Nearly 50 percent of the countryís teachers and principals are baby boomers. Due to retirement nearly a third of the workforce will be lost in the next four years. In the years 2010-11, most retirements will happen when over 100,000 teachers could leave. And in less than a decade, 1.7 million teachers will be gone.
Since teachers have worked so hard to educate the society, they deserve a better condition when they retire. Teachers should be provided with a fair chance of enjoying their lives after retirement. It is for this reason that a Teacher's Retirement System was created in every US state for provision of benefits they deserve.
The teacher retirement age is 65 by law but many retire at the age of 60. The pensions of teachers are based on the number of years of work. Therefore when they reach 60 years of age they would have worked for 40 years. The reason they retire early is that they have drained all their energy levels as teaching is a demanding job. But there are many who want to work beyond 60 years of age. There are numerous reasons for these like they want to work for some additional years.
The expense of university for children is more and it puts pressure on ones finances. If there are second marriages then they have to support two families so one canít retire sooner. Teachers may have to care for ageing parents as people live longer. Others who brought up their children by taking time out want to compensate the shortfall in the pension.
The Teacher's Retirement System is to provide the three fundamental benefits to educators such as retirement benefits, the death and survivor benefits and disability benefits. These are all depended on the length of employment and the income level. But only teachers who have chosen to be part of this program can get these retirement benefits. It also includes the institution members with all the beneficiaries.
The retirement system policy for teachers may differ on the state law under a particular state's jurisdiction. When a teacher retires upon reaching the retirement age, he or she will get the money that they saved.