EARLY CAREER TEACHER

Make a budget. Know what your income is and learn not to spend more than that. That’s how you’ll start to build wealth.
Pay down debt and know the interest rates for each of your loans. Focus on paying down high-interest loans first. Paying more than the minimum payment on a lower interest loan like your student loan before paying off a higher interest credit card might not be best for you.
Sign up for a 403(b) tax-sheltered annuity. Contribute the amount required to replace Social Security..
Find a financial planner who will work with you and provide guidance on what you should focus on money-wise.
Roth or traditional. Determine best account type for future savings.

THE MID-CAREER PROFESSIONAL

Revisit your budget. Are you still living within your means?
Keep paying down debt and know the interest rates for each of your loans. Focus on paying down high-interest loans first. Paying more than the minimum on a lower-interest student loan before paying off a high-interest credit card might not be best for you.
Sign up for a 403(b) tax-sheltered annuity. Contribute the amount required to replace Social Security. If it is offered contribute to a Roth 403(b). If a Roth 403(b) isn’t offered, open a Roth IRA..
Create a MySTRS account. Update your profile so you don’t miss important updates. Review your annual statement to monitor total service credit, contributions and employer deductions. https://www.calstrs.com/
Keep your beneficiary designations up to date. When you name a beneficiary on an account, you’re designating who should receive the assets in the event of your death.
Find a financial planner. Talk with that person about whether you have the right mix of savings—STRS pension, 403(b), Roth IRA, etc.—for retirement.
What will your income gap be?

Keep working toward being debt-free going into retirement—you’re going to be living on a fixed income.
Determine eligibility. If you’re at least 55 and vested, you are eligible to apply for a retirement benefit, though it pays to wait until age .60
Generate STRS retirement benefit estimates on the CalSTRS website.
Find a financial planner to discuss how best to turn your savings—your STRS defined befit pension, STRS defined benefit supplemental account, 403(b)—into income duringretirement without getting hit with a big tax bill.
Make an appointment with a STRS retirement counselor. You will get a personalized, detailed estimate of your projected monthly retirement benefit. The application process and key decisions are also explained.
Review health insurance options (through school district or supplemental insurance providers).
Choose a CalSTRS retirement option. Which pension beneficiary option are you choosing?

Enjoy what you have worked so hard to achieve. You’ve earned it