Teachers, Here's What You Need To Know About Your Pension Plan
Let's dive into your different pension election options so that you can make an empowered decision for you and your family.
Teachers, Avoid a Potential Retirement Credit Disaster
Teachers nearing retirement (and teachers who are taking maternity, extended sick time, or working part-time) should pay close attention to the retirement credits being awarded to you.
Looking Beyond the Balance
For anyone that has a TSA for their 403b, you can multiply your balance by 2.5% and that would give you a rough estimate of the total cost of your 403b per year (please understand there are many fees imbedded in a TSA so your personal account can be higher or lower than my estimate above). This means, if your 403b account value is $100,000, then you are paying approximately $2,500 per year in fees! If you want to get a more accurate estimate of cost, please see my new calculator by clicking 403b Calculator. This is a great tool to see how cost will impact your account balance over time. If you have a statement in front of you, it should take you about 5 minutes to enter in the data.