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What a great website! Thanks to everyone for your gracious and informative postings.


I'm a 56 year old school administrator in NYC and would love to retire at age 62. I currently have $205,000 in our TDA Program, and will continue to max out my contributions. I am 100% invested in fixed at a guaranteed rate of 8.25%. Unfortunately, I don't have much else saved except for about $10,000 in a money market in case of an emergency. I don't own a home, but I have no debt.


What would be the best way to save more for retirement other than my TDA contribution?


Also, I hear so much about the NYC Teacher Retirement System. Is the 457 Plan a better option?


Thanks so much.

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Hi Emmysue,


To save more, use the Roth IRA that allows after tax investments to grow tax free (no capital gains taxes upon distribution).

The NYC Teacher retirement system is here. I don't know much about it so perhaps others can chime in.


457 plan a better option? It has advantages, but your guarenteed rate of 8.5% when the entire world has lost money is unbelieveable and your are smart to max out.

The 457 allows you to tax defer more of your income in addition to your 403b. In your case, without a house, you must be paying a lot in income taxes. So max out on both, to lower your taxes.


More in on the 457b right here on this site:



Good luck,


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