How Connecticut Teachers Can Make the Most of Their Career & Retirement Benefits

Are you a teacher in Connecticut? Get the resources you need and expert insights from financial professionals who specialize in helping Connecticut teachers make the most of their compensation package and retirement benefits.

Whether you’re just beginning your teaching career in Connecticut or you’re preparing to retire soon, it’s important to make smart money moves with your income and benefits. For example:

✅ Do you know the right moves to make to get the greatest value from the Connecticut Teachers’ Retirement System benefits available to you?

✅If you’re thinking about transitioning away from teaching for another job or planning to retire in a few years, are you taking the right steps today to ensure you will receive all of the compensation and benefits that you’ve earned?

Get the Most Value from Your Connecticut Teachers’ Benefits and Compensation Package

Throughout the year, teachers in Connecticut receive updates about their benefits ranging from health insurance and health savings plans to retirement plans like a 403(b), and the TRB defined benefit plan. While teachers are provided many useful resources and access to knowledgeable staff who can assist with questions, you’ll also find financial professionals not affiliated with a school or state agency who specialize in helping Connecticut teachers make the most of their income and benefits.

You may have questions about your compensation package and benefits better suited for a financial professional who can offer unbiased advice and guidance.

For example, sensitive topics like discussing the steps you should take before quitting your job to work at another school or to pursue a non-teaching career, protecting yourself, or deciding when you should plan to retire are all conversations that may be more comfortable with a trusted financial advisor.

💡 In the Q&A below, you’ll gain insights from financial advisors who work with Connecticut teachers to help them make smart decisions to get the most value from their compensation and benefits, reduce their money stress, and prepare for a comfortable retirement.

🙋‍♀️ Do you have questions not yet answered? Use the form below to submit questions anonymously and watch this article for updates with answers to your questions. You can also reach out to the financial advisors below to set up an introductory call or contact them with your questions by email.

💸 Smart Money Insights for Connecticut Teachers

This page is organized into sections to help you quickly find the information you need and get answers to your questions:

1. Q&A: Financial Planning Tips for Connecticut Teachers
2. Get Answers to Your Questions About Your Connecticut Teachers Benefits
3. Quick Facts & Resources for Connecticut Teachers
4. Browse Related Articles

Q&A: Financial Planning Tips for Connecticut Teachers

Answers to Teacher Questions with Dawn Mabery Chestnut, CFP®, MSPFP, MPAS, CFEI

Dawn Mabery Chestnut is a financial advisor based in Washington, D.C. (and also registered in Connecticut) who specializes in offering financial planning services to Connecticut teachers. Dawn helps her clients get the most value from their benefits and compensation package so they can enjoy life and feel confident about their financial future.

Q: As a financial advisor with experience helping Connecticut teachers save for their retirement, how do you help them make the most of their benefits?

Dawn: Typically, my experience working with teachers in Connecticut is helping them to understand the basics of their retirement benefits. Those benefits include the CT Teacher’s Retirement Board (TRB) pension, and regular and Roth 403b accounts provided by their school district. 

I provide guidance in understanding how these accounts can be used together as diversified (taxed and tax-free) income sources during retirement.   I help teachers choose asset allocations within their retirement sources that match their risk levels. Also, I discuss the pros and cons of creating their own portfolios versus using the preset Lifecycle/Target Date funds available in the 403b accounts.

Q: Is there a particular benefit available to Connecticut teachers you feel isn’t as well utilized or understood as it should be?

Dawn: Hands down, the health savings account (HSA) is often not used to its fullest potential. Teachers can pick their own HSA provider and account type. In my experience, employees simply choose checking and or savings HSA accounts. Many are unaware that investment HSA accounts are also an option. 

This leads to another issue, missing out on potential account growth that can be used in retirement. It’s a little-known fact that after age 65 HSA funds can be used for ANY purpose (subject to tax), not just qualified medical expenses. I share more insights about the many benefits of HSAs in my blog.  

Q: Beyond Connecticut teachers‘ benefits for retirement savings, are there other types of benefits offered that you find valuable to discuss with your clients?

Dawn: The group life insurance benefits are worth an in-depth discussion. A small policy is provided by the school district. Additionally, the employee may buy additional coverage up to a certain amount at the group rates that are typically lower than what they’d pay for an individual private policy.

Q: For Connecticut teachers thinking about leaving their current school to accept a job elsewhere, what actions do you recommend they take before resigning and shortly thereafter?

Dawn: An extremely beneficial exercise to do before resigning is to do a side-by-side comparison of existing benefits with those of the new job. That analysis includes more than just salary. All benefits including pension, health, life, and long-term disability insurance, and post-retirement benefits must be taken into consideration.  Many CT TRB employees don’t fully understand their benefits and, in particular, do not realize that eligible retirees and their spouses can get some health benefits during retirement due to the employee’s automatic contributions to the Health Insurance Fund.

Q: Is there a particularly memorable experience or a moment you recall with a teacher in Connecticut when you realized they have unique opportunities and circumstances when it comes to their financial planning needs?

Dawn: Connecticut teachers have the opportunity to diversify the taxation of their retirement income, a sound financial planning strategy. A certain percentage of their pay is already automatically taken from each paycheck on a pre-tax basis for their pension. That means when the pension is claimed during retirement it will generally be taxed.  To prevent all retirement funding from being taxed, employees can choose to be taxed now on their contributions to their Roth 403b which will generally result in enjoying tax-free withdrawals from the Roth 403b in retirement.

Get to Know Dawn Mabery Chestnut Financial Advisor for Connecticut teachers:

View Dawn’s profile page on Wealthtender or visit her website to learn more.

Quick Facts & Resources for Connecticut teachers

Quick Resources for Connecticut Teachers	Details / Useful Links
New Britain Board of Education Website	www.csdnb.org/
The New Britain Federation of Teachers Local 871 Website	www.nbft.net/
Connecticut Teachers’ Retirement Board Website	portal.ct.gov/trb

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