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This Sliding Bar can be switched on or off in theme options, and can take any widget you throw at it or even fill it with your custom HTML Code. Its perfect for grabbing the attention of your viewers. Choose between 1, 2, 3 or 4 columns, set the background color, widget divider color, activate transparency, a top border or fully disable it on desktop and mobile.

This Is A Custom Widget

This Sliding Bar can be switched on or off in theme options, and can take any widget you throw at it or even fill it with your custom HTML Code. Its perfect for grabbing the attention of your viewers. Choose between 1, 2, 3 or 4 columns, set the background color, widget divider color, activate transparency, a top border or fully disable it on desktop and mobile.

Financial Literacy for Professors Must Improve

According to the most recent Fidelity Higher Ed Retirement Readiness Survey, financial literacy and retirement readiness for professors needs some improvement.

Below I will highlight the survey results and give you some advice to remove the guesswork from these items…

Many Professors Feel Like Novice Investors

37 percent of professors see themselves as “beginners.” Not surprisingly, this sentiment is greater for younger professors with 47 percent of Gen X faculty (born 1965-1980) feeling inexperienced.” How do we remedy this?

I’m a big believer in the endless pursuit of learning. Reading my blog posts, and subscribing to my newsletter, will help as I craft content geared to Higher Ed.  You can also check out the following books to get more basics on financial literacy/investing:

9 Ways Your 403b Provider is Dropping the Ball

9 Ways That 403(b) Providers are Dropping the Ball

403(b) providers should be doing much more when it comes to helping you with your personal finances. Check out my whitepaper of the 9 Ways that 403(b) Providers are Dropping the Ball. You’ll also get access to my Lifestage Planning Guide for Higher Ed Employees and more.

Professors are Worried that They’ll Outlive Their Money

“More than half (54 percent) of faculty members are concerned that they could outlive their retirement savings.”

Most of the families I meet with have never figured out how to make all of their household assets align with their goals and work efficiently together. Diligently saving to build a nest egg is supremely important, but you’re not done there. You need to have a retirement income plan in place and track it. Retiring comfortably is great but staying comfortably retired is better.

 

Professors Acknowledge that Additional Guidance is Needed

When asked about where they need financial help, the top responses for professors are understanding Medicare/health care costs (34 percent) and choosing specific investments (32 percent)”

This reiterates to me the need for financial planning. A true financial planning relationship will help you gain clarity that you’re leaving no stone unturned. There is more to your finances than your 403(b), and don’t get it twisted, your 403(b) representative is not delivering comprehensive planning and advice. (for more: How to Remove the Guesswork from Your Benefits Elections)

 

One Concern that Always Pops Up: Student Loans

Do you have questions on the best way to manage your student loans? Are you on track for public service loan forgiveness?

Conclusion: Increasing Financial Literacy for Professors

On the whole, professors gave themselves a “B” grade for financial literacy. A “B” leaves room for improvement. After all, do you want to live a good financial life or would you rather live your best financial life?

Nick Vail is a co-founder and independent financial advisor with Integrity Wealth Advisors in Indianapolis. He started Remove The Guesswork to empower people to stop guessing when it comes to their finances and to start PLANNING. You can learn more about him here. Are you interested in working with Nick?

By | 2017-10-17T21:11:30+00:00 October 20th, 2017|Categories: Higher Education|Tags: , , |0 Comments

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