Retirement Education Homeroom

Will my state pension cover my retirement needs?

While many teachers rely on their state-funded pensions, the truth is that their pensions may account for less than they expect. In fact, many states have a fraction of the assets needed to fund promised benefits.

The shortfall has resulted in states modifying their programs to reduce future benefits. The more years you have until retirement, the greater the chance future changes may affect your benefits. That is why it’s important to know what your income gap is and how purchasing an annuity within your 403(b) plan can help.

Your financial professional can help you find the right retirement saving program for you.