It’s not just students heading back for an education in the three Rs this fall: MetLife Resources has announced the launch of a 3 R campaign aimed specifically at teachers to better prepare them for retirement.
Teachers are apparently not any better prepared for the eventuality of retirement than the general population. The LIMRA Secure Retirement Institute 2015 Plan Sponsor Study reports that K-12 administrators feel that only 41 percent of their employees will be financially prepared for retirement.
The so-called 3 Rs covered by the campaign are: review, reassess and retire. On a website that says it’s designed to help educators do all of those with regard to their own plans for retirement, MetLife has divided tools and advice into three segments by age.
The “review” segment is targeted primarily at teachers in their twenties and thirties, and provides information and suggestions on how younger teachers can begin to lay the groundwork for their eventual “graduation” to retirement. Sections cover estimating how much money will be needed to retire; how people can save more and manage their debt; how to better take advantage of a retirement plan; a page devoted to insurance; and one targeted at the financial concerns of mothers.
In “reassess,” aimed at teachers in their 40s and 50s, the big question is, “Are you saving enough?” Tips include investment review, hints on cutting back and on managing debt (common theme here), beating the high cost of college and safeguarding assets.
The “retire” segment, aimed at those actively considering retirement, deals with information on how to make money go farther; how to pay for health care in retirement, ticking off the topics of Medicare, Medigap coverage and long-term care insurance; working in retirement; and that perpetual favorite, safeguarding assets.
While the new site is hardly an exhaustive preparation for retirement planning, it could give teachers some ideas about the knowledge they need to acquire as they educate themselves about what’s to come.
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