I have a 403(b) retirement plan invested in a low-cost target date fund. You can investigate the neighboring district’s plan at 403bwise.org, a nonprofit site dedicated to educating teachers about the issue. Teachers without good investment options should consider lobbying their district to adopt another type of retirement account, the 457(b) plan. The spousal benefit is based not on what the husband receives, but on his benefit at his full retirement age, which for illustration purposes we’ll say is $3,200. If you apply at 62, though, you’ll be accepting a permanent reduction in both your own retirement benefit and any future spousal benefit, as I explained in an earlier column.