| Throughout the nation states, counties and school | | | | have second homes whose value has fallen |
| districts are struggling with the double edged | | | | dramatically. Finally, the cost of health care is a |
| sword of having to cut school funding without | | | | much more pressing consideration for the baby |
| losing the best teachers. While retirement | | | | boomer at this point in their careers. Putting it all |
| incentive programs that encourage senior | | | | together, teachers are seeing the prospect of |
| educators to opt for early retirement, the financial | | | | retirement as less feasible given their personal |
| benefits in salary savings virtually disappear within | | | | fiscal position and uncertainty with the economy. |
| five years for new hires. That means the fiscal | | | | At a recent meeting with a financial advisor the |
| problems associated with funding education are | | | | need for good financial planning was made clear. |
| not really solved by encouraging early teacher | | | | Teachers need to know what income per month |
| retirement. | | | | they will be receiving upon retirement and what |
| The Department of Education for Hawaii recently | | | | expenses will be occurring into retirement. |
| announced that it expect to hire half as many | | | | At least one state is seeing the opposite |
| teachers to fill vacancies this year compared to | | | | occurring. In New Jersey the retirement |
| normal. The reason for the lack of new teachers | | | | applications are on a trend to double this year. |
| is that current teachers are not retiring in the | | | | With Governor Christie squeezing state spending |
| numbers seen in the past. | | | | in order to balance the budget, teacher pensions |
| The state of Michigan offered early retirement | | | | are expected to come under scrutiny. This seems |
| incentives this past spring in the hopes of | | | | to have convinced more than a few teachers to |
| attracting 29,000 teachers into retirement. The | | | | jump ship before the state can cut their promised |
| tally when the deadline for application passed was | | | | retirement pensions. |
| about half that number. Clearly, teachers are | | | | Whether teacher retirement is increasing or |
| choosing to stay in the classroom rather than | | | | decreasing in a state or region, positions will open |
| accept early retirement incentives. | | | | up for new teachers entering the field. They will |
| The trend of declining retirements among baby | | | | come out of schools of education with fresh ideas |
| boomer teachers is probably traceable to the | | | | and grand visions. They cannot replace the |
| collapse of their retirement accounts in the last | | | | wisdom of a veteran retiring teacher, but we all |
| two years. Add to this revenue shortfall for their | | | | had to start somewhere, so why not we see |
| personal finances, many of these teachers may | | | | what they can do? |