2024 MN Legislative Update and How It Affects Your Teacher Pension

Retirement, THE BLOG, ,

Minnesota’s 2023 legislative session offers minimal hope for Tier 2 teachers seeking pension reform. With limited funds and prioritized bonding cycle considerations, only a minor improvement to Teacher Retirement Association pensions has been achieved—shifting the Normal Retirement Age from 66 to 65 in 2024. This change barely addresses teachers’ needs for reasonable mid-career and full-career retirement rules without heavy penalties. Hopes now rest on a potential investigative revelation or a last-minute legislative save by May 20th.

Advice For Someone Starting a New Teaching Career In Minnesota

Budgeting, Investing for Teachers, Retirement, THE BLOG, , , ,

Recently, I spoke to university students about teacher retirement planning, emphasizing setting up 403(b)/457(b) accounts, researching investment options, and avoiding financial advisors’ high-fee products. Additionally, I highlighted the importance of understanding healthcare plans, being selective in the job market, and being open about discussing finances. I advised starting an LLC for tax benefits and stressed the importance of proactivity in securing one’s financial future.

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