Author Topic: Job Change?  (Read 714 times)

mamaof4

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Job Change?
« on: May 08, 2019, 08:05:05 AM »
I am currently a 43 year old Special Education teacher for middle school (4th year teaching after being a home daycare provider for 11 years) and I am considering taking a state job working with disabled adults. I am comparing retirement and salary to aid in my decision; along with job satisfaction of course.
Salary:
Teaching-
next year=53415
55309
61345
62844
65822
max out after another 7 years to 78079

State job-
next year=51852
Maximum salary around 73000
2% raises per year or often no raise (the state employees just came off a wage freeze of 3 years)

Both jobs offer retirement in the form of pension plans, the option for a 403B with no employer match is available at both positions. The comparable pension plans are:
State- 3% employee contribution, 11.12% state contribution
Teaching-11.75% yearly employee contribution, 12.75% yearly employer contribution

I will likely need to work until the age of 65 due to my disabled child's needs unless the health care system in our country has a complete overhaul. I would like any advice available.

Freedomin5

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Re: Job Change?
« Reply #1 on: May 08, 2019, 06:43:11 PM »
From a financial perspective, it seems like a no brainer. The teaching job pays more and has a better pension plan.

In addition, you get summers off when your kids are off.

What am I missing?

mamaof4

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Re: Job Change?
« Reply #2 on: May 09, 2019, 08:48:16 AM »
You're missing about 1/3 of my case study that somehow missed my copy/paste!!!

It is doubtful I'll work until retirement in education. It's just too behavioral to be feasible to an older lady! I'm shooting for teaching another 10 years if I stay in education. At that time I'd like to do something that takes much less mental and physical energy; comparable to the state job. Does it make sense to teach for another 10 and then switch or is it better for me to start my new career now?

As far as my teaching pension; I would be eligible for a full pension at age 65. Before that I would take an 8% loss per year. I am leaning toward teaching 10 years and seeing how it goes from there but I would like someone else's perspective on the issue of my pension if this was to occur.

Watchmaker

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Re: Job Change?
« Reply #3 on: May 09, 2019, 09:09:02 AM »
What does the state pension plan look like, namely: how many years of service do you need, and when can you start collecting?

If you think you would only make it to 53 or so as a teacher, that teaching pension isn't worth much. It could be better to start getting years of service with the other pension plan.