He recommends that once youíre debt free and have a hefty emergency fund saved, you should put 15% away in retirement. Thatís called baby step 4. While doing that, you dump all extra income into your house. Once thatís paid off, you can invest EVEN more- thereís a direct correlation between having a paid for house and retiring comfortably.
For us teachers, my husband and I are treating my TRS withholdings the same way as we are treating his SS withholdings... thereís no guarantee that will come to our side by the time we actually retire. So we donít count that as anything, and we invest 15%.
So hereís what you should do:
TALK WITH A PROFESSIONAL
But since you asked, hereís what I say:
Donít count on TRS. Youíre smart to want to invest, and you should consult a professional that has a heart if a teacher- not someone who is trying to sell to you. (Dave Ramsey has local people he recommends)
Your priority should be Roth IRA, after that look at your 403b options, and if your spouse has a company that does any matching, try to max that out as well.
Rental property can be a huge hassle and Dave doesnít recommend that the average couple take up being landlords unless theyíre prepared to pay for property in cash. (Donít take out a mortgage!!!)
I also recommend that you begin to educate yourself by picking up Chris Hoganís Retired Inspired and his latest book that covered the study of Millionaires. (Fun fact- teachers rank #4 on the list of Everyday Millionaires! You donít have to have a six figure income, you just need to save consistently)
Anyway good luck!