“I don’t make that much money.”
“I have the TCRS.”
“I don’t lead an extravagant life.”
All are things the SDP Team has heard, and all are reasons that teachers and education administrators NEED a financial plan!
If a person has limited resources to work with, then mistakes or uneducated decisions can become very costly. It is even more important to make better decisions when resources are considered low.
While being a participant in the Tennessee Consolidated Retirement System is a great benefit, at least a few questions arise in the educator’s decision-making process:
- Are there any other savings vehicles I should employ?
- Which payout option should I take?
- Someone told me to take the lump sum. Is this a good idea?
Like most important questions, the answers to these are “it all depends!” Each individual will require a different approach to each which is why having a well-thought-out financial plan is even more important!
You’ve spent your career serving others. Now it’s time to take care of you!