Teaching is a noble profession. While not a highly paid one, the benefits are often excellent, but we say that with a few caveats. In the K-12 educational arena, teachers are frequently the unwitting recipients of: (1) expensive financial products, (2) bad financial planning advice, and (3) Social Security's "gotcha" provisions.
When Peggy Sue Holly* and her husband Buddy were referred to us by an elementary school principal from Gwinnett County (Georgia) for retirement planning, we were wary of the three problems mentioned above.
What We Did
Peggy Sue was one of those rare people who had been a teacher in the same school district for 32 years. She started at twenty-three, left the profession for ten years to rear her children, and then had then come back to teaching. Now that she and Buddy were both approaching sixty-five, they wanted to understand what their retirement could look like.
What follows are some of the mistakes educators make and/or encounter when planning for retirement:
Contact us so we can be of help.
* Penny Sue and Buddy Holly are fictional names and they represent, in one hypothetical family, the work we have done for real clients.