Educator Benefits Checklist

• I have my latest 403(b) or 457(b) statement and know the expense ratios, M&E charges, admin fees, surrender charges, and any rider fees.
• My estimated total annual fee is about: ________% (or $________).
• I know where to access my district’s vendor list and have compared my costs to lower-cost options available in the plan.
• I know whether a Roth 403(b) is available and whether loans or hardship withdrawals are allowed.
• My 403(b) contribution: ________% (or $________ / pay). 457(b) if available: ________% (or $________ / pay).
• I have considered using both a 403(b) and a 457(b) when both are offered, including any employer match if available.

Watch for: Expense ratios above 1.0%, M&E charges of 1%+, or “no fee” claims that do not list the real costs.

• I know my years of service credit, whether I am vested, and have a recent pension estimate.
• I understand how final average salary is calculated, including overtime, coaching stipends, step/lane increases, and whether unused sick leave or end-of-career payouts count.
• I understand how unpaid leave, sabbaticals, or part-time years affect my service credit, and whether I can buy back prior service (out-of-state, private school, or military).
• I know whether my pension includes a cost-of-living adjustment (COLA) and how it works.
• I understand my survivorship options, how they affect my pension payment, and whether life insurance could be an alternative to a reduced survivor benefit.
• I understand how my Social Security benefits may supplement my pension, including claiming-age options and other guaranteed income sources (annuities, if any).
• I have considered early-retirement windows, “rule of” formulas, or DROP-style programs (if offered), and the cost of retiring one year early vs. one year later.
• If my spouse is also an educator, we have discussed coordinating two pensions, survivor elections, Social Security, and retirement timing.
• I understand what happens to my pension and service credit if I leave the classroom mid-career or change districts or states.

• I know what disability coverage my district provides (waiting period, benefit amount, and definition) and whether a supplemental income replacement policy may be useful.
• I know how much life insurance my district or union provides, and whether an individual policy may be more efficient and cost-effective.
• I have reviewed my health, dental, vision, and long-term care options, and how coverage may change when I retire.
• I know whether my district offers retiree health coverage, how many years I need to keep it, and what premiums look like before Medicare.
• I am aware of union-provided extras (supplemental life or disability, legal defense, tuition reimbursement, or certification cost recovery).
• My beneficiary designations are up to date on my pension, 403(b), 457(b), life policies, and any other accounts with named beneficiaries.

• I have a plan for summer pay gaps and an emergency fund for unexpected expenses or unpaid leave.
• I have reviewed my student loans and any public-service forgiveness or repayment programs that may apply.
• I track classroom expenses I pay out of pocket and know which ones may qualify for the educator expense deduction.
• I understand how side income (coaching, tutoring, etc.) affects my taxes and retirement contributions.
• I have considered the cost and potential salary-lane impact of a master’s degree or National Board certification on my salary and pension.
• I have considered tax diversification across pre-tax and Roth accounts where available.
• I have a basic estate plan in place (will, powers of attorney) beyond just beneficiary designations.

• Complete any unchecked items and gather my statements within the next 7 days.
• Consider scheduling a complimentary 10-minute 403(b) checkup to go over my findings.
• Decide whether to adjust contributions, investments, insurance, or beneficiary designations.