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Don’t forget about your financial future this back-to-school season

Pension Sense blog | August 21, 2024 | Melissa Jones-Ferguson

Teacher giving a high-five to a student in a classroom.

We know you have a lot on your plate as you dive into the new school year. But after the initial madness subsides, there’s one more thing you need to do.

More planning.

Wait! Don’t go! We mean planning for retirement—that calendar-optional state of existence where you’ll forget that back-to-school season is even a thing.

CalSTRS has an array of resources to help you plan and prepare for retirement. There’s something for everyone, from brand-new teachers, to veterans, to part-time educators.

Take a look. You’ll be glad you did.

Mind the gap

Did you know that you can estimate your monthly retirement benefit using the CalSTRS Retirement Benefits Calculator? On average, the CalSTRS retirement benefit replaces 50% to 60% of a career educator’s salary. If you think you’ll need more than that to live comfortably in retirement, consider these options:

  • Start a CalSTRS Pension2® account for additional retirement savings: Pension2 is a voluntary defined contribution plan that offers the opportunity to invest through tax-advantaged payroll deductions in low cost, flexible 403(b) and 457(b) plans, both Roth and traditional. Supplement your pension today by calling 800-228-5453, option 4 to speak with a CalSTRS Pension2 representative to enroll or learn more.
  • Purchase additional service credit: If you are eligible, you can purchase service credit to increase your CalSTRS benefit. Check out the Purchase Service Credit Now fact sheet for more information.
  • Consider your retirement date: Working longer gives retirement plans like a 403(b) or 457(b) more time to accrue interest. Check out our calculators to see what a difference a year can make.     

Knowledge is power

Whether you have two minutes or two hours, CalSTRS has a tool to help you plan for your financial future:

  • Annual Retirement Progress Report: This summary of your CalSTRS account and benefits includes detailed information and planning resources. New Retirement Progress Reports will be posted online at myCalSTRS in mid-September for active and inactive members.
  • Videos and webinars: Learn more about benefits and services available to you. New to teaching? A variety of webinars are available through August 30 to help you start planning for retirement.
  • Group and individual benefits planning sessions: Discover the various services we offer to help you learn about your benefits and actively plan for retiring throughout your career. Individual sessions are geared toward members retiring within the next 12 months. Call 800-228-5453 and select option 3 to schedule a session.

Visit the CalSTRS benefits planning services page to learn more.

Talk it out

Sometimes, you just need to speak to another human being. Luckily, there are CalSTRS benefits specialists available to help. Visit one of our member service centers or local benefits planning offices for in-person customer service. You can also call us at 800-228-5453 from 8 a.m. to 5 p.m. Monday through Friday, excluding state and federal holidays.

So, after you’ve completed your back-to-school checklist, take some time to relax. Then take some time to plan for your financial future.    

Explore other ways to connect with us at CalSTRS.com/contact.