Im in my first year of teaching. Ive just finished my first round of parent conferences. Im still trying to figure out how to stretch my paycheck from one month to another. And you want me to think about retirement?


You bet! And here are two ways to think about it.


         If you are at the top of the salary schedule, your pretax monthly salary today would be $4930. Experts say you need about 80 percent of your pretax income for retirement. That means that you would need $3,945 (pretax) a month in retirement. TRS Plan 3 folks receive one percent of their average final compensation (AFC) (the average of the highest 60 months of salary) times the number of years they worked. Assume you have worked for 40 years and your AFC is $59,000. If you want to retire this year, you would receive $1,967 (pretax) a month from the state of Washington. Add $1,300 (pretax) from Social Security. Where will get the other $666 per month?


         Garys Rule of 50,370

2 people x 3 meals a day x 365 days a year x 23 years in retirement=50,370 meals. How much money do you need just to feed yourself?


It is never too soon to think about retirement. Start planning now. Seek the advice of a financial planner. Put a portion of all new money into a retirement account. Attend a pre-retirement seminar offered by Department of Retirement System ( or WEA-Retired (1-800-622-3393 ext 7067).