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Yepper. Coulda decided to work for a public school making $6000 a year in 1973 rather than twice that in some factory.
I understand and agree with your basic point, but the details might be a little skewed. When I went to work as a high school teacher in a public school district in 1971, my starting salary was $9000 a year, and I don't think factory workers were making quite twice that. Of course I recognize that your example might come from a different area of the country and thus might be totally accurate.
Just curious if I work 10 to 15 yrs in Florida elementary school...I am 55 and thinking of changing vocations, plus a small pension to add to SS would be nice...on a low guesstimate...about what could I hope to receive in pension. I'm in the WPB AREA. Thanks!
Just curious if I work 10 to 15 yrs in Florida elementary school...I am 55 and thinking of changing vocations, plus a small pension to add to SS would be nice...on a low guesstimate...about what could I hope to receive in pension. I'm in the WPB AREA. Thanks!
Pension benefits are earned as a percentage of your salary for each year worked. That is called the multiplier. Take the multiplier and multiply it times the number of years worked and apply that as a percentage to your final three years salary. Three years is typical but if varies from state to state. Be mindful each pension plans has a minimum number of years you have to have worked and a minimum age. In some cases after a certain years you can retire. How ever find out how long you have to work in order to be vested. That varies from state to state. Retire before that vesting period and no pension.
How much does a teacher make? Teachers are public sector workers, so it couldn't be that much, would you say?
According to Maureen Reedy, an elementary instructional specialist in Upper Arlington, Ohio: "After 20 years, most teachers are making $50,000 — woo-hoo. Our pension and our security are part of the long-range outlook of our profession."
And here is the long-range outlook: a teacher's pension can go as high as 3X his/her salary, or $14,525 a month, to be exact.
"After nearly 40 years in public education, Patrick Godwin retired last July at age 59 with a pension paying $174,308 a year for the rest of his life. His pension payout follows 36 years as an English teacher and school administrator in California, with two years' sick-leave credit added for never being absent.
Such guaranteed pensions for relatively youthful government retirees — paid in similar fashion to millions nationwide — are contributing to nationwide friction with the public sector workers. They have access to attractive defined-benefit pensions and retiree health care coverage that most private sector workers no longer do."
Obviously, I worked in the wrong state and for the wrong school district.
My pension is about 25% of my highest salary and that includes the boost I got by paying $85,000 for an extra annuity added onto my normal pension amount. .
Yepper. Coulda decided to work for a public school making $6000 a year in 1973 rather than twice that in some factory.
Most everyone was making that type of salary back in the 1970's for a wide variety of jobs. I made $7400. That was a typical salary, and prices were lower.
Most everyone was making that type of salary back in the 1970's for a wide variety of jobs. I made $7400. That was a typical salary, and prices were lower.
Food for thought that $7,400 salary is almost a full 24% higher than the $6,000 teacher salary. Some might consider that a considerable chunk of change difference.
How much does a teacher make? Teachers are public sector workers, so it couldn't be that much, would you say?
According to Maureen Reedy, an elementary instructional specialist in Upper Arlington, Ohio: "After 20 years, most teachers are making $50,000 — woo-hoo. Our pension and our security are part of the long-range outlook of our profession."
And here is the long-range outlook: a teacher's pension can go as high as 3X his/her salary, or $14,525 a month, to be exact.
"After nearly 40 years in public education, Patrick Godwin retired last July at age 59 with a pension paying $174,308 a year for the rest of his life. His pension payout follows 36 years as an English teacher and school administrator in California, with two years' sick-leave credit added for never being absent.
Such guaranteed pensions for relatively youthful government retirees — paid in similar fashion to millions nationwide — are contributing to nationwide friction with the public sector workers. They have access to attractive defined-benefit pensions and retiree health care coverage that most private sector workers no longer do."
Former school teacher here (worked in Massachusetts).
23 years in system (took several years off for maternity and wasn't able to count those years). Moved to another state for husbands job transfer in my highest earning years. Worked in social security crediting job for 6 years to get my 40 quarters, job eliminated at age 60. WEP will reduce ss and spousal benefit by 2/3.
Took my retirement to pay for my ACA healthcare (no subsity) worry what I can buy for the next 3 yrs until Medicare.
My pension is less than 31% of my highest paid year of teaching.
The high end for teacher pension is 80% of your highest earning years. They did away with credits for coaching and sick time. When I left I gave the sick bank 145 sick days (thanking God I never had to use them)
Oh, and you do know about no double dipping to get full credit for SS and pension in some states.
No, those outrageous pension payouts are certainly not the norm.
Now that most private sector employees have has their pensions bankrupted or stolen or voided, and property taxes are forcing seniors out of their paid-for homes, this situation MUST be addressed.
I think plenty will be addressed in the coming collapse.
Quote:
Originally Posted by Escort Rider
Yep! The reasoning ability of many people is indeed collapsing.
Well, it has been five years and a few days since NHartphotog wrote the above post alluding to "the coming collapse". (I made the response to it within a day or so).
Therefore it is interesting to return to this revived thread years later for some perspective. So, NHartphotog, five years later, how do feel about the "coming collapse"? Is it still "coming". What sort of a time frame did you have in mind when you wrote that? Are you feeling a little foolish about now? If not, why not?
He was an "English teacher and school administrator". The highest rank in high school administration is a principal. There is no one higher in a school than a principal. In CA, we call high school principals and vice principals administrators. Has been that way for at least three decades. Unless he was a school district superintendent, then that's a different story, but he was not.
My stepdaughter was a bilingual teacher in Orange County, CA, with a Masters in Education and Masters in Spanish. Her base salary started at 31K. She's a SAHM now so I wouldn't know how long it could have taken her to the "base salaries start well over $50,000 to offset the cost of living."
The Waltons do not work in public sectors. If you invested your millions in a business, you could be as rich or as poor as your business sense took you, it's your money to risk. But if your salary and retirement pension were part of the state's budget, especially when said state cannot pay its bills, then the public has the right to complain.
School administrator--can mean someone higher than principal, involved in ADMINISTRATION of the district--
I don't know because I didn't research--
But using ONE state's system to classify every state's teachers and administrators as pension-wealthy recipients...is really lousy research...
I taught in TX---some districts do pay above state minimum and teachers w/long years of very stressful teaching might earn 55-65K...but they have high insurance costs especially if both h/w are teachers and use the district's insurance...
We pay into our state pension fund and not into SS---that hurts spouses of those who work at jobs and DO pay into SS because their teacher pensions cut back their spousal portions...and their own SS if they worked at jobs outside teaching which many teachers do to supplement their income...or if they had other jobs before entering teaching...
Currently my state--TX--is having a crisis with our teacher retirement health insurance coverage---
The state legislature has not paid its fair share -- while the ISDs and individuals in the plan have had increases on their part...
Some retired teachers had no Medicare quarters and don't qualify for Medicare--
I and my husband who is on my policy but worked outside education have Medicare and use our teacher insurance as our supplemental...I am not sure what our choice will be after the legislature decides what it will do to save this plan--probably not much---if it requires ALL Medicare eligible retired teachers to use a Medicare Advantage plan--I doubt we can use that because we spend lot of time in FL and the medical providers around there including the main hospital system don't take Medicare Advantage plans...
So---
not all retired teachers earn such large pensions or have a super cushy retirement...
Although it seems like most Congressment and Senators sure do...
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Let's look at this five years later!
