🎙️ Unlock the secrets to a fulfilling retirement on The Teacher Money Show! Join Shaun Morgan and Ms. Black from Staying in the Black in a profound discussion on retirement planning for teachers entering the final chapters of their careers.
Explore the full episode and access show notes at:
https://www.teachermoneyshow.com/show25
Considering being a guest on the show? Visit:
https://www.teachermoneyshow.com/guest
Questions or suggestions? Drop us a voicemail at:
https://www.speakpipe.com/teachermoneyshow
Key Takeaways from the Episode:
💼 **Strategic Retirement Planning:**
Retirement planning for end of career teachers isn't for teacher one or two years from retirement. The time to plan on retirement is 10 years before retirement! This ensures you have time to make adjustments as needed to your plan.
📆 **Automation and Regular Check-ins:**
If you've automated your retirement, then you should be well on your way to meeting your goals. But, that doesn't mean it will be perfect. Take time to regularly check in on your progress and make adjustments accordingly.
🤝 **Certified Financial Planner Guidance:**
It it super important to seek advice from certified financial planners who act as fiduciaries (not just anyone who claims to give financial advice). It is way more cost-effective to use fee-only financial planners for comprehensive retirement planning.
🏡 **Living Expenses and Retirement Gaps:**
If there is a gap between what you need in retirement and what you have, remember that you have options. You can continue to work longer, you can work a different part-time job after you retire, you can increase your contributions before you retire, you can reduce your living expenses such as downsizing your home or moving to a lower cost of living. There are lots of options.
💡 **Maximizing Benefits and Saving for Retirement:**
Remember that your benefits package is there to provide things for you beyond insurance. Check to see if you have benefits, such as free retirement planning consultations, included in your benefits package.
👩⚕️ **Healthcare Options for Retirement:**
Healthcare is the number one cause of bankruptcy in retirement. There are healthcare options for teachers in retirement, make sure you do thorough research and planning to ensure access to affordable healthcare during retirement.
This episode serves as an invaluable guide for teachers navigating the intricate landscape of retirement planning. Subscribe to The Teacher Money Show for more episodes that empower educators to make informed financial decisions and pave the way for a prosperous retirement.
#RetirementPlanning #TeacherMoneyShow #FinancialEmpowerment #LateCareerTeachers #RetirementStrategies #CertifiedFinancialPlanner #MonteCarloTheory #SpendingTracking #HealthcareOptions
