Do you know how the teachers pension actually works?

Do you know how the teachers pension actually works? I'm Ellie, and I'm a teacher on a 36,000 pound salary. I've become so financially educated that I'm on track to retire a millionaire by the age of 53.2. And if you wanna do the same, here's everything you need to know about the teacher's pension. As we've discussed before, your teacher's pension is not like normal investment accounts. You don't just have a pot of money that all your contributions in that you get access to in retirement. Instead, the teacher's pension scheme is a defined benefit pension, which basically means instead of saving, you are basically building up a guaranteed income that will be paid to you monthly, like a salary when you retire. Is for year. This is a misconception for a lot of teachers. Every year you teach, you currently bank 1/57th of your pensionable salary. So for me, I earn 36,000 pounds. And 36,000 pounds divided by 57 is roughly 632 pounds, which means I built up 632 pounds of annual pension this year. And next year, my salary will raise up, and I'll build up another 1/57th of that. These amounts are added together, but they get revalued over time with inflation. Towards 12% of their salary a year. But your contributions only determines what you get. Your employer contributes to the scheme as well. So when people ask me, should I opt out of my teacher's pension and invest money instead? I understand you're even decision. Money is free money from your employer. I invest alongside my teacher's pension, not instead of it, which is a huge reason on track to retire a millionaire. And if you want to do the same, because if I can, you absolutely can. Comment and educate and give me a.