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No strategy at all is one of the most common and biggest mistakes to avoid. It’s time to pinpoint your retirement needs and develop a game plan, and evaluate future obstacles to saving like debt, rising health care costs and college funding for children. Utilize your employer’s tax advantaged savings plans to accumulate retirement savings to supplement retirement income needs. Showing restraint on debt that will carry into retirement can make a significant difference in your options. If you’re already a disciplined saver make certain you evaluate your investment’s asset allocation to align with your unique time horizon and risk tolerance to retirement.
Did you know that you are receiving 2% of your highest average income for life for each year you contribute to the Oklahoma Teacher’s Retirement System? That is why your number of contribution years is more valuable than your total contributions in the long run. Your contributions are important, before you are eligible to retire under the 80 or 90 rule, because they are considered life insurance for your beneficiary(s). Remember, after 5 years of contributions you become eligible to receive a future lifetime benefit which could be a large percentage of your salary for life. Here is an example: 2% x 30 years = 60% of your pay for life. Go to the OTRS Portal today to estimate your future benefit.
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