Just of the myriad of reasons I regret not moving when I was younger.
For the benefit of any young person going into education (LOL -- young people aren't going into education), here are some things that are very important -- things
you don't realize is important when you're in college studying /committing yourself to a job for 30 years:
- Teaching is not worthwhile for the paycheck alone, but it IS worthwhile if you stay with it for a whole career and earn a full pension. The real financial benefit comes at the end of your career.
- Earning a full pension in my state requires 30 years; other states vary, but this is pretty standard. You can collect a smaller pension for fewer years, but it's really not worthwhile /not a livable retirement pension unless you "max out" your years.
- If you have a paid-for house AND a full teacher pension AND Social Security, you can live comfortably -- though modestly -- in retirement, even without significant additional savings.
- Teachers are STATE employees, so to earn a full pension you must work your whole career in the same state. This means you AND your spouse have to be committed to staying in the same state (or in an on-the-border town where you can drive to a school in your state). No, you can't teach online and stay in the teacher pension program; online teaching is a contract-gig, and it pays X amount per student /no benefits.
HI. I don't understand how you would be double dipping? Social Security is Federal, retirement is State, right? Did you contribute to both?
Glad I live in a state that made me pay into SS, as I now have both .
In most states (including mine) teachers pay into teacher retirement AND they pay into Social Security; as a result, we will get a retirement check from both teacher retirement AND Social Security.
The tax collectors "double dip" into our paychecks for 30 years, so it's fair that we receive two checks in retirement.
The unfairness of this policy comes into play for those who came to teaching as a second career and for those with side/summer jobs who have all the required quarters for SS but now can’t collect at all or only minimally. Teachers with side and summer jobs have become more and more common over the years.
It also causes problems for teachers who work in one state and then move. Of course, those teachers get screwed over in multiple ways -- for financial success, teachers really need to remain in the same state.