A Teacher’s Age-By-Age Guide to Getting Ready for Retirement

People often wonder how they can make their retirement comfortable. For example, some plan to move somewhere warm for a change where they can lounge around and read a book or swim. Others think about traveling the world and seeing what it has to offer. Some people look forward to devoting their time to gardening and crafting, while others get excited about spending as much time with family as possible.

Dreaming of what you will do once you retire is a joy shared by millions of people. However, if you want to make yours a reality, you need to have a plan. Keep in mind that it’s never too late nor too early to make a head start. 

In this article, we will discuss what teachers like you can do for your retirement plan based on your age.

Teachers in Their 40s

1. Stay on Track

Although it might be tempting to redirect the money you have saved in your retirement account and use it to cover other expenses, you should fight this urge. You must always keep in mind that you have long-term goals and a future that you have planned for yourself. The best thing for you to do at present is to meet your financial representative regularly so that you can make your scheduled contributions. Doing so will allow you to push through with your plan.

2. Start Saving Up

Some teachers who have not begun investing for their retirement might feel like it’s too late for them to start. But it’s better late than never. If you fail to start now, you will find it challenging to afford to retire when you’re 60. As such, it is best to put a plan in place. The sooner you do it, the more at peace you will feel.

Teachers in Their 50s

1. Adjust Your Asset Allocation

Meeting your financial representative regularly should be one of your priorities. You can make adjustments to your asset allocation during your meetings and ensure that you are still on track. By this time, you can begin shifting your portfolio to conservative options that match the risks you are willing to take. A more conservative approach will be more appropriate for you since it can give you enough income to keep you afloat in the long run.

2. Be Mindful of How You Spend

Use your existing funds to pay off remaining debt, such as mortgages, loans, and credit cards. Even though you may be tempted to travel or buy a new house, you need to be strict with yourself. Be patient and enjoy these things once you retire.

3. Utilize Catch-Up Contributions

There are investment plans that let you increase your contributions after you have reached 50. These plans allow you to go the extra mile within the last three years before retirement. If you want to know if this is possible for you, coordinate with your financial advisor.

Teachers in Their 60s

1. Check the Final Numbers

At this age, you can finally run the numbers for the last time. Work closely with your financial advisor so that you can make modifications and adjustments as necessary. Make sure that your choices allow you to have enough money to enjoy during retirement.

2. Begin Estate Planning

You should start considering putting up a trust, medical directives, and a will by this time. Doing so will allow you to protect your assets in the future. It will also help keep your family from experiencing any hassle associated with managing your finances in your absence.


Retirement planning for teachers is essential, especially if you want to have minimal to no financial worries once you retire. Knowing what you should do to make yourself financially secure can ensure that your retirement will go as smoothly as possible. If you want to learn more about the best ways to save for retirement, we can help you out.

My State Pension is committed to helping clients maximize their benefits and retire with peace of mind. Our retirement consultants work closely with teachers and municipal government employees. If you are interested in coordinating with a professional specializing in retirement planning for educators, contact us today.

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If you are a K-12 educator or staff, collegiate educator or staff, municipal or state employee we can connect you with a licensed financial professional with the experience needed to help you understand your pension benefits and overall retirement plan.