As of now, if you have five years or more in the TRS system, you are fully vested. Although you are not eligible for the TRS health insurance, you could still receive a monthly pension.

For every year bought back, you will pay a 9% fee.

While most school districts allow you to transfer your current 403(b) to your new ISD and continue your contributions, there are a few districts that do not authorize the transfer. In this case, you will need to open a new 403(b) contract with your existing provider, or a new one of your choice, in order to stay on pace for your retirement goal.

The 403(b) follows the same IRS regulations as a 401(K). You are not able to withdraw until a qualified event occurs, i.e., separation from service, age 59 1/2...

While your contributions are not tax deductible, your earnings are 100% tax-free.

Yes! You will forgo the early withdrawal penalty of 10% at tax time for that year; however, if the withdrawal is made before the owner turns 59 1/2, taxes will be assessed on the gains only.

Your savings account through your bank is classified as such. Contributing in a non-qualified account through an insurance company allows you to have a much higher earnings potential.

Contributions are not deductible, and taxes are only paid on earnings in the years withdrawn.

Yes, but there may be a 10% early withdrawal penalty on the gains only if not withdrawn for a qualified event.

While a whole life policy does build up a cash value, you can save a phenomenal amount in monthly premiums by choosing term and investing the difference.

Probably. Here’s the exception:  If you are still employed and have employer’s group insurance AND the company has MORE THAN 20 employees), you (and your covered spouse) do NOT have to sign up at 65.  

You will NOT be penalized as long as you are covered with your employer’s group plan. For all others- YES, you need to sign up at 65 to avoid paying late enrollment penalties for the rest of your life (for Part B & Part D).

YES and NO-

Part A (which covers Hospital services) - is “free” to most people.  Your lifetime contributions of your FICA taxes have paid for your Hospital benefits. You are responsible for the Hospital deductible for days 1-20.  The deductible changes every year ($1,676 for 2025). You can buy a Medigap plan to cover all hospital deductibles  (Plans G & N are the most popular options), or you can leave Original Medicare and get a Medicare Advantage plan to cover some of your Part A costs.

Part B (which covers Medical/Outpatient services) - has a monthly premium which changes every year. The Part B premium for 2025 is $185.  Original Medicare covers the cost of 80% of Medical services, and you are responsible for remaining 20%.  You can buy a Medigap plan to help cover the 20% (Plans G & N are the most popular options), or you can leave Original Medicare and get a Medicare Advantage plan to cover some of your Part B costs.