Reply to Can I transition to teaching with a humanities phd?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]
Same as FCPS.  [b]Teachers also have a far better than usual retirement compensation.[/b]  It's a tough job, but in this area at least, it's a secure reasonable paycheck with very solid benefits and more time off than is typical of many professional jobs.[/quote]

Do we?

I'm in Maryland. Our teacher pension (for those hired after 2011) pension at Normal Service Retirement is 1.5% of your average salary (highest five years averaged) x # of years worked.

To retire at the Normal Service Retirement level you need to be 65+ 10 years service

Age+ years of service = 90.   So you can retire at age 60 with 30 years service, age 62 with 28 years service etc.

We contribute 7% of our pay to the pension each pay period.

[b]How does that compare with other empoyers who offer a pension[/b]?

[/quote]

Very well.  Even better because most employers don't offer a pension.[/quote]

To calculate the value of your pension you calculate the equivalent you would have to safely withdraw to generate that pension--which is roughly 3-4%.  So that means you would need roughly 25-30x the amount you generate in income as a lump sum in order to have the same safe income value (though of course you don't get to keep the remainder after death unless there's a death benefit).  But still--  You would not be getting anywhere near that amount with a 401k contribution of 7% of your income with 10 years or even 30 years service.
[/quote]

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