Find the show notes at:

https://www.teachermoneyshow.com/show26

Be a guest on the show:

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In this episode, I talk with Haley and Justin about their incredible debt payoff journey. We discuss their aggressive approach to debt payoff, how they got motivated, and how they stayed out of the debt trap.

The first step is to change your lifestyle. You can't maintain your debt-filled lifestyle and get out of debt. Haley had to give up her fancy car and her nail appointments, but she says it is worth it!

As we were wrapping up, Haley and Justin both talked about the importance of taking care of yourself as a teacher. Don't sacrifice it all to your work. You'll end up being a better teacher and have a better financial life as a result.

#TeacherFinances #DebtFreeJourney #FinancialWellBeing #TeacherMoneyShow #PodcastEpisode #AIinEducation #FinancialCoaching #WorkLifeBalance #TeacherSuccess

Explore the full episode and access show notes at:

https://www.teachermoneyshow.com/show25

Considering being a guest on the show? Visit:

https://www.teachermoneyshow.com/guest

Questions or suggestions? Drop us a voicemail at:

https://www.speakpipe.com/teachermoneyshow

Key Takeaways from the Episode:

💼 **Strategic Retirement Planning:**

Retirement planning for end of career teachers isn't for teacher one or two years from retirement. The time to plan on retirement is 10 years before retirement! This ensures you have time to make adjustments as needed to your plan.

📆 **Automation and Regular Check-ins:**

If you've automated your retirement, then you should be well on your way to meeting your goals. But, that doesn't mean it will be perfect. Take time to regularly check in on your progress and make adjustments accordingly.

🤝 **Certified Financial Planner Guidance:**

It it super important to seek advice from certified financial planners who act as fiduciaries (not just anyone who claims to give financial advice). It is way more cost-effective to use fee-only financial planners for comprehensive retirement planning.

🏡 **Living Expenses and Retirement Gaps:**

If there is a gap between what you need in retirement and what you have, remember that you have options. You can continue to work longer, you can work a different part-time job after you retire, you can increase your contributions before you retire, you can reduce your living expenses such as downsizing your home or moving to a lower cost of living. There are lots of options.

💡 **Maximizing Benefits and Saving for Retirement:**

Remember that your benefits package is there to provide things for you beyond insurance. Check to see if you have benefits, such as free retirement planning consultations, included in your benefits package.

Healthcare is the number one cause of bankruptcy in retirement. There are healthcare options for teachers in retirement, make sure you do thorough research and planning to ensure access to affordable healthcare during retirement.

This episode serves as an invaluable guide for teachers navigating the intricate landscape of retirement planning. Subscribe to The Teacher Money Show for more episodes that empower educators to make informed financial decisions and pave the way for a prosperous retirement.

#RetirementPlanning #TeacherMoneyShow #FinancialEmpowerment #LateCareerTeachers #RetirementStrategies #CertifiedFinancialPlanner #MonteCarloTheory #SpendingTracking #HealthcareOptions

Explore the full episode and access show notes at:

https://www.teachermoneyshow.com/show24

Thinking about being a guest on the show? Visit:

https://www.teachermoneyshow.com/guest

Have questions or suggestions? Drop us a voicemail at:

https://www.speakpipe.com/teachermoneyshow

Key Insights from the Episode:

💡 Debt-Free Living:

Debt is NOT an inevitable aspect of life. You don't have to fall into the common debt traps, such as mortgages, student loans, car payments, and credit cards.

🏡 Understanding Good vs. Bad Debts:

Debt isn't all bad. There are three acceptable reasons to incur debt: affordable home purchase, reasonable education investment, and obtaining reliable transportation. The reason is these debts can be considered investments with returns.

🚫 Avoiding Bad Debts:

The problem with bad debt is that it offers instant gratification but lacks a substantial return on investment. Even a "good debt" can become a bad one if you don't do your due diligence.

📊 Taking Charge of Your Debt:

Chances are you're in debt. If so, take these three steps: conduct a debt inventory to prioritize payments, get motivated, and identify spending habits that lead to debt accumulation.

This episode serves as a valuable guide for teachers and individuals alike, empowering them to navigate the complex landscape of debt and make informed financial decisions. Subscribe to The Teacher Money Show for more episodes that demystify personal finance and set you on the path to financial success.

#UnderstandingDebt #FinancialEmpowerment #TeacherMoneyShow #DebtManagement #GoodVsBadDebts #FinancialDecisions #DebtFreeLiving #PersonalFinanceStrategies

Access the show notes at:

https://www.teachermoneyshow.com/show22

Interested in being a guest on the show? Visit:

https://www.teachermoneyshow.com/guest

Have a question or topic suggestion? Drop us a voicemail at:

https://www.speakpipe.com/teachermoneyshow

Key Takeaways from the Episode:

💡 Focus on Replacing Take-Home Pay:

Jeremy Keil advises teachers to concentrate on replacing take-home pay rather than their full salary during retirement planning. Your take-home pay is what you live on. You won't have retirement contributions or pension payments or union dues, etc. taken out of your paycheck when you retire, so you don't need to replace your whole salary.

🔄 Understanding the Windfall Elimination Provision:

If you contribute to both a pension AND social security, this doesn't matter. But, if you only have a pension, make sure you're aware of the WEP. This could be quite a shock to you if you're using a social security retirement calculator that doesn't include your pension in its calculation.

📈 Survivorship and Pension Planning:

Shaun and Jeremy stress the importance of planning for survivorship and using social security calculators. Remember that retirement is both a short-term and long-term game. Don't make a short-term decision now that will negatively affect your surviving partner decades later.

💰 Investment Strategies for Retirement:

Start preparing for retirement years in advance. Jeremy Keil recommends practical strategies, including the simplicity of target date funds and the importance of splitting investments for short-term and long-term needs to be prepared.

📊 Tax Planning in Retirement:

Shaun and Jeremy discuss the critical aspect of tax planning in retirement. Taxes are among the top three costs in retirement, but also the easiest cost to play with reducing. Talk to a tax professional for advice on reducing this burden in retirement.

This episode provides a comprehensive guide to retirement planning, offering a blend of financial expertise and practical advice. Don't miss out on these invaluable insights that can shape your path to a fulfilling retirement.

Subscribe to The Teacher Money Show for more engaging episodes, guiding you on your journey to financial empowerment!

#RetirementPlanning #TeacherMoneyShow #FinancialEmpowerment #RetirementRevealed #InvestmentStrategies #TaxPlanning #SurvivorshipPlanning #FinancialSecurity