It's Never Too Soon To Start Planning For An Early Retirement (Click here to learn more)
It's never too soon to start planning for an Early Retirement
Did you know that for every $100 you put in a 403(b) retirement plan, you actually only see about an $80 difference in your check? That is like getting an extra $20 in savings! This is because the money is tax deferred (taken out before taxes are calculated). You are allowed to defer up to $19,500 income per year; $26,000 if you are age 50 or above.
So why do YOU need to save if you have CalPERS or CalSTRS? Your pension may only cover 50-60% of your monthly income needs. By contributing to a 403(b) now, you are paying less payroll taxes, earning interest on your money, and if you don’t see it you won’t spend it.
According to money.cnn you should be saving 10-15% of your income for retirement. In addition, here is an example of how starting early can make a big difference. Say you start at age 20, and put aside $3,000 a year ($250/month) in a tax-deferred retirement account for 10 years - and then you stop saving - completely. By the time you reach 60, your $30,000 investment will have grown to more than $338,000, (assuming a 7% annual return), even though you didn't contribute a dime beyond age 30.
Now let's say you put off saving until you turn 35, and then save $3,000 a year for 30 years. By the time you reach 65, you will have set aside $90,000 of your own money, but it will grow to only about $303,000, assuming the same 7% annual return. That's a huge difference. If you cannot afford $250-300/month, consider starting with a smaller amount and increasing the amount each time you get a raise.
CalPERS and CalSTRS both have a Retirement Estimate Calculator that can help determine how much you will need to save for retirement. Your Escape Employee Portal has a Paycheck Calculator that allows you to see how much your take home pay will be if you withhold $100, $200, $300, $500, or the max $2,166 per month. (The information needed can be found on your end-of-month pay stub.)
Salary Schedules (Click here to expand)
Click Here for Financial Aid and Scholarship Information
What are Sources of Financial Aid for Professional Growth/Higher Education?
Teachcalifornia.org offers great suggestions for Financial Aid.
Another great resource for Scholarships and Financial Aid is FinAid.org, The SmartStudentTM Guide to Financial Aid.
Professional Development Opportunities (click here)
These trainings do not offer certification, but will help strengthen skills.
Improve Your Opportunities for Employment/Advancement (Click here for more information)
High School Diploma or Equivalency Options (Click to expand)
The GED certificate is accepted almost everywhere in place of a high school diploma.
The High School Equivalency Program (HEP) provides a unique educational experience for students who did not graduate from high school. HEP is a federally funded program for migrant and seasonal workers.
For further information about the HEP program, please call the HEP office at 467-1026 or come by room 6650 in Mendocino College, Ukiah Campus.
El Programa Equivalente a la Preparatoria (HEP) de Mendocino College ofrece una excelente oportunidad a los residentes de los condados de Mendocino y Lake que no se graduaron de la preparatoria o high school, para que estudien y puedan obtener su certificado equivalente a la preparatoria. HEP es un programa del gobierno federal para las personas que trabajan o han trabajado en la agricultura temporal o migratoria. Les provee a los estudiantes el conocimiento necesario para aprobar los exámenes para obtener su certificado de la preparatoria.
Para obtener más información acerca del programa de HEP, llámenos al (707) 467-1026 o venga a la oficina 6650 en Mendocino College, Ukiah.
P.C. Office Happenings (click here to expand)
School Closure Activities (Click Here)
As we contemplate how we are going to get through the next couple of weeks with school closures and limited access to public entertainment, here is a list of helpful websites that will help keep children active in both mind and body: