315 West Edmond Road
Even though you may have Oklahoma Teacher’s Retirement System and/or Social Security, those are fixed incomes and often not enough to support retirees and the risk of inflation during retirement. A tax advantage retirement plan through your employer could make up the difference.
The earlier you take control of your future and start saving for retirement, the better.
For most K-12, Career Tech or College Employees their retirement income comes from three sources: Oklahoma Teacher’s Retirement, Social Security, and Retirement Accounts.
Teacher’s Retirement is a defined benefit plan based on your years of service and your final average salary (2% x (service years) x (final average salary) ÷ 12 = Monthly Benefit). Social Security is based on your average wages over 35 years and provides income for life. Both of these have the same thing in common, they are fixed incomes. Unless there are cost of living adjustments, these incomes lose purchasing power with the effects of inflation (ex. Healthcare). Although you may start retirement with 80-100% of your current take home, you have to ask yourself if that’s enough.
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