If you're a teacher, school staff member, or school administrator, here's a question: Have you ever talked to a financial professional about your retirement?
If your answer is "no," you're not alone. A new study found that public sector workers — like teachers and school staff — are much less likely to get help from a financial professional than people who work in the private sector. In fact, less than half of public workers with a pension said they work with a financial professional. That number is much higher for private sector workers.
So why does this happen? And more importantly, what does it mean for you? Let's break it down.
Educators Often Ask Friends and Family Instead of Experts
The study found that public sector workers are more likely to ask friends and family for financial advice instead of talking to a trained professional. That might feel comfortable. Your sister or your coworker down the hall means well. But here's the problem: they may not know the details of your pension, your specific retirement plan, or how new rules like the SECURE Act 2.0 affect you.
The same study found that public sector workers also feel less confident making decisions about their money. That makes sense. If you spend your day teaching algebra or managing a classroom, you probably haven't had time to study annuities and required minimum distributions too.
"I Have a Pension, So I'm Set" — Is That True?
Many teachers feel like their pension will take care of everything. And pensions are a wonderful benefit. But the study pointed out something important: even workers with a strong pension still have big decisions to make. Things like:
- How much extra should you save on top of your pension?
- When is the best time to claim Social Security?
- How should the rest of your savings be invested?
- What happens to your money if something happens to you?
A pension can cover part of your retirement. But it usually isn't the whole picture. Without a plan for the rest, you could be leaving money and peace of mind on the table.
Not Knowing Is More Common Than You Think
Here's a number that might surprise you. In the study, 42% of public sector workers said they didn't know how their retirement money was invested. That's a lot of people driving without knowing where the map is pointing.
If that sounds familiar, please don't feel embarrassed. Retirement plans for educators can be confusing. Between pension formulas, 403(b) options, and Social Security rules, it's a lot to keep track of on your own, especially while you're busy shaping young minds every day.
You Don't Have to Figure It Out Alone
This is exactly why working with someone who understands educator retirement plans can make such a big difference. A financial professional who knows the ins and outs of school pensions can help you:
- Understand exactly what your pension will (and won't) cover
- Build a clear plan for the rest of your retirement savings
- Feel confident about your choices instead of guessing
- Adjust your plan as your life and career change
At Bannan Financial Group, we specialize in working with K-12 teachers, school staff, and administrators. We know that your retirement puzzle looks different from a typical private sector employee's. Our goal is simple: listen first, explain things clearly, and build a plan that fits your real life, not just numbers on a spreadsheet.
Ready to Get Some Clarity?
You don't need to have all the answers before reaching out. You just need to take the first step. If you have questions about your pension, your savings, or what retirement could look like for you, we'd love to help.
Schedule a free call today and let's talk about what matters most to you.
*Source: MissionSquare Research Institute August 2026 Study
This blog is for general informational purposes only and should not be considered tax, legal, or investment advice. Please consult a qualified professional regarding your specific situation.