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Response to olegramps (Reply #8)

Thu May 17, 2018, 11:04 AM

73. Each state teacher retirement system is different

Generally there's a formula such as this.

years experience times some factor (2.3 I think is on the low end) equals percent of top 5 years average pay.

So, let's say you work 35 years and your final five pays including whatever extras you can throw in those last few years like summer school, coaching, department head, yearbook sponsor average $ 80,000. That would give you a pension of 81 % of $ 80,000 or about $ 64,000 per year or $ 5,300 per month.

If you started at age 23 and retired at 58, that's not a bad lifetime pension. It's especially good for administrators who might get 81 % of $ 150,000 which could easily top $ 100,000 per year.

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