Recently I was featured in a few stories in The New York Times for my work bringing a better retirement plan to teachers and administrators. Some of you may have even found this site after reading those articles. Thanks for stopping by and please subscribe as I apply my OCD tendencies into other ways to make teaching more prosperous for you.
There are few things I’d like to note about the topic of teacher retirement plans and teacher earnings.
Teacher pensions are a pretty sweet deal for teachers
A number of polls show that teachers are dissatisfied with their salaries. Compensation for teachers goes well beyond salary. Teachers don’t want to hear this but we get a lot of days off compared to most professions.
Teachers also earn (yes, earn!) pensions that are a form of compensation that those in other careers would gladly take in exchange for their retirement plan. These are completely separate issues from the voluntary contributions to a 403b plan.
None of this means that current 403b options are acceptable
Teachers are leaving a LOT of money on the table. As explained in the articles below, teachers are leaving tens of thousands of dollars on the table, if not more.
Teachers are paying fees that are laughable for annuity products. These annuity products do not grow anywhere near the rate of the stock market. The stock market has been on an absolute tare lately and teachers just lost out on a load of income where their money could have been working for them.
Let your 403b get to work for you in high growth investment today and stop missing out!
Below are the 3 articles mentioned above. Consider the bolded questions while reading.
How high are the fees in YOUR 403b? How do 403b fees compare with 401k fees?
How can I fix my school’s 403b situation?
What step am I on in my 403b/pension journey?
Thank you for reading. What questions do YOU have about your teacher retirement plan? Please leave a comment below and share on social media!