For the past 29 years, I've been a public school teacher. In my late 20s, I came across an ad for a retirement annuity and thought it would be a good investment. I believed I was doing the "right thing" by putting tax-deferred money away for future use. However, as I delved into the world of 403(b) plans, I quickly realized how complex the financial industry can make it. This complexity often serves to obscure fees and charges embedded in contracts that teachers unknowingly purchase.
I learned the hard way how costly it can be to break free from an annuity contract. But after further research, I discovered that investing doesn’t have to be so complicated. There are companies and products available that are well-designed and reasonably priced. With this new understanding, I began asking more questions, which eventually led me to complete a school finance program and the Certificate in Financial Planning program at UCLA.
Here in California, public school teachers benefit from a strong defined benefit plan through the California State Teachers Retirement System (CalSTRS). According to CalSTRS' latest "Fast Facts," the average retiring teacher has about 24.6 years of service credit, resulting in a monthly Member-Only benefit of approximately $5,141 before taxes. For many members, living on $5,141 may be challenging.
I can help you plan to maximize your CalSTRS defined benefit and explore savings options that will support the lifestyle you envision for retirement.
Please call me at 562-643-1962, and let's discuss a path forward for the next stage of your life.
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