Teaching was recently ranked as one of the top 5 careers for millionaires. In a study conducted by Ramsey Solutions interviewing over 10,000 millionaires, eight out of 10 of them invested in their company's 401(k) plan. Later on in the article it reads, "93% of millionaires said they got their wealth because they worked hard, not because they had big salaries." (Click here to read the full article)
What is a 401(k)?
A 401(k) is a company-sponsored retirement savings plan to which employees can contribute and have contributions matched by employers. In Utah, employees in the public education system are part of the Utah Retirement System (URS). The employer will put money into an account at URS, and part of it will go to pension while the other part goes to the 401(k). If an employee chooses to participate, traditional and Roth IRA's are also available with no employer contributions.
Want to learn more about teaching retirement benefits? Visit the Get the Facts Out website for more information! Already know that you want to teach in Utah? Click here to learn more about Utah's retirement benefits for teachers.