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How Much Should Teachers Save For Retirement?
22 Sep - Posted at 12:40h in Retirement Planning
Some say having $1 million in savings will set you up for a comfortable retirement. Is this possible for teachers?
Is it necessary to save this much? If you wanted to try, how would you do it? How Much Should a Teacher Save for Retirement?
Save a set amount of your income every month for retirement.
This is a smart rule for everyone to follow.
Set a goal that is reasonable for you.
Best retirement plans for teachers by stateSaving 10% of your monthly income could be a good place to start. Look into ways to grow your money so that your savings will stretch farther.
Consider a traditional individual retirement account (IRA) or Roth IRA as an investment vehicle.
The difference between these two vehicles is in the way you pay taxes.
With a Roth IRA, your withdrawals are not taxed in retirement - you are not taxed on the growth of a Roth IRA either.
Your contributions are made from money that has already been through income tax, so additional tax is not necessary. To withdraw earnings from a Roth IRA account tax-free, the accou
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