It’s never to early to think about  Retirement Carl McClurg, Jr. 513-886-5009 www.saveandretire.net
Topics to Touch On <ul><li>Changes in Ohio STRS </li></ul><ul><li>Supplementing your pension </li></ul><ul><li>What is a 4...
STRS Pending Changes <ul><li>Increasing retirement age  </li></ul><ul><li>Increasing total years of service </li></ul><ul>...
STRS Pending Changes <ul><li>Increasing your contribution to 12.5% </li></ul><ul><li>Reduced cost of living adjustment 1.5...
Supplement Your Pension <ul><li>You can take control of your destiny </li></ul><ul><li>Contribute PRE-TAX to your own 403(...
PRE-TAX Contributions <ul><li>Contribute $200.00 per month  </li></ul><ul><li>Only reduces your check by  </li></ul><ul><l...
The “RIGHT” 403(b) Plan <ul><li>FIA (Fixed Indexed Annuity) </li></ul><ul><li>Account increases as the stock market rises ...
Maximize Your Pension <ul><li>10 – 15 years from retirement </li></ul><ul><li>Key choices can maximize your pension </li><...
Pension Choices <ul><li>Final average salary $70,000.00 </li></ul><ul><li>Based on 35 years of service under new guideline...
That is a reduction of    $687.00 per month
What if ???? <ul><li>You select the Joint Survivor Option, take the reduction and your spouse dies before you, 10 years la...
What the Heck is a PLOP? <ul><li>Partial Lump sum Option Payment </li></ul><ul><li>Up to 36 months of your pension </li></...
Where are you? <ul><li>Don’t have a plan and want to get started? </li></ul><ul><li>Have a plan and want to review it. </l...
Carl McClurg, Jr. 513-886-5009 www.saveandretire.net Thank You!
Upcoming SlideShare
Loading in …5
×

Retirement thoughts for teachers

1,339 views

Published on

0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
1,339
On SlideShare
0
From Embeds
0
Number of Embeds
3
Actions
Shares
0
Downloads
4
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

Retirement thoughts for teachers

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

×