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Retirement plan for school teacher

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tony gray
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Retirement plan for school teacher  Reply with quote  

What are the retirement plans and scheme for a school teacher. Like one of my neighbour is a school teacher for 30 years now she wants to retire but are there any retirement scheme for her will she be able to adjust with the terms and conditions that are offered by the insurance companies do reply this as she seriously needs help as she is alone and has no family.
Post Sun Aug 04, 2013 4:33 pm
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oldguy
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quote:
will she be able to adjust with the terms and conditions that are offered by the insurance companies


I would avoid the insurance companies, instead stick with the CA Teachers Retirement program. (CalSTRS) CA teachers do not pay into the SS system, they contribute to CalSTRS during their working years. Upon retirement their pensions come from there.

And she may have been contributing to a 403b plan - if so she will have a fund that she can draw lump sums from when needed - a car, a furnace, a roof, etc.
Post Sun Aug 04, 2013 4:54 pm
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blixet
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She can make an appointment to see a CalSTRS retirement benefits counselor in her area. The counselor will explain everything in detail and provide a written analysis for her based on her particular details.

http://www.calstrs.com/local-counseling-offices

Information is more valuable sold than used – Fischer Black
Post Sun Aug 04, 2013 5:25 pm
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tony gray
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Thank you for the advice and truly these are really helpful and great the make a lot sense and even when I showed it to the person who wanted to take it she was very happy and told me that you have such helpful friend that she even wanted to join this forum so a very big thankyou to you all you made my day.
Post Fri Aug 23, 2013 1:38 am
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blixet
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You're welcome, Tony. Although it is true that CA public school teachers don't contribute to Social Security, it is possible that your neighbor might have enough quarters to qualify from other employment. For example, if she worked as a younger person or while in college or possibly during summer vacations or as a second job part time in the evenings, she could have accumulated the necessary credits. I know many teachers who have done so (including myself).

She should be aware, though, that if she is entitled to a SS benefit, it would likely be reduced by the Windfall Elimination Provision. Both the Social Security and the CalSTRS websites have more information on this.

If she has more questions, she should definitely join the forum and ask away!

Information is more valuable sold than used – Fischer Black
Post Fri Aug 23, 2013 12:57 pm
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