A flexible spending account (FSA) enables teachers to set aside pre-tax dollars for dependent care and medical health care expenses that are not covered or reimbursed by insurance. In this way, we reduce our taxable income and pay ourselves with pre-tax dollars. Any time we can reduce our taxable income and pay for necessary expenses…
Teachers need to have supplemental retirement accounts in addition to their state retirement pension, and a Roth IRA is a good choice for teachers for several reasons. What is an IRA? IRA stands for Individual Retirement Account, a type of investment account designed to help individuals save for retirement. An IRA offers tax benefits to…
Teachers should review their personal finances every year to assess their income, expenses, and savings, and make any necessary adjustments to their spending or saving habits. The end of the year is a great time to conduct an annual personal finance review! Why is an annual review of your personal finances important? Conducting an annual…
