The country comprises nearly 50 percent baby boomers. In the next four years, a third of the workforce will be retiring. Around 100,000 teachers will be retiring in years 2010-11 and around, 1.7 million teachers will be leaving in less than a decade.
Teachers are one of the pillars of the society and they hard work deserve better facilities. Therefore after retirement they should get benefits to enjoy their lives after retirement. Each state of the US has a Teacher's Retirement System for provision of benefits to retired teachers.
By law the state teacher retirement age for teachers is 65 but many retire at 60 years of age. Teachers get pensions on the number of years of work. So by age 60 they would have 40 years of work behind them. There are many reasons for retiring early like they may have exhausted their energy levels through this demanding job. But there are also teachers who work over the age of 60. It could be that they want to work for some more years. Or the university expenses for children may be more and so they work longer to ease the pressure on their tight finances. In a second marriage, they may have to support two families and therefore one canít retire early.
Teachers may also have the added responsibility of caring for their ageing parents. Since people live longer one has to take care of other family members too. Also if someone has taken time out to bring up their children may want to compensate the shortfall in the pension.
The Teacher's Retirement System is to provide three fundamental benefits to teachers like death and survivor benefits, retirement benefits and disability benefits. The benefits are based on employment length and income level. But these benefits are available to teachers who are part of the program. It includes institution members and its beneficiaries.
The state teacher retirement policy for teachers differs from state to state. The policies are based on particular state's jurisdiction. When someone reaches the retirement age, he or she can get the saved money.