Do you know how your State Teachers' Retirement System works? Do you know how your pension is calculated? It's important to keep in mind that even if you do qualify for an STRS pension (and Social Security), it may not be enough.
Consider these statistics:
- 90% of all women will be solely responsible for their own family’s finances at some point in their lives1
- 54% of women are the primary breadwinner in the family2
- On average, women will outlive their husbands by 12.5 years3
Increased life expectancy creates the need for greater retirement income. If you have a gap between what you may need and your expected income in retirement, opening a supplemental savings account could help make up the difference. For more information, contact your local Horace Mann representative.
1 CNBC, Here's how women can be financially independent, May 30, 2019
2eccalifornian.com, Women are increasingly becoming the breadwinners, April 24, 2020
3PLOS One, The life expectancy of older couples and surviving spouses, May 14, 2021
The information provided here is for general informational purposes only and should not be considered a recommendation, investment, tax or legal advice.
Horace Mann does not represent state teachers’ retirement systems and is not affiliated with or sponsored by state teachers’ retirement systems. Horace Mann provides publicly available information in its state teachers’ retirement system workshops, the content of the workshops has not been endorsed or approved by any state teachers’ retirement system.
EMR-00660 (12-22)