At Reed Financial Planning Services, we focus on working with Connecticut public school teachers and their families. With a complex pension system, social security offsets and their own retiree health insurance options, it's important that teachers work with a financial planning firm that understands these unique details and the impact they have on a teacher's retirement. We have been helping teachers and their families for over 15 years and have a systematic approach to outlining their retirement.
One of the most common questions I get from teachers is "When can I retire?". The question sounds simple, but the answer is really complex! Especially for Connecticut public school teachers and their families because of the Connecticut Teachers' Retirement Board Pension (CTRB or TRB).
If you are a teacher who is contemplating retirement or asking yourself "When can I retire?", take a look at the list of topics below to see how prepared you might be to answer that important question. Contact us if you would like a better understanding of any of these topics:
- How much will you need when you retire to cover your base expenses.
- The unique retiree health insurance options, the cost and the important deadlines.
- Ways to maximize my Connecticut Teachers' Retirement Board Pension (CTRB or TRB).
- The difference between retiring under Proratable, Vested-Deferred, Early and Normal Retirement.
- Ways to buy back time.
- Understand and compare the various payout options (Plan N, C and D).
- The retirement process, forms and deadlines for Connecticut public school teachers and the Teachers Pension.
- The impact the Windfall Elimination Provision and Government Pension Offset may have on your social security benefits.
- Claiming options for social security (early, at full retirement age or deferring) and options for widows or divorcees.
- Rules regarding using your investments to supplement your income in retirement.
- Review your portfolio given the market outlook, interest rates and current market conditions
- The tax implications for starting your CTRB pension, social security or withdrawing from assets.
- Rules about post-retirement unemployment for Connecticut public school teachers and retirees.
- Evaluate household assets and retirement income sources and determine which to draw from first and why.
- How to plan for needing care in retirement.
- Rules about inheriting investments and how inherited assets fit into your income planning.
- The importance of planning for care in retirement and understanding the rules about protecting assets if you need care in retirement. This also includes the review of ownership of your assets (sole ownership or joint) and the use of powers of attorney.
- Plan for your passing or the passing of a spouse. Discuss how your assets and income can transition most efficiently to your loved ones. This includes understanding the basics of estate planning, account ownership, beneficiaries, wills and trusts.
- How to bring all of this together into your personal retirement income plan.
I get a lot of satisfaction in helping teachers understand all of these topics, outline their retirement plan and help them retire! It's a complex process but we have a system that we follow to clearly outline all of the topics listed above.
If you would like help determining when you might be able to retire, feel free to click on the link below where you can view our availability and schedule a complimentary phone consultation.