As someone with little knowledge about investing outside of the typical 401k (Roth/457/401), I wanted to ask some advice (I have read quite a few people's posts here, but wanted something more tailored).
I am nearing my 40th birthday, and I am a teacher in a state that offers a pension. Currently, the state's plan for teacher pensions is that for every year of service, we earn 2.2% of our highest five-year average salary (which includes stipends and coaching). I am finishing my 11th year, so I'm locked into this field, and we have 14% of our salary pulled for the pension (the school board matches the 14%). I've also maxed out my education, so I'm on the highest end of the salary index (teachers do not negotiate pay, it's determined by years of experience and level of education. Currently, I'm on track to earn just over 100K per year from my pension, assuming I can continue to work till retirement age (early 60s).
Five years ago, one of my graduate professors said that it is wise to open a 457b because the teacher's pension might not be enough to cover life expenses. Over the last two years, I have maxed my 457 contribution (23kish) and I plan to continue to do that moving forward. Thankfully, I have a partner who has a solid career, so I can focus on saving.
We have a locked-in 2% mortgage with ten years left on it, so we're good there. I have about 50k sitting in a HYSA, just over 50k in my 457, and then my pension. I've read a lot of people saying you shouldn't carry more than six months of an emergency fund, and I am wondering what I should be doing next, since I can typically save an extra 1-2k months? Where should I be putting money that can grow at a higher rate than the 3.6% I'm currently getting on my HYSA? Ideally, this would be something that I could potentially pull from if needed, not necessarily another pure retirement account?
Thanks for any help and suggestions.