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curious2077

35 year old teacher seeking solid retirement planning advice

Curious2077
11 years ago

Hi, 35 year old teacher seeking strong retirement advice

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Hello,

My name is Tim. I am a 35 year old teacher who's head is spinning about how to set up the best possible retirement for myself? I am really hoping your experience and knowledge will steer me in the right direction? Here is what I have going for myself so far and some personal goals I have that I think should be factored in:

-I have a 403b worth $25,000 w/ Vanguard ($22,000 Wellington Fund, 3K in Target date Retirement Fund)

-I am debt free (I just paid off my $95,ooo house)

-I have no car payment (car is getting older however, it is a 1999).

-I am single (strong chance I may be married in next 1.5 years)

-I have zero children (but will immediately try to have kids if I marry)

-I have 25k in the bank which I have been saving for a down payment on a new house if I get married. House will cost app $220k and she will pay for half. She makes same salary as me.

-Annual gross income is 53k and will not rise anytime soon.

-I plan on retiring at 55 if I can swing it. I will have a pension but will be penalized for retiring early. Unfortunately I dislike my job but don't think switching careers after contributing into teacher pension for 9.5 years is smart.

Recently met w/ financial planner from Swarthmore Finance and he wants me to:

-Roll over my 403b into a Roth IRA with him

-Obtain some type of Life insurance

I am reading different things online about annuities and different Roths and other things I can do but I am very confused. I do think a Roth IRA is a good idea but not sure about life insurance? Should I even do a Roth with him?? Should I just do a mutual fund w/ Vanguard instead? Can anyone offer solid advice? Thank you so much, it is most appreciative!!

Sincerely,

Tim

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