Match Your Retirement Income with Your Retirement Expenses

Today if you are healthy,  the likelihood of living into your 90’s or even reaching 100 is very real.  Although your state defined benefit retirement plan is safe and guaranteed to last as long as you live, your plan income may average only a percentage of your final salary.  Your benefits may not meet all your retirement living expenses or cover emergencies.

  • The average career teacher’s benefit replaces a percentage of final pay
  • Understand Social Security benefits that may be available to you
  • Many retired educators have to pay their own health care costs
  • Do you anticipate any post-retirement sources of income, such as from employment or an inheritance or sale of property, for example.
  • Learn what spousal continuation and beneficiary options you have
  • Keep up-to-date on whether your retirement savings will still cover your anticipated retirement expenses based on any recent lifestyle changes
  • Get professional financial advice to make sure your retirement income plans are realistic
  • Your state of affairs and your retirement income picture are constantly changing. Issues with the economy, investment performance, and longevity of retirees could all have profound impact on your state-funded and other retirement plans.

 

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