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A teacher can retire at 55, if a teacher started at 22 in that state they can retire at 57 with 35 years of service with 75% of their "final average salary" and the average female teacher who retires can expect to live to an average of 90.
If they retire at 57, a female teacher who taught IL schools can expect about 33 years of pension which means if they retired this year they would be collecting until 2052 on average.
There was a study done and the average female teacher lives to 90. That means that many who retire this year.
A teacher retiring at 57 this year in Illinois for instance if female can on average expect to draw a pension of 75% of their final average salary until 2052.
Will be interesting to see how much of the funding will be going to students in a decade or will it go just to teachers who are not teaching anymore and sitting on the porch while they get big pension checks month after month
36% of student spending allocated towards pensions in Illinois.
About $900 of per student pending went to pensions in 2000, in 2020 it will be $5,000
Well then they need to raise taxes. The state did make that promise to teachers didn't they ?
And the state isn't going back on it are they ?
FWIW lots of people think corporations got rid of pensions because they were "greedy".
Actually it has more to do with numbers. People retiring earlier and living longer puts a big drag on a company's finances. And companies have to earn their revenue unlike governments who get sent money by taxpayers.
Ultra-low quality government schools aren't going anywhere, but it would be nice if they would discontinue tax-payer funded education.
I am all for education as long as the parents pay for it whether it's through a cooperative, individually, home school.
Welcome to the US looking like 3rd world countries as far as literacy and math go.
Quote:
Originally Posted by TMSRetired
Well then they need to raise taxes. The state did make that promise to teachers didn't they ?
And the state isn't going back on it are they ?
FWIW lots of people think corporations got rid of pensions because they were "greedy".
Actually it has more to do with numbers. People retiring earlier and living longer puts a big drag on a company's finances. And companies have to earn their revenue unlike governments who get sent money by taxpayers.
It is both. Companies are increasingly looking at only 2 things. C level pay and shareholder payout. This has always been mostly true but is now emphasized much more.
Note IL has safeguarding pensions in their state constitution.
Silly idea to start. You get the pension at age 65-67 AKA full retirement age.
It's a beautiful system isn't it? I did 34 years at 55 years of age, from the feds, then retired.
67 now, been collecting a 6 figure yearly pension for 12 years. if I could hold on until 90 I'll have collected well over 3 million in pension checks. That was the deal I signed onto many years ago.
It's a beautiful system isn't it? I did 34 years at 55 years of age, from the feds, then retired.
67 now, been collecting a 6 figure yearly pension for 12 years. if I could hold on until 90 I'll have collected well over 3 million in pension checks. That was the deal I signed onto many years ago.
Congrats..that's one sweet retirement.
I remember that long ago working for the government was shunned because they paid less then private industry. People got jobs there more for the benefits than the pay.
Compared to the private sector, these teachers live like kings and queens at the public trough. You could have a skilled professional making twice or more what a teacher does, and ultimately end up much worse off than the teacher at retirement.
It makes the blood boil.
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