Want To Retire This Summer? Here’s How To Get There
I’m privileged to work with many Minnesota educators, and one of the most frequently asked questions I get is: “when can I retire?” The most accurate answer can be given on an individual basis.
Educators have a multitude of factors to consider when determining their retirement date. From pensions and employer-offered benefits programs, to savings and expenses, there are many figures that go into the equation.
If you are hoping to make this school year your last, and retire in June 2023, there are steps that you can take NOW to make that a reality.
How Old Should I Be to Retire?
The Minnesota Teachers’ Retirement Association (TRA) notes that any retirement before the age of 66 is technically an “early” retirement. If this is you, you will want to take note that an early departure will mean reduced benefits, as they are going to be spread out over more years.
That said, TRA can be a great resource with webinars along with facts and figures that you can apply to your own situation to help you make the right choice. According to TRA statistics on Minnesota teachers, the average age of retirement is 63, and the average Minnesota teacher has worked for 23.2 years.
TRA is a good space to explore your options, especially when understanding what you must do before you put in your resignation. Following these guidelines can alleviate bumps in the road, down the road.
It is also important, no matter what age you are now, to plan for the future. You can take steps to meet that goal. Creating a planning checklist can help to keep you on task.
Timing Is Important
As a teacher, you likely already know this, but important planning is crucial for any major life decision. And, retirement is no different. In order to do it properly, you need to plan ahead.
From when to notify your district, to steps you must follow before that resignation, there is a multitude of important dates and deadlines that must be followed. Thankfully, I specialize in working with teachers, and I am happy to help you through the process!
How Does Social Security Work?
Another rather confusing part of retirement for most teachers is social security. To add to the complicated process, there were many recent changes to the system. I can help guide you through these updates and new requirements, to make the best possible decision for your retirement. I am happy to walk you through those forms and set you up for the proper payouts at the proper times.
What About Healthcare?
A very scary question most retirees face is: “What do I do about healthcare?” If you aim to retire early, or if you carry the policy for your children or spouse, it is a legitimate concern. I’m very familiar with the options available to you, and can help give you confidence in your decision-making when it comes to healthcare.
Make An Appointment Today
The best thing you can do is to book an appointment! By sitting down personally with our team, we can prepare a plan that works for your unique, individual situation. Begin planing now so you can have a smooth, well-deserved retirement in June!
Neither The Lincoln Investment family of companies nor any of its representatives is affiliated with the Minnesota Teachers’ Retirement Association (TRA); and TRA does not sponsor, authorize or endorse the retirement educational services described in this or other communications of Lincoln Investment.
