Why Public School Teaching is a Viable Career Choice for Your Retirement
Learning About the Teachers Retirement Association
As the saying goes, it’s never too early to start planning for retirement. However, with the rising costs of living and uncertain economic times, it’s important to consider a career path that not only provides financial security in the present, but also in the future. That’s where public school teaching comes in.
If you’re considering a career in public school teaching, it’s important to know that you will have access to a state-sponsored pension plan. In Minnesota, this is the TRA (Teachers Retirement Association) benefit plan. This coordinated benefit plan supplements a teacher’s Social Security and Medicare benefits, providing them with defined lifetime pension payments upon normal retirement.
Here are some important facts about the TRA benefit plan that make public school teaching a viable career choice for your retirement:
Lifetime Pension Payments: As a public school teacher in Minnesota, you will receive defined lifetime pension payments upon normal retirement, meaning you will receive a regular income for the rest of your life.
Coordinated Benefit Plan: The TRA benefit plan supplements a teacher’s Social Security and Medicare benefits, providing them with additional financial support in retirement.
Early Retirement: Public school teachers can retire earlier than other professions, at an average age of 59 compared to age 63 for all other careers. This means you can enjoy your retirement sooner and have more time to pursue your interests and hobbies.
Financial Security: With a state-sponsored pension plan, public school teachers have the peace of mind of financial security in retirement. This means you can enjoy your retirement without having to worry about financial instability or hardship.
Overall, public school teaching is a viable career choice for your retirement. With access to a state-sponsored pension plan like the TRA benefit plan, you can have financial security and peace of mind in your retirement. Consider a career in public school teaching and start planning for your retirement today.
