How to Determine When to Retire from Teaching

Posted by Tom Mellish, Executive Director, IRTA on Aug 30, 2019 10:00:00 AM

If you're a teacher thinking about when you should retire, you have a lot to consider. 

In this post we will cover the essentials to help you determine when to retire from teaching. It is our hope that this guide will provide you with an overview of the procedures of the Indiana State Teacher's Retirement Fund (ISTRF), as well as the personal and emotional considerations involved.

The Indiana Retired Teachers Association is committed to assisting active educators in making informed retirement decisions. The Association works to protect retirement benefits and to improve retirement benefits of all retired teachers.

Read our in-depth guide: Retirement Guide for Indiana Teachers

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Topics: finance, Post Retirement

Squirrel Away Savings When the Leaves Start to Turn

Posted by Indiana Retired Teachers Association on Nov 6, 2018 1:53:21 PM

When leaves begin turning colors and the air turns cool most of us begin to think of cider, pumpkins, family gatherings and upcoming holidays.

For the financially savvy, fall signals the time of year to make sure we have taken advantage of every opportunity to save for the long winter of retirement and accumulate some tax breaks to use when the spring thaw arrives in April.

These are five opportunities to take advantage of before December 31 or risk waiting till next year.

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Topics: finance

Choosing a Financial Advisor – Where to Start, What to Ask

Posted by Indiana Retired Teachers Association on Mar 18, 2018 2:15:00 PM

Everyone reaches a point in their life when they ask who can they turn to for financial advice. When you’re a kid, it’s probably your Mom or Dad telling how much birthday money you can spend and how much you need to save. When you’re a teenager it’s still your Mom and Dad but you just ignore their advice and do what you want - which is spend it.

However, sooner or later, when you have some work experience under your belt, you gain an understanding of just how hard it is to save for today’s needs let alone for retirement. At that point, Mom and Dad may not be around or you recognize they are not the all-knowing experts you thought they were when you were a kid. So, where do you start and what do you ask?

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Topics: finance

How to Make Your Teacher's Salary Last Through Retirement

Posted by Tom Mellish, Executive Director, IRTA on Jul 18, 2017 12:26:00 PM

Most teachers work hard throughout the school year for a modest salary, and many take on part-time jobs in the summer or seasonal work in between. It's hard to make those dollars stretch to cover expenses and bills, let alone save money toward retirement. The answer? Best not to hide your head in the sand and ignore the situation. You can do more than you think possible if you make a plan and start doing what can TODAY to make sure you have enough to last you through retirement. We're not going to tell you how to spend your money or how to pinch pennies. Rather, we have some practical financial wisdom from professionals from Morgan Stanley who presented a webcast on this topic earlier this summer. You can see the entire webcast here.

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Topics: finance

Why a CFP® Professional?

Most people have a strong desire to make wise financial decisions regardless of their stage in life.  Life gets hectic, and financial decisions may not get the attention they deserve. 

Making financial decisions can seem overwhelming knowing mistakes can be costly and painful.  As you approach or suddenly find yourself experiencing a key life event (retirement, death of loved one, marriage or divorce, etc.), you may especially find yourself desiring professional financial guidance. 

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Topics: finance

How to Build a DonorsChoose Campaign

Posted by Indiana Retired Teachers Association on Sep 12, 2016 9:00:00 AM

As an educator, you've most likely heard of It's a website that allows teachers to post their classroom needs, and donors to select the projects and classrooms they want to help. The goal is that all students will have the tools and experiences they need to excel.

DonorsChoose was started by a teacher who realized the cost of purchasing supplies and equipment wasn't always feasible. He thought there might be donors out there who would love to help and see children succeed, and he was right! After the first few posts from his colleagues, the site spread nationwide and it's available to every public school in America.

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Topics: finance, Teaching

Health Savings Accounts Help Grow Your Retirement Funds

Posted by Tom Mellish, Executive Director, IRTA on Jul 11, 2016 12:12:02 PM

If you have a high-deductible health insurance plan, a government subsidized health savings account (HSA) can save you hundreds or thousands of dollars in health care costs over your lifetime. An HSA can save you more than 25 percent on your health care expenses, maybe more, depending on your tax bracket.

Unfortunately, many people lack the knowledge about the program. So, it is important that you educate yourself about the advantages.

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Topics: finance, Health

Cash Flow Planning for Retirement: What Indiana Educators Need to Know

Posted by Tom Mellish, Executive Director, IRTA on Jun 23, 2016 1:21:03 PM

Retired educators cannot live on Social Security checks alone - at least not in the lifestyle you have become accustomed to, according to our recent webcast seminar.

Planning, says financial advisor Tia Lee, is critical for protecting quality of life in the years beyond the classroom.

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Topics: finance, Lifestyle

Pluses, Minuses of Roth IRA, 403(b)

Posted by Tom Mellish, Executive Director, IRTA on Apr 8, 2016 8:00:00 AM

Should I fund a Roth IRA or a 403(b) plan?

These are both great retirement planning options, but you may have reasons to choose one plan over the other. 

If you have enough disposable income, the answer is easy - fund both. If you are only able to afford one plan at this time, consider your options to help with your decision.

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Topics: finance

Rollover Changes Good for Gifting

Posted by Tom Mellish, Executive Director, IRTA on Jan 28, 2016 2:00:00 PM

Finally some good news to help save on your taxes.

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Topics: finance

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