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Many year ago my wife cashed in her retirement because she was having our first child and wanted to be a stay at home mom. Well, after having two children, our life to a hard turn and my wife had to go back to teaching. Now she would like to retire at the end of this school year, but she needs to buy back two years to retire. We went down to Trenton to get the details and the bottom line is that it will cost us $14,000 to buy back those two years. We don't have the money for that; so I had a crazy thought. Why not go to her BofE and ask them to pay it. My thinking is that if she works for two more years; it will cost her BofE almost $200,000 in salary. They could buy back her years for her and hire a new teacher for a fraction of the cost to keep my wife. The town that she works for is hiring all new teachers and at 58 my wife feels like the old lady still teaching there. It would be a win win for everyone. Any thoughts and has anyone ever heard of this before?
I have not heard of this. I can’t imagine that there would be a positive reception to this though.
Yes a new teacher is cheaper, but the new teacher is also joining the same system with the same pay scale your wife is on. The new teacher will eventually get to the same level as your wife 10, 15, 20 years down the line.
Unless there is a disability or some kind of extenuating circumstance, I think your wife should just suck it up and work the 2 more years until she qualifies for the pension. She is still retiring very early
Sadly, any private employer would gladly offer severence pay and get rid of most senior person however not govt and not Board of Ed the biggest bureaucracy if you let them know she may get a target on her back and being fired loses everything
Unless there is a disability or some kind of extenuating circumstance, I think your wife should just suck it up and work the 2 more years until she qualifies for the pension. She is still retiring very early
Exactly. Being surrounded by younger coworkers and feeling like the old lady is not a good reason to retire at 58. And it doesn't sound like she has the financial freedom to retire if she can't even afford the $14,000.
Pennsylvania has a system where you can buy back your time out of your pension. I bought 10 years of NJ time when I retired. The amount I would have owed back to NJ was $60K~instead it's prorated over my expected lifetime pension payout. Slight hit but might be an option~
Otherwise, just teach 2 more years. 60 is not old in the world of education, especially if you've taken time out to raise children. Unless you have 35 years at age 57, the odds of retiring early are slim.
Thought this thread had something to do with Simply Red's Holding Back The Years...
LOL
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