Planning Your Future: The CTA 403(b) Retirement Plan for Educators
Every educator, be it a newcomer or a seasoned professional transitioning to a new district, has the common goal of securing their retirement. The CTA 403(b) retirement plan is a crucial tool in achieving this.
Why Consider a 403(b) Plan?
- State Pension Limitations: On average, the state pension covers only 50% to 60% of an educator's final salary upon retirement.
- Flexibility: While state pensions are rigid, offering monthly payments, the 403(b) plan provides flexibility in withdrawals.
- Early Retirement Goals: Many educators aspire to retire before the age of 65. A 403(b) plan is instrumental in reaching this goal and covering healthcare costs before Medicare eligibility.
Transitioning Between Districts?
If you're transferring from one district to another and have an existing 403(b) from your previous school, that account will cease.
It's essential to establish a new 403(b) account for your new district.
Transferring is akin to moving your money jar from one room to another; you must ensure your new account is set up and funded.
Starting Fresh?
For educators new to the profession, it's ideal to start saving early. Kick off your financial journey by saving at least $100 per month in your 403(b) and watch your savings multiply over time.
Why Choose CTA's 403(b) Plan?
- Cost-Effective: Low fees, with no commissions or surrender charges.
- High-Quality Investments: The plan offers top-tier investment options.
- Professional Fiduciary Advisors: Guidance is available every step of the way to ensure you make informed decisions.
How to Begin?
- Open a CTA account online, a process that is swift and user-friendly.
- Decide whether to retain your old account (if you have one) or merge it with your new CTA account.
- For assistance or questions, schedule a call or send an email to [email protected].
Ensuring a comfortable retirement is within reach for every educator.
By leveraging the benefits of the CTA 403(b) plan, you're setting the stage for a financially secure future.
Whether you're just starting or transitioning between districts, take action today to secure tomorrow.