Q:

What are some steps for planning retirement with CalSTRS?

A:

Quick Answer

Start planning retirement by learning about the resources available, including the CalSTRS tools, information about social security and long-term retirement plans, according to CalSTRS. This includes using different calculators and creating budgets for retirement.

Continue Reading

Full Answer

There are various retirement tools and resources available to help with beginning the first step of the planning process, notes CalSTRS. CalSTRS recommends beginning these steps when turning 50, as this is within only a few years of retirement. This is a good time to look over the monthly budget, and what retirement funds have already been acquired by this point.

A variety of calculators are provided to help with retirement planning, according to CalSTRS. This includes the Personal Wealth Plan Calculator, which helps people nearing retirement to figure out what the impact would be if they chose a personal savings plan through CalSTRS. It is based on CalSTRS retirement benefits replacing over half the person's current salary. Another calculator is the Retirement Benefits Calculator, allowing the retiree to estimate the retirement benefits he could potentially get.

Information about social security benefits is also part of the plan for retirement, according to CalSTRS. Public school educators in California do not pay into social security, therefore they don't get these benefits through CalSTRS. This means they need to plan on social security only through other employment or from a spouse.

Learn more about Financial Planning
Sources:

Related Questions

Explore