Understanding Your Pension Plan: Financial Literacy Month

November is Financial Literacy Month, and one crucial aspect of financial literacy is understanding your pension plan. For teachers, who spend their lives educating others, it’s essential to be well-versed in this area.

Why Should You Care About Your Pension Plan? 

We understand that sometimes it seems like your pension plan is a “set it and forget it” kind of activity, but there are benefits to increasing your literacy in this area.

1. Peace of Mind: Knowing how your pension plan works can give you peace of mind. You’ll know exactly how much you can expect to receive when you retire, which helps in anticipating any financial gaps, so you know exactly how much to save. To learn more about your defined benefit pension plan go to atrf.com/definedbenefit.
2. Making the Most of Your Pension: Understanding the details of your pension plan can help you maximize your benefits. For example, knowing when you’re eligible for an unreduced pension can impact the amount you receive. It’s also important to understand at what age you’re eligible to start your pension. Get more information at atrf.com/eligibility.
3. Avoiding Surprises: No one likes unpleasant surprises, especially when it comes to finances. By understanding your pension plan, you can anticipate life’s ups and downs and how that might impact your pension. This could include things like how to purchase service after a leave or how your pension could be impacted by separation or divorce.

Your pension plan is like a superhero cape—it might not give you the power to fly, but it can help you glide smoothly into retirement. Take the time to understand your pension and you’ll be the hero of your own financial story. Watch for more posts on our social media channels about Financial Literacy Month.