23: Pensions explained with Emily the Teacher Financial Planner

🎙️ Join us on The Teacher Money Show for an enlightening episode featuring Emily, a seasoned financial planner dedicated to educators. Host Shaun Morgan engages in a deep discussion with Emily from Teacher Financial Planner, unraveling the complexities of teacher pensions and providing valuable insights into retirement planning. Explore the full episode and access show notes at: https://www.teachermoneyshow.com/show23 Interested in being a guest on the show? Visit: https://www.teachermoneyshow.com/guest Have a question or topic suggestion? Drop us a voicemail at: https://www.speakpipe.com/teachermoneyshow Key Highlights from the Episode: 🌐 Guest introduction (AKA why you should listen to her!) Emily has had 10 years of classroom experience including international teaching, and has recently made the transition to becoming a dedicated financial planner. She works exclusively with teachers because she understands where you are coming from! 💰 Decoding Teacher Pensions: To understand your pension you need to understand your state's calculation. It will probably be something about your final years of teaching salary, your number of years of service, and a multiplier of some kind. You also need to consider vesting (and whether or not you want to vest in your pension) and the safety of your pension system in your calculations. We talk about this. 🔍 Navigating Retirement Investment Accounts: Choosing a retirement account with a low-fee vendor makes all the difference. You need to be investing on the side to shore up your retirement because your pension will likely not be enough. 🚨 Beware of Deceptive Financial Advisors: Look out for high-fee financial advisors who employ deceptive tactics. Hint, they will probably show up in the lunch room with a box of donuts, or tell you they are affiliated with your school. Don't walk, RUN away from there. 📊 Retirement Planning Strategies: In this episode, we also explore effective retirement planning strategies for teachers, focusing on investing in retirement accounts and establishing sound financial habits early on. Most importantly, make sure you have a financial plan aligned with long-term goals. In conclusion, this episode provides a wealth of knowledge on teacher pensions, retirement planning, and financial empowerment. Join us on The Teacher Money Show to embark on your journey to financial well-being! Subscribe for more engaging episodes and valuable insights on navigating the world of finances as an educator. #TeacherPensions #RetirementPlanning #FinancialEmpowerment #TeacherMoneyShow #InvestmentAccounts #FinancialAdvisor #RetirementStrategies