The
Teachers Association of
West Covina
Affiliated with
and
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West Covina
Affiliated with
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Retirement Teachers and counselors who are interested in
retirement information should watch for their yearly statement from CalSTRS each
fall. It should be checked carefully to make sure that you Usually the West Covina School District hosts a meeting to help you plan for your retirement each year. Even if retirement seems a long way off you might want to attend. TAWC will try to inform you if a date comes up.
CalSTRS runs a website where you can actually feed in
information
 for
a formula which will give you needed information about retiring at different age
levels with varying years of service. That information could change how
you plan for retirement. If you want to go to that site simply click the
logo-link above.
Some teachers have accrued future Social Security
benefits (or from a spouse). Watch out for the Windfall Tax Provision
that penalizes you from
For more information on the Social Security penalty to
teachers go to
www.nea.org/lac/socsec/
If you are interested in looking into setting up your own savings for retirement. You may want to look into a Tax-Deferred Annuity Plan. You can ask your financial planner or tax specialist about it. The District Office (Julie) has a list of companies that LA County works with for annuities. (They will only allow you to have an annuity plan with one of the companies on the list for automatic deducting from your pay check.- However the list is long.) You might also want to talk to other teachers who have annuity plans for a referral.
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years of service are correct. You might also want to check your beneficiary
listed and the type of death plan you have picked- it makes a difference if you
have a spouse or children.