Jill on Money with Jill Schlesinger What to Do With School Pension?
7 snips
Sep 17, 2025 A couple navigates the tricky waters of school pensions after one spouse leaves teaching. They tackle the challenge of living on a single income with kids in tow, all while planning for the future. The conversation shifts to real estate decisions, weighing the pros and cons of expanding their current home versus moving. Listeners get insights on managing savings, pension rollovers, and the importance of insurance in family financial planning. The show ends with heartwarming listener engagement and advice on personal finance.
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Wife Left Teaching To Care For Kids
- Mark explains his wife stopped teaching this spring and has seven vested years in the pension.
- She plans to stay home with their young children unless they need her income later.
Roll Pension Into Traditional IRA
- Roll the $34,500 school pension into your wife's existing traditional IRA at Vanguard to consolidate retirement savings.
- This keeps funds invested, avoids leaving dormant pension assets, and suits her plan to likely not return to teaching.
Maximize Employer Match
- Keep contributing to employer retirement plans to capture the full company match and extra contributions.
- Prioritize the Roth contributions you already make while valuing the employer's traditional contributions.
