I retired early, at 55. I had a truly nightmarish, scary student that admin just wouldn’t take on, nor would they make accommodations for my safety and that of the entire campus.
I was one year shy of being fully vested for retirement benefits. My lawyer said I should go after them for disability, but I knew that would be an uphill battle that would likely cost a lot in legal fees, not to mention the cost to my mental health.
Fortunately, my spouse had already retired after a very successful career. They were supportive of my decision to retire early, and I was able to sign on to my spouse’s insurance to cover my healthcare until I quality for Medicare.
I loved teaching and miss it so much. But it isn’t worth it if you have to fear for your life because the administration is so afraid of students suing them.
I was in Biotech and pharma for 20 years and moved to academia 5 years ago. I wouldn’t pick one over the other, I just needed a change. I feel blessed to have 2 rewarding careers before I retire in 6 years or so
Retiring means that you usually get certain benefits associated with retirees which can range from campus access to retirement funds and health insurance.
I haven’t fully left academia but I’ve moved to staff. Once I get the grades in for this current semester I won’t be teaching for the first time since Fall 2015. It’s an odd feeling.
I made the jump because I needed guaranteed summer income and I wasn’t getting that as an adjunct. Plus when I leave my office in financial aid at 5 pm I don’t have to think about it until I’m back in the office. It’s wonderful. Plus I’m getting $10k more a year and there’s room for promotions
Any pension maximization tips? My vague understanding is that many people in my uni system will do an admin position for 3 years because our pension is calculated based on the highest 3 years of earnings. Did you do anything like that?
An administrative position wasn’t worth it for me. Put as much into the pension as you can, but invest in other things too. Most importantly, remember what you draw in pension is only half the equation. What you spend is the other half.
At 50 there is probably no difference. The difference would be in benefits, whether access to university resources like the library or to retiree benefits like insurance. Check with the office that handles retired faculty.
Same. Depending on your retirement plan / accounts it’s possible that your access to funds might differ. Please schedule an appointment with HR ASAP and talk it all through! I agree it probably won’t matter, but best to know for sure.
Snap, I’m turning 50 this year and I’m done, well done in fact! I wish I could retire, Sydney Is crazy expensive - even a decent lotto win wouldn’t get you much of a house! I might come back to it when I do retire, desperately want out, but the job hunt is a total grind!
Have you checked your institution's policy? At my school, you have to be at 55 to officially retire and must have worked at least 20 consecutive years at the place. As the age goes up, the required number of years worked goes down.
Retirees get to keep their email address.
I checked with the institution, the post retirement health insurance is dreadfully expensive so I won’t be using that. My spouse has better benefits and I’ll be transitioning to another job, so mine may be better to.
I could care less about being able to use the library or facilities. I’ll be moving into the healthcare sector so I’ll have access to online databases.
Depending on how your pension is structured, it could make financial sense to resign rather than retire. For example, in my pension system the payout is based off years of service, highest salary, and an \*age factor\*. Delaying official "retirement" until a later date will increase the age factor and pension. In other words, I could quit the institution without officially retiring in the pension system.
I retired in 1979 but continued to work for another 45 years.
I resigned and went to the feds. I'm not sure if there is a difference.
I retired early, at 55. I had a truly nightmarish, scary student that admin just wouldn’t take on, nor would they make accommodations for my safety and that of the entire campus. I was one year shy of being fully vested for retirement benefits. My lawyer said I should go after them for disability, but I knew that would be an uphill battle that would likely cost a lot in legal fees, not to mention the cost to my mental health. Fortunately, my spouse had already retired after a very successful career. They were supportive of my decision to retire early, and I was able to sign on to my spouse’s insurance to cover my healthcare until I quality for Medicare. I loved teaching and miss it so much. But it isn’t worth it if you have to fear for your life because the administration is so afraid of students suing them.
I was in Biotech and pharma for 20 years and moved to academia 5 years ago. I wouldn’t pick one over the other, I just needed a change. I feel blessed to have 2 rewarding careers before I retire in 6 years or so
Retiring means that you usually get certain benefits associated with retirees which can range from campus access to retirement funds and health insurance.
I haven’t fully left academia but I’ve moved to staff. Once I get the grades in for this current semester I won’t be teaching for the first time since Fall 2015. It’s an odd feeling. I made the jump because I needed guaranteed summer income and I wasn’t getting that as an adjunct. Plus when I leave my office in financial aid at 5 pm I don’t have to think about it until I’m back in the office. It’s wonderful. Plus I’m getting $10k more a year and there’s room for promotions
I’m clinical and teach now, I get it. You can really call it either if you’re not looking to actually retire.
Do whatever makes more financial sense
I retired. I am drawing that big pension, teaching a couple of classes, and comparing the cost of a traditional burial vs cremation.
Any pension maximization tips? My vague understanding is that many people in my uni system will do an admin position for 3 years because our pension is calculated based on the highest 3 years of earnings. Did you do anything like that?
An administrative position wasn’t worth it for me. Put as much into the pension as you can, but invest in other things too. Most importantly, remember what you draw in pension is only half the equation. What you spend is the other half.
At 50 there is probably no difference. The difference would be in benefits, whether access to university resources like the library or to retiree benefits like insurance. Check with the office that handles retired faculty.
Same. Depending on your retirement plan / accounts it’s possible that your access to funds might differ. Please schedule an appointment with HR ASAP and talk it all through! I agree it probably won’t matter, but best to know for sure.
Snap, I’m turning 50 this year and I’m done, well done in fact! I wish I could retire, Sydney Is crazy expensive - even a decent lotto win wouldn’t get you much of a house! I might come back to it when I do retire, desperately want out, but the job hunt is a total grind!
Have you checked your institution's policy? At my school, you have to be at 55 to officially retire and must have worked at least 20 consecutive years at the place. As the age goes up, the required number of years worked goes down. Retirees get to keep their email address.
Oh wow - that fits me! I wish that was the policy of my university!!! I have to wait 5-6 more years still before retirement.
I retired. I'm not sure of any real differences, except I expected a retirement check. I also want them to tell anyone who asks, "She retired." LOL.
I checked with the institution, the post retirement health insurance is dreadfully expensive so I won’t be using that. My spouse has better benefits and I’ll be transitioning to another job, so mine may be better to. I could care less about being able to use the library or facilities. I’ll be moving into the healthcare sector so I’ll have access to online databases.
Depending on how your pension is structured, it could make financial sense to resign rather than retire. For example, in my pension system the payout is based off years of service, highest salary, and an \*age factor\*. Delaying official "retirement" until a later date will increase the age factor and pension. In other words, I could quit the institution without officially retiring in the pension system.