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Saving for Retirement: Options for Charter and Private School Teachers

In: Teachers Can Be Financially Fit

Author

Listed:
  • Tawni Hunt Ferrarini

    (Lindenwood University)

  • M. Scott Niederjohn

    (Lakeland University)

  • Mark C. Schug

    (University of Wisconsin–Milwaukee)

  • William C. Wood

    (James Madison University)

Abstract

This chapter introduces a fabulous charter school math teacher facing a retirement savings problem. Donna barely has anything to show financially for her teaching work so far, even after 15 years on the job. Teachers in some charter schools and private schools and colleges may have to take more responsibility for saving for retirement, compared with their public school colleagues. Starting with Donna’s case, this chapter explains tax-advantaged savings options including 403(b) plans, Individual Retirement Accounts (IRAs), and Simplified Employee Pensions (SEPs). The discussion helps educators understand the differences between traditional and Roth IRAs so they can make better decisions. Asset allocation, the percentage of savings you decide to invest in various assets, is especially important for educators. This chapter explains why and how asset allocation needs to change over the course of your teaching career. The chapter concludes by stressing the importance of saving for retirement, even for charter school teachers who may participate in a state retirement system.

Suggested Citation

  • Tawni Hunt Ferrarini & M. Scott Niederjohn & Mark C. Schug & William C. Wood, 2021. "Saving for Retirement: Options for Charter and Private School Teachers," Springer Books, in: Teachers Can Be Financially Fit, chapter 9, pages 97-104, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-49356-1_9
    DOI: 10.1007/978-3-030-49356-1_9
    as

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