A teacher’s reward may be in heaven, but it’s equally important to prioritize their financial well-being and plan for the future while on earth.
As an educator, you have done your labor of love and helped empower students to achieve their full potential. But what happens after you retire from teaching? Do you have a financial backing?
A study from the National Council on Teacher Quality (NCTQ) suggests that (51%) of teachers will not vest in their pension plan, meaning they will not qualify for employer-provided retirement benefits. The study highlights that only 20% of teachers will reach the pension plan’s “normal retirement age” (the age at which they can collect full pension benefits), while the remaining 80% will receive reduced benefits or none at all.
Another report from the National Education Association (NEA) claims that the average teacher salary in the United States was $60,477, a figure that can impact the amount teachers can save for retirement. Furthermore, the NEA stated that, when adjusted for inflation, the average teacher salary had decreased by 4.5% over the previous decade.
These statistics and several more highlight that the pension systems need reform. Teachers need to stay informed, take proactive steps, and work towards a more secure retirement.
Workee experts spoke with Jill Wiley, founder of Classroom to Home, to discuss the key steps to achieving financial freedom and early retirement as teachers.
1. Can you please tell us about your background in education? What age groups have you worked with?
It’s safe to say that I started teaching before most of my current students were born. Maybe way before. Now, I teach at an international school in Norway. Most of my classroom teaching experience is with middle school and high school students, but when I offered Spanish on the side, I worked with ages preschool to adult.
2. What motivated you to become a teacher, and how long have you been in this profession?
I absolutely love learning. I considered being a psychologist for a while because I wanted to help people, but teaching is in my blood. My mom, grandma, sister, and several aunts and uncles are all teachers, so I tease that I just couldn’t escape. I started teaching in 1995.
3. What qualities or skills do you believe are essential for a teacher to be successful?
Teaching is about relationships. Your students need to feel comfortable but also motivated. Flexibility and a sense of humor are essential, too!
4. Can you share your thoughts on planning for retirement, particularly how to balance work and life?
Read the full interview on our blog- https://workee.net/blog/planning-for-financial-freedom-and-early-retirement
