 am to jac1280
1. If you are in a teacher program you are not paying into SS which is a good thing.
2. If you want something extra I would just invest in blue chip stocks. I don't believe in brokers. I buy my own after doing research.
2. If you want something extra I would just invest in blue chip stocks. I don't believe in brokers. I buy my own after doing research.
Posted on 4/2/16 at 11:36 am to Zach
My wife teaches here in Arkansas and we opened her a 403B at Vanguard. Basically a 401K type deal for teachers.
Posted on 4/2/16 at 10:49 pm to matthew25
quote:
75 and 100% pensions are mighty generous.
If the pension is still around, yes. Retired employees of the city of Detroit can tell you all about that.
Posted on 4/3/16 at 6:57 am to matthew25
quote:
75 and 100% pensions are mighty generous.
In Kentucky, at 27 years teachers get 67.5%, and at 30, they get 75%. It goes up a bit from there, not sure if it ever gets to 100%.
It's extremely generous. My wife just retired last year, and we decided that 7.5% wasn't worth 3 more years in the classroom. It was a good decision.
Posted on 4/3/16 at 8:12 am to kywildcatfanone
quote:
In Kentucky, at 27 years teachers get 67.5%, and at 30, they get 75%
The formula is 2.5% for each year worked and meeting certain minimum retirement age requirements.
Posted on 4/3/16 at 9:34 am to jac1280
On top of my STRS that will get me 85% after 35 years i put 150 a pay (300 a month) into a 403B tax differed annuity. Should be in the neighborhood of 125k when i retire
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