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Retirement thoughts for teachers
 

Retirement thoughts for teachers

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    Retirement thoughts for teachers Retirement thoughts for teachers Presentation Transcript

    • It’s never to early to think about Retirement Carl McClurg, Jr. 513-886-5009 www.saveandretire.net
    • Topics to Touch On
      • Changes in Ohio STRS
      • Supplementing your pension
      • What is a 403(b) Tax Sheltered Annuity
      • Saving with PRE-TAX Dollars
      • Having the “Right 403(b)”
      • Maximizing your pension
      • PLOP
    • STRS Pending Changes
      • Increasing retirement age
      • Increasing total years of service
      • Beginning August 1, 2015 you can retire at any age with 35 years of service, (currently it is 30 years)
      • Can retire at 60 with 30 years of service (currently you can retire at any age with 30 years of service)
      • Can retire earlier with an actuarially reduced benefit at age 55 with 30 years of service or at age 60 with 5 years of service.
    • STRS Pending Changes
      • Increasing your contribution to 12.5%
      • Reduced cost of living adjustment 1.5%
      • Increase Final average salary years to 5
      • STRS needs you to work longer, contribute more and take less!
    • Supplement Your Pension
      • You can take control of your destiny
      • Contribute PRE-TAX to your own 403(b) Tax Sheltered Annuity (what is that?)
      • You can contribute up to $16,500.00
      • this tax year
    • PRE-TAX Contributions
      • Contribute $200.00 per month
      • Only reduces your check by
      • $144.00 (28% tax bracket)
    • The “RIGHT” 403(b) Plan
      • FIA (Fixed Indexed Annuity)
      • Account increases as the stock market rises
      • Lock in your gains
      • Does NOT loose value if stock market drops!
    • Maximize Your Pension
      • 10 – 15 years from retirement
      • Key choices can maximize your pension
      • Do I take full pension?
      • Do I select the joint survivorship option?
    • Pension Choices
      • Final average salary $70,000.00
      • Based on 35 years of service under new guidelines = 78.5%
      • = $4,580,00 per month full pension
      • Joint Survivor option
      • (reduced about 15%)
      • = $3,893.00 per month
    • That is a reduction of $687.00 per month
    • What if ????
      • You select the Joint Survivor Option, take the reduction and your spouse dies before you, 10 years later??
      • You donated
      • $82,440.00
      • of your pension to STRS.
    • What the Heck is a PLOP?
      • Partial Lump sum Option Payment
      • Up to 36 months of your pension
      • Can be rolled over
      • Without tax consequences
      • Giving you full control over part of your pension dollars.
    • Where are you?
      • Don’t have a plan and want to get started?
      • Have a plan and want to review it.
      • Getting close to retirement and want to talk about your options.
    • Carl McClurg, Jr. 513-886-5009 www.saveandretire.net Thank You!