Back-to-School Retirement Plan Review

With a new school year just around the corner, now is a good time to review your retirement plan for the coming school year.

Why review your retirement plan now? As you know, back-to-school season is usually a hectic time for teachers. Once the school year is in full swing, most of your time and energy will be devoted to your lesson plans. That means you'll have less time to spend attending to your personal retirement plan.

Also, the start of a new school year may come with a salary increase for you or changes to the retirement planning benefits offered by your school district. These changes may offer new opportunities for you to build upon your retirement savings and help make your financial future more secure.

Here are just a few factors to consider for your retirement plan review:

Your current contribution rate: Will you get a salary increase at the start of the school year? Increasing your contributions to your 403(b) plan or other retirement savings account would be a wise move with this extra money.
New or expanded benefits: Last year a new way to save for retirement on an after-tax basis was introduced: the Roth 403(b). Do you know if your employer offers this new savings plan? Saving on an after-tax basis can provide both tax-free growth of contributions and earnings and a tax-free income source at retirement.
Your investment allocation: Is your current investment portfolio appropriate for your retirement goals? Are your investments positioned correctly to take advantage of current market conditions? Now is a good time to make suitable portfolio adjustments, before you get too busy.
Your beneficiary designations: No one likes to think about what will happen to their loved ones in the event of an untimely death. Naming appropriate beneficiaries helps assure that your loved ones will have the financial means for support in your absence. When was the last time you reviewed your beneficiary designations?

Dearborn & Creggs Can Help

As you prepare to go back to school, call your Dearborn & Creggs financial representative and schedule a back-to-school retirement plan review. He or she can help you make any appropriate adjustments to your savings plan and take advantage of expanded savings opportunities that may be available to you.