Retirement

I am in the same boat. I was going to go at my MRA which would have given me 2 more years. Then I went on the retirement platform and found out that I would lose 1K/month. Guess who is staying for 5 more years??

So frustrating.

Do you have to put in notice in advance? That could make a difference.

I had done the formal notice in 2018 to retire in two years (2020) - which meant I got a 5% bump in pay each of those two years. It also meant I could go earlier if I chose, but I could not change my mind and go longer. My husband was already retired and had been diagnosed with cancer.

My husband died in January of 2019. I was off from Thanksgiving until the middle of March. I went back because I needed the routine and to get out of my head and my house, and also to decide if I was going to go back for the final scheduled year.

I know the superintendent wanted to know as soon as possible, but I didn’t care about that. She also, I’m sure, was hoping I’d retire as I was at that point the highest paid teacher in our small district. I took my time and thought about it a lot. Financially, that extra year at the highest possible salary was a big factor. It meant I could finish paying off the house without using the life insurance money for that. It would also affect my pension.

Ultimately I made the decision to go back for the last year, and I think it was the right decision for me.

A couple major things to think about - a lot can happen in four years, and you have no idea what the situation will be then, for you, for your husband, for your health, for your family. Finances are one major consideration and things can change there too, but if you’re confident that’s not an issue, then it becomes minor. Although it is another year of salary and whatever benefits you get, plus how it affects your pension.

Most people don’t regret retiring earlier, and you can fall into the trap of "just one more year" and that’s not always good. The more years of good health you have in retirement, the better.

I’d seriously investigate whether you can do half a year more and qualify. If not, can you wait to see how things shake out over the next couple years, and keep your options open?

The way education is right now, no way would I do the extra year. Each year gets harder and crazier. If you don't *need* the money, be done in 4.

Remember as long as you are working you are adding to your Social Security quarters. That is a bit of added benefit.

I would work one more year. But if you are feeling burned out, then I would retire. You can always do something else-different-if you want.

You made it 20 years, what’s one more for that kind of money? It would be 100% worth it to stay!

Or conversely, you never know how your life will go and the more time you have, the better.

I was thinking about this. You get $35,000 over 2 years, so $17,500/year. You could probably get a part-time job you would enjoy more and make that money.

You can always get more money. You can't get more time.

Well, I retired at 56 after 34 years of teaching. I took a penalty with my pension, but I view it as playing the long game. I am going to be collecting nine additional years than if I would have stayed to 65. By the time I am 72 it all kind of evens out. My husband and I invested money so that we could retire early. We both sub a few days a month so we don’t really need to draw from the accounts that much. Subbing seems very easy compared to real teaching.

I probably could have taught a couple more years because I didn’t hate teaching and my health is good, but mentally I was checked out. I just was sick of it. I got tired of always having a million things on my plate and always being guilted into doing more. I grew very tired of sorting out the playground arguments of 9 & 10 year olds and I didn’t want to talk to parents anymore. I was sick of multiplication. I was just over it.

I was also uncomfortable with the thought of not getting a paycheck. We are doing fine. We could quit subbing and we’d be fine. If I were you I would plan on working four more years and if you are feeling ok in that last year, go for another. If you are like me the thought of doing one more year was unbearable. I was done.

I'd think on it for a year or two. But, I don't think it's worth it. Life is short and unpredictable. Since you feel financially ready to retire in 4 years, I think you should do it.

I would put more thought into it closer to the time but that last year would be extremely hard knowing you could have been done. Especially with the ways things are changing in the educational world so quickly and not for the better!