🎙️ Join us for an insightful episode of The Teacher Money Show, where Shaun Morgan engages in a conversation with Jeremy Keil from the Retirement Revealed Podcast. This episode delves into crucial retirement planning strategies for teachers, focusing not only on the financial aspects but also on the psychological preparations needed for a successful transition.
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https://www.teachermoneyshow.com/show22
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Key Takeaways from the Episode:
💡 Focus on Replacing Take-Home Pay:
Jeremy Keil advises teachers to concentrate on replacing take-home pay rather than their full salary during retirement planning. Your take-home pay is what you live on. You won't have retirement contributions or pension payments or union dues, etc. taken out of your paycheck when you retire, so you don't need to replace your whole salary.
🔄 Understanding the Windfall Elimination Provision:
If you contribute to both a pension AND social security, this doesn't matter. But, if you only have a pension, make sure you're aware of the WEP. This could be quite a shock to you if you're using a social security retirement calculator that doesn't include your pension in its calculation.
📈 Survivorship and Pension Planning:
Shaun and Jeremy stress the importance of planning for survivorship and using social security calculators. Remember that retirement is both a short-term and long-term game. Don't make a short-term decision now that will negatively affect your surviving partner decades later.
💰 Investment Strategies for Retirement:
Start preparing for retirement years in advance. Jeremy Keil recommends practical strategies, including the simplicity of target date funds and the importance of splitting investments for short-term and long-term needs to be prepared.
📊 Tax Planning in Retirement:
Shaun and Jeremy discuss the critical aspect of tax planning in retirement. Taxes are among the top three costs in retirement, but also the easiest cost to play with reducing. Talk to a tax professional for advice on reducing this burden in retirement.
This episode provides a comprehensive guide to retirement planning, offering a blend of financial expertise and practical advice. Don't miss out on these invaluable insights that can shape your path to a fulfilling retirement.
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