Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I may do this route also, and i could then call my shots about what day to work, etc.
This is why it's a tough call for me. I've seen the teachers that stay in the game too long, but I feel fine and viable and valuable. Love my high school teaching job. Kids like me, and admins are happy. I am "only 59."
Teaching IS my identity, it is what I do and it is also who I am. I'm a shirt-and-tie guy (while many teachers aren't that any more, but I think it's important to model that mindset to the kids and staff, and especially to myself).
Work is important, and I'm proud of what I do. I could never see me whiling away my time on a porch whittling, or fishing, etc. I mean, once in a while, but daily lounging around is just not me. I'm not much of a "wish I could do my hobbies 24/7" guy. Seen that with some retirees and they are relaxed, but hardly fulfilled.
But I LOVE my time off. Maybe educational consulting......maybe. Maybe book sales. Maybe a university job working with student teachers, etc. (but that would be full time and then why retire).
When professional athletes retire many say the one thing they miss the most is the locker room, the communal experience, the collective focus toward a goal, etc. That is definitely me. I'll miss the hum and the action of the building and the classroom and the people.
The conflict for me isn't really the money, it's free time (which I love) and the identity-driven mindset of being a teacher in an actual building (which i equally love).
It's unbelievably complex: and there's even more details. I'm not the "take this job and shove it" guy at all now.
Still sorting it all out folks........thanks.
I taught history for 32 years, and enjoyed the job, but year after year, our clientele got worse! Now I have narrowed my availability to one high school here in Maui where I work every day. I've come to know the kids, parents and community. I really feel blessed and wouldn't go back to my former life for anything.
I seriously considered teaching full-time again for next year and decided: "Why"? I don't need the money and enjoy bouncing from subject to subject. I was even chosen "teacher of the month" by the staff (first time ever for a sub). Guess I'm doing something right?
I may do this route also, and i could then call my shots about what day to work, etc.
This is why it's a tough call for me. I've seen the teachers that stay in the game too long, but I feel fine and viable and valuable. Love my high school teaching job. Kids like me, and admins are happy. I am "only 59."
Teaching IS my identity, it is what I do and it is also who I am. I'm a shirt-and-tie guy (while many teachers aren't that any more, but I think it's important to model that mindset to the kids and staff, and especially to myself).
Work is important, and I'm proud of what I do. I could never see me whiling away my time on a porch whittling, or fishing, etc. I mean, once in a while, but daily lounging around is just not me. I'm not much of a "wish I could do my hobbies 24/7" guy. Seen that with some retirees and they are relaxed, but hardly fulfilled.
But I LOVE my time off. Maybe educational consulting......maybe. Maybe book sales. Maybe a university job working with student teachers, etc. (but that would be full time and then why retire).
When professional athletes retire many say the one thing they miss the most is the locker room, the communal experience, the collective focus toward a goal, etc. That is definitely me. I'll miss the hum and the action of the building and the classroom and the people.
The conflict for me isn't really the money, it's free time (which I love) and the identity-driven mindset of being a teacher in an actual building (which i equally love).
It's unbelievably complex: and there's even more details. I'm not the "take this job and shove it" guy at all now.
Still sorting it all out folks........thanks.
Well, IDK OP. An additional $10K/yr for staying 3 more years sounds worth holding out for, especially the way inflation's going. And if you love your job, why not stay? You say you love your free time, but maybe you love it in contrast to your current schedule. Meaning--maybe if ALL your time were free time 24/7, it would begin to seem ho-hum. You seem to be thriving in your job.
Do you have to decide now? Couldn't you revisit the question in 2 years, at 61? Meanwhile, you still have time off on weekends and summers. Enjoy!
I'm a high school teacher, and I like it, but I've seen teachers stay too long and I sure don't wanna be "that guy."
I can probably get 60% of my current pay if I pull the trigger. I could wait till 65 but I want to have a long, happy retirement and want to jump on it. It's 10k a year more if I wait till 65.
Keeping stuff vague on purpose. Want to see what gets said. No grandkids, will probably work in some way after while I pull the pension.
Thoughts?
Will the additional money materially impact your retirement? lifestyle or plans?
Sounds to me like you if you have enough money then you're ready.
This is my 30th year in the same school. I teach an elementary grade, but I can't say I still enjoy it. That's a big difference. If I truly still enjoyed what I'm doing it wouldn't be difficult to go another 2 or 3 years. As recently as 5 years ago I would have had a completely different answer if you would have asked me. I'm retiring at the end of June just a few months short of my 52nd birthday with unreduced (full) state pension. This year the state pension will see a 5% COLA in July. We also have an additional supplemental pension through the local district, so that's helpful. First year COLA is 1.49% but it increases to 3% every year after. The local pension will be reduced, but combined they will provide just about 70% of my current salary until SS age of 67.
I'm looking at part-time jobs to start in the fall, so I won't be fully retired, just retired from what I'm doing now.
I'm a high school teacher, and I like it, but I've seen teachers stay too long and I sure don't wanna be "that guy."
I can probably get 60% of my current pay if I pull the trigger. I could wait till 65 but I want to have a long, happy retirement and want to jump on it. It's 10k a year more if I wait till 65.
Keeping stuff vague on purpose. Want to see what gets said. No grandkids, will probably work in some way after while I pull the pension.
Thoughts?
From Google for New Mexico:
The amount of your benefit is based on your service credit and earnings, and may be determined by using the following formula:
Final Average Salary
multiplied by
Years of Service
multiplied by
2.35%
I'm not sure how you are getting to the extra $10,000 per year? 2.35% x 3 is about 7%. You'd need to be earning approximately $145,000 for 7% to equal $10,000. Maybe you have a contract settlement where you have some large cost of living adjustments that you already know about that you are factoring in. The average final teacher high salary in New Mexico is $65,000.
Since we don't know the numbers or your budget we can still tell here that 30 years at 2.35% is actually 70.5% and so I would say that you need to have a better handle on what your actual pension will amount to before you make a decision.
Also, would that amount cover your maximum out of pocket expenses in case you had to pay that amount for several years? Do you know how your health plan coordinates with Medicare (if you choose both your retiree health coverage from the school district And Medicare Part A and B (which could leave you with very little out of pocket costs).
If you cannot begin to answer any of these fundamental financial questions I would say do not retire until you have a written plan. Now, if you also have a huge amount in your deferred compensation and/or you will earn some significant amounts from social security thenn that's a whole different thought process.
It would be more conservative to work until 65 when you will be eligible for Medicare and when you will be closer to FRA with SS as well as you will have a more comfortable pension amount. You do not have children to leave anything too and also no children to come to your rescue later on (so that falls on you / ask me how I know)... Older ages can get very expensive. While it's a hard pill to swallow that we work most of our lives there is no magic bullet where you really never need to worry again. Take a real sober look at things.
I retired at 62 - also HS teacher who loved her students, school, colleagues and administrators. I would have taught a few more years, but my husband (also HS teacher at a different school) was done. We ended up moving, and I consulted for a year in our new district working with new teachers. I worked around 15 hours a week, set my own hours etc. Then Covid hit, and our schools went virtual. Meanwhile, I got really involved in our new community and I have a hobby I love, so I didn’t go back. I miss the kids and my friends, but I haven’t regretted retiring a single day. I’m now on the school board, and that keeps me very busy.
All I can tell you is that I suddenly found myself a widow, and out of a job basically, at aged 58. The first year is a blur of pain to be honest, plus I had to settle the estate, which wasn't small. The second year I bought a house and moved, and did some renovations and updating so that kept me pretty busy. But at age 60, I looked around and realized that I was bored. I mean, there is only so much volunteer work one cay do and I was busy with volunteer work Monday through Wednesday mornings. So I called and went in and interviewed with a company I had worked for before, long ago actually, and got hired part time and it's been a life saver! I only wanted to work part time anyway, so it was perfect. Still is - I've been there over a year now.
...I feel fine and viable and valuable. Love my high school teaching job. Kids like me, and admins are happy. I am "only 59."
Teaching IS my identity, it is what I do and it is also who I am. I'm a shirt-and-tie guy (while many teachers aren't that any more, but I think it's important to model that mindset to the kids and staff, and especially to myself).
Work is important, and I'm proud of what I do. I could never see me whiling away my time on a porch whittling, or fishing, etc. I mean, once in a while, but daily lounging around is just not me. I'm not much of a "wish I could do my hobbies 24/7" guy. Seen that with some retirees and they are relaxed, but hardly fulfilled.
This is all very powerful, and maybe a reason to stay in the game. I'd very carefully consider what your next moves are, because you may find yourself very lost if you retire.
You love teaching, don`t have hobbies that you love......I think you answered your own questioned. I live an a over 55 community. I see retirees who love to golf, play pickle ball, fish ect. I also see people that do not have hobbies, and take on part time jobs, that they do not like, just for something to do.
I'm a high school teacher, and I like it, but I've seen teachers stay too long and I sure don't wanna be "that guy."
I can probably get 60% of my current pay if I pull the trigger. I could wait till 65 but I want to have a long, happy retirement and want to jump on it. It's 10k a year more if I wait till 65.
Keeping stuff vague on purpose. Want to see what gets said. No grandkids, will probably work in some way after while I pull the pension.
Thoughts?
Congrats on this. This is an amazing accomplishment.
If you still can handle the job, then stay on until you can maximize your retirement.
I am nearly 50 and decided to pursue a career in business and wish I had stuck with my teaching (I have all my education and student teaching competed and was certified).
It was a big mistake because age discrimination is real in the business world. That ship has sailed, it seems for me. And my motivation is almost gone. I was downsized several times in my career in business and have lots of trauma from those experiences.
So, my question to you is this...is 50 too old to get back into teaching?
I also know that I would need to put in 30 years to maximize my pension, which sounds a bit silly to consider, but I am thinking about it.
Have you seem people stick with teaching into their 80s?
Thank you for any feedback.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
