Have the stock market roller coaster and plunging home prices got you queasy? Former teachers-turned financial planners discuss how they help people weather financial turbulence, set goals, and accumulate savings for retirement, education, or other goals.
Included: Suggestions for choosing a financial planner; debt reduction resources
The plan for your retirement was to work until it wasn't fun anymore or you wanted to do something else, say, when you turned 58. Then the script called for relaxing or doing the new fun thing while your pension and some savings seamlessly kicked in to support your revamped lifestyle.
Most educators are fortunate to still have pensions, unlike the majority of Americans. But that pool of retirement money that at one time looked like it was going to last for 30 years now may by closer to running dry after 20 years -- just when you might be ready for that safari or third career. Worse, the stock market is playing ping pong with your investments. And many younger Baby Boomers and those of Generations X and Y are convinced Social Security will be nothing more than a chapter in history by the time they finally reach the ever-increasing eligibility age.
The need for people to take charge of their financial destiny has never been greater, yet consumers are faced with thousands of options and conflicting information about what to do with their money.
Many people are turning to financial planners who not only can help them set up a retirement plan, but also develop long-term goals for savings.
"Financial planners help people do things that are difficult," said Dan Candura, a former teacher who now runs PennyTree Advisers in Braintree, Massachusetts. It's someone to keep you on track and who keeps current on issues."
Click the links below to read more on this topic.
Teacher Concerns, Perspectives
Traditionally, teachers have been cautious about investments that don't guarantee returns.
Different Approaches to Financial Planning
How financial planners work and are compensated depends on their affiliations.
Teachers Ask for Help
Like many Americans, educators are struggling with debt, and the NEA has answered the call for help.
Choosing a Financial Planner, Investment Tips
Suggestions for selecting a financial planner who works best for you and broad advice for saving and investing.
Article by Ellen R. Delisio
Copyright © 2008 Education World