Why Not Spend It?

There are two main ways to tuck away money without seeing it – payroll deductions and automatic transfers.

Payroll Deductions

This is a wonderful method because the money NEVER gets to your bank account. It goes straight into an account that you direct it to. Here are the most common automatic deductions that I have run across:

Retirement […]

November 10th, 2014|Teachers|

Retirement Terms Teachers MUST Know

Active Member

This is just someone that is employed and covered by a Teacher Retirement System (TRS) position and is accruing service to retirement. In order to be an active member, you must have contributed to the TRS at least one year in the last 5 consecutive years.

Average Salary

This is the retirees average monthly salary for […]

January 9th, 2015|Teachers|

Here is a Tax Deduction Just for Teachers!

However, there is a bit of good news in all of this. Up to $250 that you spend on your classroom is deductible on your income taxes if you itemize your deductions. You do not get the whole $250 back, but it decreases the income that you pay taxes on. Just make sure to keep […]

November 5th, 2014|Teachers|

Four Financial Reasons to Become a Teacher

Double your income in the summer

I may as well tackle this one first since this is a major perk for teachers. Granted, some school systems are trying to shorten or do away with the traditional summer vacation. However, as a teacher, you will still get many paid days off.

Let’s assume that your summer break is […]

November 5th, 2014|Teachers|

Retirement Payout Options

The following payout options are general and each state has specific retirement payout options. You need to contact your states Teacher Retirement System for their structured payouts. Happy Retirement!

Partial Lump-Sum Option (PLOP)

With this option, you will get a lump-sum one-time payment in exchange for a reduced lifetime monthly payment. On the surface, this option sounds […]

November 5th, 2014|Teachers|

The 403(b) Opportunity

Retirement Just for Teachers and Administrators — Payroll deduction through your School District.

Each school allows an educator to deduct part of their monthly paycheck towards saving for their retirement. The dollar amount you choose to be deduced is then placed in investments. You get to choose how your money is invested, however the school will […]

November 5th, 2014|Teachers|

Advice for a Teacher’s Retirement

Retirement Planning

You should start planning years before an actual retirement date arrives. However if you are going to retire in the next few months you’re still not too late.

When thinking about your future, teachers need to calculate the cost of what it will take for them to live far out into the future. This includes […]

November 5th, 2014|Teachers|