Picture Your Retirement

What do you want and need for a comfortable retirement? Visualize what you expect in retirement so that you can develop a goals plan. Your plan will provide you with the information you need to achieve the retirement of your dreams.

Answer these questions to help clarify what you want and will need in retirement:

1. What age do you want to retire?
2. What do you want to do once you’re no longer teaching?
3. Where would you like to live? With whom?
4. Will you rent or own your home?
5. Will you work part-time?
6. What do you plan to do with your free time? Travel? Volunteer? Follow your favorite hobbies? Become an entrepreneur? Start a new career?
7. How will you pay for healthcare?
8. How much money will you need?
9. What is your estimated CalSTRS Defined Benefit?
10. Given your current supplemental savings, how are you doing?
11. How much more will you need to save to realize your goals?

You may need up to 80 percent to 90 percent of your final pay to maintain your current lifestyle in retirement. Committing your plan to paper is the first step to creating a realistic lifestyle in retirement.