essay for teacher retirement

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Retirement speech sample

By:  Susan Dugdale  | Last modified: 04-18-2021

Refusing to rest honorably - a teacher's farewell address

The retirement speech sample below was written to show you the end result of using the step by step guidelines I put together on 'how to write a retirement speech' and, to find out just how long it took to follow my own advice!

* You can find the answer to that $64 thousand dollar question at the foot of the page.

Although my farewell address is fictional it is based on experience. In a former life, before write-out-loud.com, I was a high school teacher for many years.

The background and setting for this speech 

To give you a deeper understanding, here's the context and a little about a speaker.

The setting is a school assembly hall. It is the end of term. The staff and students are looking forward to the holidays and a rest.

The speaker is Jane Smith. She has taught in this challenging low socio-economic school for the last 25 years.

Mr Harris, the school principal, has given her a warm introduction and returned to his seat. The focus and the stage is now hers alone.

Retirement speech sample - the full text

Thank-you Mr Harris {The Principal} for your wonderful introduction.

Have I really been here 25 years? That sounds like a long time ... about the same length as a double spell of English grammar on a Friday afternoon when the sun is shining. On and on, and on.

Fortunately for you I don't plan to.

I remember coming here with my brand new teacher kit. I was full of ideas, things to do to make a difference. I thought I was the teacher and you, the students were my pupils. How wrong I was.

It took a while to understand. I was a reluctant learner. My head was so full of how things 'should be', there was very little room for how things 'were'. The gap in those early days between what I thought I needed to teach and what the students actually needed to learn was wide. There were times when bridging it was difficult: even times when it seemed impossible and I wanted to give up.

Mr Harris has been kind in saying I gave a gift of myself; my energy, enthusiasm, honesty, respect and love, to you. But I want to turn that around and give it back, for this is precisely what I feel you have given me.

I have been privileged to have had in my classroom many, many fine young people. 25 years ago some of them began to teach me how to teach.

They helped me build the first bridges. From them I learned true teaching is a special partnership. It only works when the teacher can see through the outer image, into the heart, and can understand and respect what they see. The student's role is to allow themselves to be seen, not just for who they are, or have been, but also for who they could be.

Over the years fashion has had skirts short, long, and short again. Underwear boldly became over wear for a time. Hair has come, gone, been big, cropped, technicolored, bleached, curled, straightened, extended and dreadlocked.

Despite the altering of outward appearance there has always been and always will be a constant. That is the inner need to strive for what is true and right.

I look back with gratitude. I entered a profession dedicated to assisting young people achieve their potential, to revealing or finding their best selves. As I leave it, I am taking many of you with me. You will live on in my memories. I'll always remember the things we achieved together: the many successful plays we put on, the speeches you gave, the debates and end of year concerts.

I've been asked what I'm going to do now. I'm going to do a lot of things and very few of them conform to the notion of retirement as a time of waiting for the inevitable end. Helen Hayes, put it this way: 'People who refuse to rest honorably on their laurels when they reach “retirement” age seem very admirable to me.'

I am going to travel to places I've always wanted to go to and haven't been. I am going to read books that have been waiting on my 'must read' list for years. I will garden, learn new skills, play with my grandchildren, visit art galleries, enjoy being around friends... In short, I plan to LIVE.

Thank you to my colleagues for their support, friendship and for being exemplars of what it is to serve faithfully with humility. I will always remember our shared laughter, our joys, as well as our struggles. Thank-you for the never-ending supply of black coffee in the staff-room to keep me awake and alert. Thank-you too, for the notes of appreciation, words of encouragement, sharing of resources, and time but mostly for your sincerity and trust.

And lastly, I leave you with this thought. There is only ever one of each us: one Jane Smith or one Mr Harris. We are unique. We are neither better nor less than anybody else but rather the best or least of ourselves.

I am still working on finding the best of me. It is an exciting on-going journey. Thank-you for being my traveling companions along a large and important part of my way. I am forever grateful for your stimulating company and the enormous collection of shared experiences indelibly printed on my mind.

Thank-you. Happy holidays!

I hope my example retirement speech was useful to you and you're feeling more confident now about writing your own speech.

Remember there are no set rules - just guidelines which you can accept, alter or reject as you see fit.

Resources for writing your own speech

If you're feeling apprehensive, take heart. You can do this.

Go to 'how to write a retirement speech' . These are the guidelines I used for this speech sample, and start putting together what you want to say. If you need additional help there are full notes here on 'how to write a speech'

Do go through my collection of retirement quotations too. You'll find a broad and varied selection of one-liners plus verse. Some are warmly funny while others are sharp. There's sure to be something here for you.

*How long did this speech take to write?

* For the time-conscious, my retirement speech sample took approximately 5 hours from planning to the form you see now.

Put in perspective against many years of work, that represents a very brief token of respect for your colleagues and yourself.

Is your speech writing 'bla, bla, bland'?

Discover how action verbs make your writing vocally vibrant, succinct and precise.

And lastly, some of you may appreciate this offer... 

• Return to top of retirement speech sample

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School’s Out Forever: Reflections of a Retired Teacher

by Sandy Lingo | Jul 30, 2017 | 14 comments

When I came back from a field trip the last week of my career, this is how I found my library!

Teaching years are like dog years. I taught for 196 years.

Conversely, retirement years speed by like a guppy’s lifespan.  I have been retired since Spring 2010, and while it doesn’t feel like yesterday, it doesn’t seem possible that I’ve been going to sleep for nine years without an alarm clock.

Retired teachers often say they “miss the people” or they “miss the children.”  I will honestly say that, while my colleagues and students enriched my life in profound ways, I do not miss the necessary diplomacy of dealing with educators or the responsibility of guiding and corralling youngsters.

If I’m not a teacher, what am I?

The last year I taught, I was the librarian.  I gave it my all.  I facilitated eight book clubs, organized seventeen field trips, found the right line in my bifocals to shelve thousands of books, and nagged my principal, up to the last hour, for an increase in my budget.

My last day was May 31, and I was there until about 11:55 putting things right in my library.  Leaving my house in order.

That evening, around 7:00, I went to my car with another load of what was now junk:  teaching units in binders; my electric pencil sharpener and recess whistle; popsicle sticks, glitter, and contact paper.  Outside I met a parent who was there watching her kids’ soccer game. “Are you a teacher here?” she asked?

“Well, yes.  Well, kinda.  I was, I mean I am, at least until midnight,” I said. She was confused, and so was I.

I remember my husband saying when he retired, “If I’m not a teacher, what am I?”  I guess I felt a little like that, which is why I continued volunteering at my school for a couple years.  And then, suddenly, I realized I wasn’t a teacher anymore, and that was okay because I had become other things: an attentive daughter; a more present mother; an engaged friend; an avid activist, a student of the world.

When you are a teacher, you take your significance in the world for granted .

When you are a teacher, you know that every single day, for better or worse, you are going to impact kids, sometimes in profound ways. When you are retired, you have to work harder to articulate your purpose.  How can you feel important in the world when all you’ve done is meet friends for breakfast, lunch, and dinner, repot your African Violets, type your recipes, or achieve a thorough colonoscopy cleanse?

When I was working, my identity and worth were tied up with what I did, what I accomplished, what recognition I received.  I felt tremendous satisfaction when I finished grading a stack of essays, created a new novel unit, received an award, found the surface of my desk at the end of the day, returned from a field trip with the same number of kids I started with.

But now, in this reflective state of retirement, I find myself measuring my self-worth in other ways, not by what I’ve done, but who I am.   And it seems enough at the end of the day to take stock of how kind I was, even if I didn’t cross a thing off my to-do list.

I look back and worry.

Maybe I wasn’t such a good teacher after all.  There was the time I was reading the dramatic conclusion of Nightjohn to my eighth graders who encircled me, and I overheard 13-year-old Jonathon say to 13-year-old Emily, “You have the longest eyelashes.”  And I was furious at this acned adolescent who, quite naturally, found this fetching girl more fascinating than the conclusion of a book about slavery.

And there was the time a sixth grade boy picked through his dumpster-of-a-desk looking for his math textbook, and I turned the entire desk over, the contents forming a mountain at his feet.  And I did this in front of his peers.  I saw him tear up as he tried to sort the papers, and I admit now that for a minute I was very satisfied. I was big and he was small.    Then the shame came, and I got down on the floor and helped him make a neater, more manageable pile.

After college I got a job in a tough school.  This was a hard place for a green teacher to land, and I soon suspected I was hired more for my brawn than my brain, when in the first week the principal started sending me girls to paddle.

“Mr. Wilson wants you to swat me.”

“Why?” I asked.

“I don’t know.  You’re just asposed to swat me.”

And I did. But I also remember swatting a boy who was a real stinker, not a sociopath, just kind of a brat.  And that’s totally on me.

Kids in my book clubs say goodbye.

When I question my worth as a teacher, I never fret that I didn’t teach my students enough about literary devices or subject-verb agreement or Egyptian pyramids or long division.  I look back and know I could have been kinder, more patient, more understanding, more encouraging if I had worried less about the content I taught and more about the students.

I can’t remember

I regret that I can’t remember my students.  When they FB friend me, I go to their profiles and try to figure out if I was their sixth grade math teacher or eighth grade language arts teacher or middle school librarian.

When a former student bounds across Walmart and calls out, “Mrs. Lingo,” with her own children in tow, I might remember a poem she wrote about her dog, that she took Irish dancing lessons, that she had an appendectomy, or that she forgot to bring her lunch on a field trip, but darned if I can remember her name!

I want my students to know that even though I cared deeply for them, my brain just can’t hold all their data.  I am more likely to remember them as archetypes:  the try-to-be-invisible kid; the too-cool-for-school kid; the reading-all-the-time kid; the kid-with-a-suspicious bruise.

I have had many memorable students die in tragic and unexpected ways:  electrocution; car and plane accidents; running bases; pernicious anemia.  I ache remembering these kids:  a gregarious redhead; a likeable imp; a boy with impossibly deep dimples.  They are frozen at the age when I taught them, when I took for granted they would outlive me.  And I grieve for them.

But here’s the thing:  There are several students I can barely remember who have died from overdose, violence, or suicide.  Kids I can’t put a face to, can’t conjure a single interaction I had with them.  I didn’t invest the emotional energy to let these children imprint my brain or heart. Maybe I just didn’t notice them, sitting sullenly in the back row.  Or maybe I deemed them hopeless cases.   I mourn the lost opportunities to know them and maybe make a difference.

I went to my students’ dance recitals and hospital rooms and basketball games.  I called parents when I had this nebulous feeling that something wasn’t quite right with their child. I wrote comments and drew faces on students’ papers late into the night. I got to school early and left late.

I used up my very best for other people’s kids.  There was very little energy left for my own.  I never figured out the home/work balance.  That had less to do with my dedication to my profession than my need for approval from strangers.

My own children were in my sixth grade math class.  My students, for the most part, thought I was fun and funny, patient and kind.  My own children maybe thought otherwise, because they saw the home me.  That I was a fraud.

Those were the days!

I remember such fun:  International Feasts; field trips to the jail, synagogue, mosque, Jungle Jim’s, WLW; the joy of sharing books and meeting authors; “Lingojections” (a term coined by one of my students for the ditties and dances I created to help them remember math principles); talent shows and plays; Backwards Day and Mismatch Day; gerbil wedding and goldfish with middle names.

I saved all the notes my students wrote me:

A poem by Marty Paff, sixth grader :                                       Mrs. Lingo is the best She also hates giving tests, Albert Einstein is her man, Mrs. Lingo is better than a toucan. Math rappin’ is her thang. She’s very tall and very smart.

 “You won’t believe this but my oldest son just started sixth grade himself.

“You saw something in me.”

“Thank you for helping me throw (sic) school this year.”  Thanks, Ryan

Dear Mommy, I really enjoyed being in your class this year.  Thank you for being a great math teacher.  I really liked doing the ‘Lingo Rap.  From, Stacey Lingo P.S.  I hope you could read this letter.”

These letters sustain me In my dotage (which appears to be now).  I got some things right.

Retirement is a gift.

I go to sleep when I’m tired and wake up when I’m not!  When I wake up in the morning, I think, What am I worried about?   Nothing!  And then I start the day slowly, communing with FB or reading the paper.

I didn’t know how physically, mentally, and emotionally exhausted I had been until I retired.  It’s like you don’t know how much the tooth hurt until it’s pulled.

I no longer think that weekends are for catching up, or that vacations are for enriching my curriculum.  That a grocery trip must be a race against time, or that a traffic jam will put me hopelessly behind.

Now, relationships can always be on the front burner.   Distance is never too great to visit a sick friend. Time is never too short to read to my 97-year-old mother-in-law.  Nothing was so pressing that I couldn’t sit with my parents as they diminished and died.

Often young teachers lament, “I can’t wait until I retire.”

And I say, “Don’t wish your life away.  It goes fast enough.”

Every stage of life is a gift.  Relish the working years. Work so hard that you feel like you’ve earned your retirement.  And then live it up!

To my teacher friends retiring this year, may you enjoy this next chapter.

Related Posts:   What Makes a Good Teacher?  Not What They Say. Last Day of School From the Teacher’s Point of View When Your Friends Live on the Street, Your Street

14 Comments

I loved reading this post, not only for the tender moments when you recognize the impact you had on young lives on a daily basis, but also because I admire your honest self-appraisal of where you wonder if you could have done more. I have no doubt that you did your best and were a fabulous teacher, but I love how you let your humanity show through with some self-doubt.

A part of me relates to all of the above, as this is often how I felt as a nurse (an a pediatric one, for the most part). The thing I most loved about nursing was the immediate impact I had on the lives of my patients and their families (hopefully for the better), but the delivery of that care drained me of so much of my emotional and physical strength. I imagine teaching to be similar in that way.

Such a vivid, truthful reflection. You are such a gift Sandy! Continuing enjoying your retirement and all it has to offer you – you truly deserve it.

You continue to teach in such beautiful ways.

This one got me. Lots of emotions. 🥲. Thanks for articulating how I am feeling…

“I worries less about the content and more about the students” Give what I know about you, I can’t even imagine this to be true. But I get what you’re saying. If you have impacted those students with just an ounce of what you have impacted us with your wisdom and light, then you will have made a profound difference in their lives. Thank you for your service!

Oops. “Worried less”.

What a beautiful piece. The home-work balance was the hardest for me especially with a traveling husband and no other supports, to the point I had to quit at one point. I loved “Don’t wish your life away” and “every stage of life is a gift”. In retirement it’s more about “What I AM” as you succinctly stated, rather than what you can accomplish. Hopefully we did the best we could at the time. I’m sure you were a wonderful, interesting teacher – challenging but firm when needed.

The work-home balance theory is just that-a theory. Our generation thought we could have it all. What we found out is that you can have it all, but you just can’t do it all. Something suffers. You, your family or the job. Or all of it. It’s simply impossible to be at the top of your game in the work force, be a fantastic mother/wife and have the time and energy to do it well. I was blessed to be able to choose to be a stay-at-home mom when the work-home balance became too much work. Granted, we had to live on one salary and there are obvious downsides to that, but I made the right choice for our family. I really enjoyed this piece and congratulations to your retiring friends!

How can I ever express the many ways you impacted my life and the lives of my children? Both Victoria and Michael had the privelage of calling you teacher, participate in book clubs, and have their identities shaped by what you said and did. Several years later you invited me to Women Writing for a Change. It was a time of great change for me as I left one career to enter another and you unselfishly invited me to share part of your world. Today Michael finds an interesting book and comments that Mrs. Lingo would like it. Victoria sees a gorgeous blouse and comments it reminds her of Mrs. Lingo – stylish and creative. I look forward to reading everything you write. We love you forever.

I love your honest reflections — and agree with the posted comments about where we teachers or nurses or mothers or people hope to do good always yet failing sometimes. You will no doubt continue to draw past students to you in public places as they express gratitude or remind you of funny or poignant events. But retirement! Yes, a gift. As you say, it is one that lets us open the door to redesign purpose and goals. That’s a gift in itself, along with the lack of an alarm clock and a little voice inside that says the day’s accomplishments are sufficient. Enjoy!

Sandy, I always look forward to your wonderful blogs. This one is so beautifully written it has left me in tears. You truly depicted how fortunate we were to be educators. As a supervisor and principal I loved visiting your interactive classroom. The students were actively involved in learning. You encouraged learning by making the curriculum come alive. The first time I visited your sixth grade classroom the students were a human number line. Their participation led to understanding. If I had been blessed with a math teacher like you perhaps I would have liked math more. You gave your students every opportunity to be successful. Your creativity to make learning fun and help the students understand mathematical concepts was outstanding. You truly cared about your students. When I visited your middle school classroom I had to silently chuckle at the forbidden refrigerator hidden in the corner of your room covered with the beautiful cloth. The refrigerator was just in case a student came to school without breakfast or did not have lunch money. You always gave 100%+. Your dedication to your students and colleagues was a blessing. I was very fortunate to work with you as a colleague and now I am honored to call you my friend.

Sandy, you rock! I loved teaching too. And I love having a home business now. You are profound, sincere, funny and real.

Sandy, Thank you. I retired from teaching at NKU in 2008. Your words remind me of my own students and those moments I will always remember and I am sure there are many that I have already forgotten. I’ll never know which moments were most significant to my students – but I know what I have learned from my students. I love teaching in retirement – it’s a whole different adventure! Thanks for your honesty about the joys and heartbreaks of teaching. Katherine

Your writing reveals what made you a great teacher, Sandy–even when you doubt yourself. Thoughtfulness, compassion and kindness in every sentence! Retirement becomes you.

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Retirement Speech For Teacher - 10 Lines, Short and Long Speech

We used to celebrate people's departure almost always rather than their arrival. Apart from gifts, farewell speeches for teachers by students can reflect their values and ethics. Likewise, it would live on in the hearts of the students and the institution. Therefore, their students should write them a farewell speech before they leave the classroom.

10 Lines On Retirement Speech For Teacher

Teachers are the second-largest source of inspiration after our parents.

We appreciate having a teacher like you who makes learning enjoyable while also assisting us in learning.

He constantly encourages us to attempt new things and novel approaches to challenges.

No matter how challenging the circumstance becomes, he has consistently demonstrated the proper way to behave without becoming sidetracked.

He has imparted to us moral principles and ideals that we will carry with us once we graduate from this institution.

He has taught us to be accountable for our acts and to take responsibility for them.

He has also taught us to treat everyone with respect in all aspects of life.

I appreciate how you illustrate your points with instances from real life.

Even when you leave, we shall never forget you.

I appreciate you helping me in all my endeavours and for also being a great mentor.

Short Speech On Retirement Speech For Teacher

Greetings and a sincere welcome to everyone in the audience, including the principal, teachers, and fellow students. I appreciate being given the chance to begin this event. I feel privileged to be here.

The guest of honour today is also the best teacher in our school, we will all miss him and I feel blessed to be here sharing what we have learnt and what we feel on behalf of all of us. Thank you, sir, for dedicating several years of your life to our school and for the benefit of kids like us and countless others. We have learned how to manage our schoolwork and extracurricular interests from the most inspirational teacher ever.

You have always pushed us to experiment and ask questions because you think that learning should be put into practice. You also diligently worked with us during our tests to ensure that we fully grasped the fundamental ideas and had an understanding of the subjects. You taught us with greater care and patience whenever we performed poorly on an exam, which is very astonishing. You have also inspired us to participate in extracurricular activities and encouraged us to pursue our extracurricular hobbies, such as poetry, singing, and sports.

You've shown us the fun of being curious about everything and how to never stop learning. Because of your efforts, we are knowledgeable now and willing to study because we enjoy it. I appreciate you teaching us such priceless lessons and practices. We will never forget you. We thank you for being the best teacher.

Long Speech On Retirement Speech For Teacher

Greetings to the principal, teachers, and my fellow mates. To honour Mr. Singh's farewell, we have convened here today. We've gathered at this location to say goodbye to our beloved teacher. This is a great chance to express gratitude for our teacher. He has a wealth of knowledge and taught the students some special skills. Although it is really difficult to say goodbye to someone who has grown closer to being a family. But we still need to take this moment to convey our gratitude to him.

Time flies when you're having fun, and under your leadership, sir, we had the best time. For time well spent, departures can even be more joyful than arrivals. The opportunity to express how valuable a person is to you makes goodbyes sweet despite how difficult they can be. In light of this, I would like to extend a heartfelt thank you to our teacher for teaching us to learn even outside of the classroom and for inspiring us to think creatively. After parents, the teacher has the second-highest level of influence over students, and what an example he sets for us to follow.

He has spent the previous years teaching students the best and most appropriate skills. In the teaching field, he makes an excellent mentor. He also challenges the kids to work outside their comfort zones to solve problems. We appreciate how he supported us when the students faced difficulties. He has raised a powerful generation of scholars. It appears that the school is more than just physical building construction, balancing all the abilities and skills of life with instruction. In fact, for the students, the school edifice evolved into a temple of knowledge and wisdom.

Being a recipient of honours is not a simple thing to do in light of your knowledge, contributions, and abilities. In actuality, you merited more credit for your efforts while working as a teacher. We are incredibly appreciative of your sincere, passionate, and zealous teaching. I appreciate how you kept the class interesting and made it clear how important learning is to succeed in life. You were always able to keep the student's interest in any subject you taught.

You undoubtedly inspire a lot of the teachers here, and they all benefit from your depth of knowledge. No one will ever be able to take your position as a beloved and highly regarded teacher in our lives, and it will take a lot of time to find someone deserving of stepping into your shoes. We are delighted that you can now spend your time pursuing your interests in life and spending time with your family and friends as we part ways with you with good wishes and heartfelt regards.

Your expertise, kind deeds, and tenderness to us have left an indelible mark on our hearts that no one can ever remove. We wish you the very best in life on behalf of the entire school that is present at this time. I appreciate you taking on so many different jobs at once and being the best mentor, friend, and teacher.

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The Top Retirement Strategies for Teachers

Get schooled on the smartest ways you can save for the future

Educators have an unusual mix of potential income sources in retirement. As a teacher, you're likely to be eligible for a defined-benefit pension plan . Whether you teach in a public school or a nonprofit private school, you'll also typically have access to a defined contribution retirement plan, such as a 403(b) or 457(b) .

However, unlike most other Americans, you may not be eligible for Social Security retirement benefits . According to the National Association of State Retirement Administrators, about 40% of public school teachers do not pay into the Social Security system, making them ineligible to claim benefits once they retire.

These variables make retirement planning for teachers unique and sometimes challenging. Here are some retirement moves that educators should consider.

Key Takeaways

• Careful retirement planning is especially important if you're among the 40% of teachers who won't receive Social Security benefits.
• Your pension probably won't cover all your needs in retirement, especially given recent changes in some states.
• A 403(b) plan, the nonprofit equivalent of a 401(k), can be helpful, especially if your employer matches your contributions.
• Some teachers opt to work after they officially retire in some capacity, either as substitute teachers or tutors.

Two good places to begin your search for educator-relevant retirement advice are the websites of the teachers association and the Teachers' Retirement System in your state. Through those, you should be able to connect with retirement or benefits counselors familiar with your state's programs, and their advice is usually free of charge.

"I would counsel teachers to start speaking to a retirement counselor from the state five years before your retirement date," says Jeaninne Escallier Kato , a retired California public school teacher. "Many teachers wait until the last months of their tenure, then find out they didn't work to the best of their payment options."

Kato paid into the California State Teachers Retirement System (CalSTRS) for 36 years and now collects 85% of her former pay, $400 per month for three years' worth of unused sick leave, and additional "longevity pay." She says talking to a retirement counselor helped her plan the formula that would work best for her.

Beyond the free help, you may want to hire a financial advisor to prepare a more comprehensive analysis of your finances. Ask the state counselors or other teachers in your area to recommend advisors who have specific expertise in helping teachers. Make sure to choose an advisor who is a fiduciary , meaning that they're required to act in your best interests.

Reach out to resources in your state to learn how your teachers' retirement system works and how to maximize your pension and other benefits.

A significant majority of teachers in the United States have defined-benefit pensions, to which both the teacher and their employer make contributions. In exchange, the state promises a guaranteed payout for life upon retirement.

Payouts vary based on the teacher's length of service, earnings history, and other specifics of the plan. But the amounts generally fall well short of most teachers' financial needs in retirement.

As tabulated by Teacherpensions.org in 2019, the average pension for newly retired teachers in the previous 10 years ranged from around $20,000 a year in states such as Arizona, Florida, and South Carolina to around $50,000 in California, Connecticut, Illinois, and New York. In only one jurisdiction—Ohio—did the average pension crack the $60,000 mark, reaching $66,416.82.

Modest as those numbers are, they may be heading lower in some states due to the underfunding of teachers' pension funds. The funding shortfalls drive changes such as reduced benefits for new hires, increased employee contributions, and lower cost-of-living adjustments for retirees.

Overall, across the nation, teachers' pensions are at their lowest in modern history. In 1965, the average new teacher earned a pension benefit of $720,000 (adjusted for inflation) by the time they reached 65. For the 2023 school year, teachers starting their careers can expect to have a lifetime pension benefit of $668,000.

So, as early as possible in a teaching career, it's wise to begin setting aside some money to supplement your expected pension, such as through a defined contribution plan.

Consider Defined Contribution Plans

If you work full-time for a public school or a tax-exempt private school, you should be eligible to contribute to at least one defined contribution plan sponsored by your employer.

403(b) Plans

The most common type of defined contribution plan for teachers is the 403(b) plan. Closely resembling the private sector's 401(k) plans, a 403(b) lets you have money deducted from your paycheck and put into your chosen investments. In 2023, the IRS's contribution limit was $22,500. In 2024, it is $23,000.

Your contributions are generally tax-deductible, and your investment earnings are tax-deferred; you pay tax on that money only when you make withdrawals in retirement. If you'd prefer to pay the taxes now instead of when you retire, you can contribute to a Roth 403(b) instead if your employer offers the option.

Your employer may make matching contributions to your 403(b) plan, although that's less common than it is with 401(k) plans. For example, your employer might match 50% of your contributions, up to 6% of your salary. So if you earn $75,000 and contribute at least 6% of your salary to the plan, your employer would kick in an additional $2,250. That's essentially free money for retirement.

You may be able to have both a 403(b) plan and a 457(b) plan.

457(b) Plans

If you work for a public school district, you may be able to participate in a 457(b) plan in addition to or instead of a 403(b) plan. As with 403(b) plans, your 457(b) contributions come directly out of your salary, and your money grows tax-deferred until you withdraw it.  

If you work for a private school that is classified as a tax-exempt organization, you may not have access to a 457(b) unless you are a highly compensated employee ; those are the federal government’s rules. One downside of 457(b) plans is that employers usually don’t provide matching contributions. But there’s also an upside: When you leave your job, you can start taking distributions from your 457(b) without penalty, even if you haven’t reached retirement age.

If you’re considering early retirement or early partial retirement, a 457(b) can help you fund that goal. With both 403(b) and 457(b) plans, your contributions were limited to $22,500 per year in 2023 and are limited to $23,000 in 2024. If you are over 50, your plan may allow an additional catch-up contribution of $7,500 in 2024, the same as in 2023.

But there’s another perk with 457(b)s: Participating in one doesn’t preclude you from contributing up to the maximum to a 403(b). If you maxed out your contributions to both a 457(b) and a 403(b) in 2023, you’d be putting away a whopping $45,000 ($46,000 in 2024)—more if you're over 50. And with a 457(b), when you’re three years away from the plan’s stated retirement age, you can opt to start saving even more—either twice the annual limit or the sum of the current year’s limit and any unused portions of previous years’ contribution limits, whichever is less.

Whether you participate in a 403(b), 457(b), or both, make sure you understand the fees associated with both the plan itself and the investments offered within it before you contribute. Particularly if your employer provides no match, you might consider contributing to a traditional IRA or Roth IRA . You will enjoy a wider selection of investment options than in the employer plans and fees that may be significantly lower.

If you're unsure whether you're contributing to Social Security, a quick glance at your payroll deductions will clarify the matter. You may also qualify for Social Security if you've worked in the private sector, but it typically takes at least 10 years of private-sector work to earn enough credits to be eligible for benefits.

In 15 states, some educational employers do not participate in Social Security, so their teachers neither contribute to the program nor reap its benefits. Those states include Alaska, California, Colorado, Connecticut, Georgia, Illinois, Kentucky, Louisiana, Maine, Massachusetts, Missouri, Nevada, Ohio, Rhode Island, and Texas—and Washington, D.C. Within those states there is also variation; some school districts participate, and some don't.

Even within so-called no-Social-Security states, though, program participation can be a checkerboard. In California, for example, teachers who participate in CalSTRS do not pay into Social Security but into the CalSTRS fund instead.

Teachers who participate in the California Public Employees Retirement System (CalPERS) do pay into Social Security.

Your participation aside, you might be eligible for spousal Social Security benefits if you're married and your spouse pays Social Security taxes. However, if you also have a pension, benefits received through your spouse might be reduced under government pension offset (GPO) rules. Typically, Social Security benefits will be reduced by two-thirds of the monthly pension amount.

For example, if the pension were $600 monthly, the Social Security benefit would be reduced by $400 per month. If the Social Security benefit were expected to be $500 per month, you would only receive $100 from Social Security while getting paid a $600 per month pension.

"Many teachers rely on spousal Social Security benefits, only to find out later that they are dramatically reduced by the GPO rules," warns  Wyatt Moerdyk , CCO and managing member, Evidence Advisors Investment Management in San Antonio.

Not everyone wants or can afford to quit working after retiring from a full-time career in teaching. In fact, teachers across the U.S. have faced wage stagnation for years, leading them to make significantly less than other college graduates.

If you expect to teach part-time, work in another profession part-time, or start a full-time encore career , think about how that income might affect what you need to save today.

That being said, not everyone can work when they're older. Some people might have to care for aging parents, and others will find that their health prevents it. Sometimes jobs are hard to find. To play it safe, it's best not to base your financial plan on the assumption that you'll continue to earn income from work after you retire.

Ensure You'll Have Enough Insurance

Continuing to work after you retire can also be a cost-effective way to keep health insurance and other coverage you may need, at least until you're eligible for Medicare at age 65. For example, if you received life or disability insurance as an employee benefit while you were working, make sure you still have enough coverage, and if not, supplement it with a private policy after you retire.

What Is a Good Retirement Plan for Teachers?

Many teachers have access to a 403(b) plan, which is very similar to a 401(k) plan. This can be a very useful retirement tool as many teachers do not pay into Social Security, so they cannot rely on those benefits when they retire. A 403(b) plan is a good tool to save, particularly if the plan includes matching contributions from the employer.

How Much Should a Teacher Save for Retirement?

It is recommended teachers save approximately 15% of their income for retirement. Their pension contributions will account for a certain percentage, and the remainder can be made up through retirement account contributions, such as a 403(b) plan.

Why Do Teachers Not Get Social Security?

Teachers do not get Social Security because they do not pay into Social Security. The reason is that they pay into a pension, which acts as Social Security benefits would when they retire.

While many teachers cannot rely on Social Security benefits during retirement, they do have plenty of other options. Most teachers have access to defined-benefit plans; though these pension amounts have been decreasing over the past few years, teachers can also contribute to defined contribution plans. If you're a teacher and planning your retirement, it is best to take advantage of both these options to ensure a comfortable retirement.

National Association of State Retirement Administrators. " Social Security Coverage ."

TeacherPensions.org. “ Update: What Is the Average Teacher Pension in My State? ”

Equable Institute. “ Teacher Pensions in 2022 .”

ALM Benefits Pro. " Value of Teacher Pension Plans at 'Lowest Point in Modern History '." (Login required.)

Internal Revenue Service. “ 401(k) Limit Increases to $23,000 for 2024, IRA Limit Rises to $7,000 .”

Internal Revenue Service. “ FAQs - Auto Enrollment - Are There Different Types of Automatic Contribution Arrangements for Retirement Plans? ”

Investor.gov. " 403(b) and 457(b) Plans ."

Internal Revenue Service. " IRC 457(b) Deferred Compensation Plans ."

Internal Revenue Service. “ Comparison of Tax-Exempt 457(b) Plans and Governmental 457(b) Plans. ”

Internal Revenue Service. " Publication 4484: Choose a Retirement Plan ." Page 10.

Internal Revenue Service. “ Retirement Topics - 457(b) Contribution Limits .”

Social Security Administration. “ Eligibility for Social Security in Retirement .”

TeacherPensions.org. " Social Security, Teacher Pensions, and the 'Qualified' Retirement Plan Test ."

CalSTRS. " Social Security ."

CalPERS." Social Security and Your CalPERS Retirement Benefits: Do They Affect Each Other? "

Social Security Administration. " Your Government Pension May Affect Social Security Benefits ."

Social Security Administration. " Government Pension Offset ." Page 1.

Economic Policy Institute. " The Teacher Pay Penalty Has Hit a New High ."

We Are Teachers. " How Much Should a Teacher Save for Retirement? "

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Retirement Wishes for Teachers (50+ Amazing Examples)

A teacher can have a really big impact on our lives. Starting from a young age they help to mentor and guide us as we grow.

And as we get older they can shape what we achieve later on in life. Be that in both our careers and personal lives. So a good teacher is an absolute blessing.

Which is why when one of those important teachers decides to retire we should celebrate the role they’ve had. A great way to do so is by sending a card that contains retirement wishes for teachers that let them know how much you appreciate all they did and will miss them.

But you might be struggling with finding the right words for your wishes and message . It can be hard expressing exactly how important your teacher was to you.

As well as all the vital lessons they taught you. Can you fit all that into a short message in a card? Well thankfully we’ve put together the best selection of retirement wishes for teachers to help you say precisely what you feel.

So use the retirement quotes for teachers below to really say what they meant to you, and give them the send off they deserve before they head off into the sunset of a happy retirement .

Teacher Retirement Wishes

• Thank you for your endless patience, motivation and persistence. You helped me become the person I am today! Happy Retirement!
• To the worlds best teacher – have an amazing retirement!
• Dear teacher, I’m going to miss you so much. You helped me achieve more than I could have ever imagined. Enjoy your retirement!
• You’ve been the perfect teacher and inspired all of us. I will miss you more than I can say. Have a great retirement.
• I was blessed to have you as my teacher. So much of what I’ve done in my life is down to you. So thank you, and have a happy retirement.
• I know I’m supposed to wish you a happy retirement but I’m going to miss you so much I’m not sure I can! Promise you won’t forget your favourite student?
• Education is one thing, but you gave so much more. You helped me rise and soar. I’ll miss you. Have a wonderful retirement
• I knew this was coming but we didn’t want to face it. You were and still are the best teacher anyone could have. I don’t know what school will be like without you now. But have an amazing retirement.
• Most teachers come and go but you are the real deal. I can’t thank you enough for you’re inspiring lessons. I hope you enjoy your retirement and have lots of fun!
• Teachers like you can help even the most lost child find their way. You’re a one in a million and I’m so lucky to have been taught by you. Happy retirement.

Happy Retirement Teacher

• After dedicating your life to children it’s time to look after yourself. Have a great retirement.
• Your retirement is an accumulation of years of hard work, of the help and support you’ve given to children, and the inspiration you’ve been to everyone. You can look back on your career and be so proud.
• You were a miracle, a teacher sent by God to help me when I needed you most. I feel blessed to have been taught by you. But now I want you to enjoy your retirement to the fullest.
• Learning from a good teacher is an experience that can sometimes be more profound than the education itself. You have given me just that. Thank you, farewell and have a great retirement.
• Your dedication to your work and patience with us students has been remarkable. I’m so sad you’re leaving us but wish you all the best with our retirement.
• Your hard work and dedication to education should be commended. After years of helping others it’s time to look after yourself. Wishing you a brilliant retirement.
• I can’t believe you won’t ever stand at the front of the class and inspire us anymore. I’m going to miss your classes and your patience with us, even when we didn’t deserve it. I hope your retirement is all you hope it will be and more.
• The dedication you’ve shown to helping the young find their way is such an inspiration. Your care and attention is to be admired. So take a break and have the time of your life as you retire.
• It’s time for us to say goodbye. You’ll soon be enjoying life at a quieter and slower pace there will be more time to spend with family and friends. Please remember all your students as we will miss you!

Teacher Retirement Quotes

• You’re leaving us with priceless memories and lessons that will last forever. We couldn’t ask for any more. Thank you, and have a wonderful retirement.
• Good teachers are the reason why ordinary students go on to achieve amazing things. Wishing you a truly happy retirement.
• You will always be in our hearts. Thank you for being a truly inspirational teacher. Good luck with your retirement.
• We may have acted like we hated school but your classes were what kept us going. Thank you, and have a special retirement.
• Congratulations on an amazing career. You were the perfect teacher. I’ll miss you.
• You will forever remain in the hearts of the students you touched. Happy retirement to an outstanding teacher!
• There will be hugs and tears, and although I’m sad you’re retiring I will always cherish everything I learnt from you. Happy retirement.
• I wonder how many young lives you’ve helped, and how many of them think of you and what you did for them. I know I’ll always treasure your wisdom and guidance. Thank you for everything and enjoy retirement.
• We may be bidding you farewell but our hearts will never say goodbye to the wonderful things you’ve taught us. Happy retirement!
• They might hire another teacher but nobody will be able replace the special place you’ve taken in our hearts. Have a joyous retirement.

Retirement Messages for Teachers

• I’ll miss you as my teacher, but miss you more as someone I could call a friend. Enjoy your retirement.
• Even though you’re retiring the values and knowledge that you have given to your students will never retire.
• The school will feel so empty and our classrooms won’t be the same without the inspirational presence of a teacher like you.
• The contribution and improvements you made to my learning, discipline and life in general are hard to explain. I can honestly say I wouldn’t have made it this far without you though. Thank you for everything and enjoy your well earned retirement.
• As you spend your last few days in school, I wanted to thank you for being such an awesome teacher.
• We will miss your wisdom and experience, but most of all, we will miss the encouragement you have been to us. We wish you the happiest of retirements.
• I know not just our class but the whole school will be sad today. Losing a teacher like you to retirement is going to be tough for everyone to take. Promise you’ll come back and visit!
• Every single day you strived to inspire us. Even during the toughest times you were here to help us through. No one will forget you and the memories will live on long after you retire. Farewell.
• You deserve the biggest party ever! This school should rename itself after you! Why? Because you’re the greatest teacher anyone could ever have. Enjoy your retirement.
• You can take some comfort knowing you retire will so much respect and love from each and every one of your students. Happy retirement.

Retirement Wishes for Teacher Colleagues

• You have been a brilliant teacher and highly valued colleague. We will miss you. Happy retirement.
• It’s been great to teach alongside you and I learned so much. Congratulations and best of luck with your retirement.
• You did everything you could to help your students shine. Thanks for being a teacher so passionate and caring, we are all at a loss that you are now retiring.
• It won’t feel like the same school without you. Your presence will be missed by teachers and students alike. But you’ve earned a rest! So enjoy your retirement.
• Retirement for a teacher means giving up a job, not giving up the right to teach. Even after you retire, I hope you never stop imparting wisdom and teaching kids the important lessons of life. Happy retirement.
• Congratulations on an amazing career. You’ve had an incredible impact on so many children’s lives. You should be so proud.
• Your legacy will continue on long after you retire and help to inspire the next generation of kids. Happy retirement!
• You always put the children first and that made you a fantastic teacher. We were lucky to have you as a colleague. Happy retirement.

Funny Retirement Teacher Quotes

• If you thought that dealing with crazy students was the hardest thing you had to do in your life, wait till you have to deal with grandkids after retirement! Good luck.
• Welcome to a new phase of your life when you will no longer associate numbers with grades, bells with classes and a marker pens with a whiteboards. Have fun!
• Today is your Retirement Day and Independence Day because you will finally get freedom from quarreling kids, annoying students, dominating supervisors and a nagging principal. Happy retirement.
• Your retirement is a celebration of the patience and tolerance you showed in putting up with annoying students all your life. Congratulations.
• I wish I could become the President of this university, if only for a day… I would cancel your retirement, and for a longer tenure pave the way.
• Dear teacher, retirement is when life finally comes around and asks you to go on a permanent vacation. Happy retirement.

We hope these retirement wishes for teachers have helped you to say happy retirement to a teacher and show them how much you are going to miss them.

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4 Questions a Teacher Should Ask Before Retirement

Your answers matter for your future.

During your final year of teaching before retirement, it can seem like things are happening very quickly. Not only are you teaching each day for the last time and bringing closure to the working phase of your life, but there is a laundry list of items to cross off in order for you to retire in the very best way. Asking—and answering—these four questions can help you plan your teacher retirement with the least amount of stress and the most amount of money.

Is my pension in good shape?

Communicate early and often with your pension provider, even if you think you have things all figured out. Make sure to ask any relevant questions, even if they seem trivial. Be aware of filing deadlines and verify estimates of your expected benefits and when they will begin. Ask if you are eligible for any refunds from benefits you are not using.

Can my pension be upgraded?

In the year before retirement, look closely at your pension to make sure you’re getting the greatest benefit possible. Make sure you understand how your pension is calculated and if there are any upgrades you can make to increase your pension income.

See if you can take advantage of any optional service credit. Optional service credit may be earned in the following ways: teaching out-of-state, substitute teaching, pregnancy leave, military service, or teaching in a reciprocal pension system. There will be a cost associated with converting optional service credit, so check with your pension administrator to make sure it is financially worthwhile to convert.

How will health insurance work once I retire?

Retirement health benefits vary by state. Some districts provide health insurance at retirement as a benefit after paying into the system over many years. If this is your situation, make sure you understand the coverage and the costs associated with the policy, especially if you have dependents who also need coverage. Be sure to have your coverage selected and notify the provider of your retirement date to ensure that you don’t have any gaps in coverage.

For teachers who retire from districts that do not provide health insurance benefits, there may be a gap in coverage if you retire before you are eligible to receive Medicare. In this case, you’ll either need to find another job that offers health insurance or navigate the private insurance marketplace to find a policy that works for you. For more information, read  What to Do About Health Care in the Gap Years .

What do I want my retirement to look like?

Here’s where you start to dream. Retirement is a great time to travel, start a new business, spend more time with family, or even continue to work if that is where you find your joy. The options are endless, as long as you balance your choices with what you need in terms of income to support yourself. If you’re planning to work, start looking into what employment is available. Figure out what it will pay, see what benefits are available, and decide if it’s worth pursuing. If you want to travel, begin the next phase with a bang: Take that big trip you have on your bucket list and start retirement off right!

As you prepare to retire, don’t assume that your district will take care of things for you. They won’t; it’s not their job. Instead, take responsibility and understand the steps you need to take in order have a clear path to the next stage in your life.

What is your plan for teacher retirement? What questions do you have about the process? Please share in the comments, and we’ll address some of your questions in future posts.

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60 of the Best Retirement Messages for Teachers

Retirement messages for Teachers will be the last words the retiree remembers from you and the school. You have probably worked with this person for many years and had good and bad times together.  The right retirement messages for Teachers will add a touch of emotion during any retirement farewell.

It will be difficult for most retirees to say goodbye after all these years. Teachers bring all of their energy to helping students achieve the best from their studies. The retiree has said goodbye to a lot of students during their career and now it is time for them to leave.

This is a big milestone for the retiree.  They are going to stop working and need to find a new direction in life.  This big step in a Teacher’s life can be easy for some but exceedingly difficult for others.

To make sure you use the best retirement messages for Teachers, follow our tips or get inspired by 60 of the best retirement messages for Teachers listed below.

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Retirement messages for Teachers – What to Write?

The best way to say goodbye to a Teacher is to write a personal and emotional retirement message.  To achieve this, you can incorporate memories you have of the retiree.  Your words can be funny or emotional depending on the relationship you have with the retiree.

For example, you can write something like this:

• Teachers reach deep inside their students and find their hidden strengths.  They never give up on students and believe passionately in their futures.  Now is the time to enjoy your future.  Enjoy retired life!

In addition to writing personal retirement messages for Teachers, make sure it is complemented by a great retirement gift. The gift needs to be personal and match the occasion. Why not give them a bespoke map of star constellations tailored to their retirement day along with a meaningful message to bring back the emotion of the day? Create your unique star map here.

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List of 60 Retirement Messages for Teachers

• In time, we might forget what you said and what you did, but we will never forget how you made us feel.  You have been an amazing teacher, now enjoy your well-earned retirement!
• Teachers teach more by what they are than by what they say.
• Teachers touch the lives of so many students each year and leave a lasting imprint on each one for a lifetime.  Thank you for your years of guidance and support!  Enjoy your retirement!
• It is time to forget the timetable and take time out for you! Enjoy your well-deserved retirement!
• More important than the curriculum is the question of the methods of teaching and the spirit in which the teaching is given. (Bertrand Russell)

• (Name of School/College) will not be the same without a teacher like you.  Thank you for your support and wisdom.  Here is to a retirement that is filled with happiness and fun!
• Thank you for always motivating us to do our best. Enjoy your retirement life.
• You have come into the lives and touched the hearts of so many students over the years.  We will miss you so much but enjoy your retirement!
• A good teacher is like a candle, he dissolves himself to give light to other.
• Teachers patiently support and inspire so that students can grow and fulfil their potential.  Thank you so much for your passion and dedication to teaching!  Enjoy your retirement!

• Happy retirement! Life is calling! We wish you a future that is worth every bit of hard work and dedication.
• Thank you for your dedication to the teaching profession for (number) years.  It is time to put down your marking pen and enjoy retirement life!
• A teacher like you can never really retire.  You may stop coming to school, but you will continue to inspire your students every day!  Happy retirement!
• The greatest sign of success for a teacher is to be able to say, “The children are now working as if I did not exist.” Maria Montessori
• Enjoy your retirement secure in the knowledge that you have made a huge difference to (name of school/college) and the many students you have taught over the years.

• Each year, you carefully nurture a new class and help them grow.  We will miss your patience, understanding and commitment but wish you all the best for your retirement!
• The walls of this school will feel hollow, corridors will feel empty and classrooms will feel lifeless without the inspirational presence of a teacher like you.
• The true teacher defends his pupils against his own personal influence. He inspires self-distrust. He guides their eyes from himself to the spirit that quickens him. He will have no disciple. (Amos Bronson Alcott)
• Sadly, all great teachers need to retire one day.  You have left footprints on the hearts and minds of so many students! Enjoy your retirement!
• The work of the teacher is not so much to teach everything learnable, as to awaken in the student the desire to learn and know. Enjoy your retirement!

• Goodbyes do not really apply to great teachers because they will always be fondly remembered in the hearts and minds of their students!  Thank you for your passion and professionalism.  Happy retirement!
• Contemplate infinity in a grain of sand and may your retirement always be golden!  Happy retirement!
• Yes, you have helped your students read and write, but you have also made them wonder, question, and explore.  Now, it is your time to discover and enjoy the world of retirement.  Enjoy every minute!
• We will miss your contagious smile and enthusiasm.  You have helped so many children learn teaching them to always try their best and never give up.  Thank you for being such a fantastic role model over the years.  Enjoy your retirement!
• Most people retire with a pension fund, but few people retire with the respect and love of all their students!  You are a star and we wish you a bright and happy retirement!

• Teachers do not just instruct; they encourage and believe that their students can achieve.  Wishing you all the best on your retirement and may you achieve all your hopes and dreams!
• Good teachers are the reason why ordinary students dream of doing extraordinary things!  It is your time to dream big now and try something new!  You will be greatly missed but enjoy your retirement!
• Although your teachings will forever be treasured, your contribution to our lives can never be measured!  Happy retirement!
• It takes a big heart to help shape little minds.  Thank you and enjoy your retirement.

• You are the kind of teacher who has inspired many.  We will miss you a lot, but we will always be grateful for your many years of dedicated service.  Happy retirement!
• Teachers plant seeds of knowledge that grow forever.  Enjoy your retirement!
• Old teachers never retire, they just grade away!  It is time to put down your marking pens and have fun doing the things you want to do in your retirement!
• Teaching is one big adventure but now it is time for a new adventure.  Enjoy your retirement!
• We will miss you in school, but the influence of a good teacher can never be erased.  Happy retirement!

• You gave us much more than education.  You gave us endless inspiration which helped us to rise and soar!  We will miss you but enjoy your retirement!
• The impact of a good teacher cannot be underestimated.  A teacher takes a hand, opens a mind, touches a heart, and shapes a future.  We wish you an incredibly happy future for your retirement!
• To the world you may be just a teacher but to your students you are a hero! Congratulations on your well-earned retirement.
• Your retirement vacancy may be filled by another, but in our hearts, you are simply irreplaceable.  We are going to miss you so much but enjoy your retirement!
• A teacher affects eternity; he/she can never tell where his/her influence stops. (Henry Adams)

• A teacher is a compass that activates the magnets of curiosity, knowledge, and wisdom in the pupils. (Ever Garrison)
• A good teacher can inspire hope, ignite the imaginations, and instil a love of learning. (Brad Henry)
• Of all the hard jobs around, one of the hardest is being a good teacher. (Maggie Gallagher)
• Everyone who remembers his own education remembers teachers, not methods and techniques.  The teacher is the heart of the educational system. (Sidney Hook)
• A truly special teacher is incredibly wise and sees tomorrow in every child’s eyes. (Unknown)

• It is the supreme art of the teacher to awaken joy in creative expression and knowledge. (Albert Einstein)
• Do not cry because it’s over, smile because it happened. (Dr Seuss)
• A teacher nourishes the soul of a child for a lifetime. (Unknown)
• One looks back with appreciation to the brilliant teachers, but with gratitude to those who touched our human feelings. (Carl Jung)
• Great teachers empathise with kids, respect them, and believe that each one has something special that can be built upon. (Ann Liberman)

• Teaching is the one profession that creates all other professions. (Anonymous)
• Being able to help someone learn something is a talent. (Margaret Riel)
• The greatest gift of all gifts is to the ability to inspire others to find their own gift. (Alexander Den Heijer)
• Teachers teach because they care.  Teaching young people is what they do best.  It requires long hours, patience, and care. (Horace Mann)
• Teaching is a very noble profession that shapes the character, calibre, and future of the individual.  If the people remember me as a good teacher, that will be the biggest honour for me. (APJ Abdul Kalam)

• The one who plants trees, knowing that he or she will never sit in their shade, has at least started to understand the meaning of life. (Rabindranath Tagore)
• Not all superheroes wear capes, some have teaching degrees. (Unknown)
• An utterly amazing teacher is hard to find, difficult to part with, and impossible to forget. (Unknown).
• The teaching that makes its mark is not what is done head to head, but from heart to heart.
• You are leaving us with priceless memories and lessons that will last forever. We could not ask for anymore. Thank you and have a wonderful retirement.

Sarah De Winne

Sarah De Winne creates and edits content for the Enjoy Retirement Life and Off the Tourist Treadmill blogging websites and YouTube channels.  She has a professional background in education and is passionate about sharing quality and engaging information.  Sarah currently lives in the south-east of England in the UK.

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Retired Teachers Struggle to Make Ends Meet

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Many teachers go into the profession, despite the relatively low wages, with the expectation that they will be taken care of in retirement through their pension. But in many places, that promise isn’t being met.

In several states, retired teachers and other state workers haven’t gotten a cost-of-living adjustment to their pension checks in years. And with the cost of health care continuing to rise, retirees say they’re reaching a breaking point.

Mary Brancich taught elementary students for nearly 30 years in rural Oklahoma before retiring in 2007. While she didn’t make a lot of money as a teacher, she thought retirement would be secure.

But she has never received a meaningful adjustment to her pension check, she said. Brancich, age 73, works at a nonprofit in order to pay for her prescriptions, and sometimes she still has to decide which medications she can do without because she can’t afford them all.

“I didn’t think at this age I would still have to be working to make ends meet,” she said. “I thought I’d be more comfortable, be able to travel a little, help my kids and grandkids—I’m not able to do that.”

Across the country, low teacher pay has sparked public outcry, walkouts, and even campaign promises from presidential candidates . But long after teachers leave the classroom, stagnant wages can still hurt.

The typical teacher pension plan promises a payment upon retirement that is determined by a formula that includes years taught and final salary, rather than by investment returns like in the private sector. More than half of states’ pension plans give retirees an automatic raise to keep pace with inflation.

“The reason that states have built in a cost-of-living adjustment is so that the value of the pension doesn’t wear away over time, so a teacher’s standard of living hopefully won’t have to change substantially in retirement,” said Chad Aldeman, a principal at the education nonprofit Bellwether Education Partners who researches teachers’ pensions plans.

But about a dozen states require the state legislature to approve a cost-of-living adjustment, and in many of those states, lawmakers have frozen benefit increases for years due to increased budgetary pressures and strains on pension plans. Also, about 40 percent of public school teachers are not covered under Social Security because of state policies—making pension payments critical in retirement.

A Push to Increase Benefits

This spring, advocates have pushed for either a cost-of-living adjustment, or COLA, to monthly pension payments or “13th checks” that come as a one-time bonus payment in states that require legislative approval.

“There’s a misconception that because you have a pension, things are easier for you,” said Bridget Early, the executive director of the National Public Pension Coalition, which advocates to protect pension plans. “But we’re talking about a group of people who have always worked for a lesser amount of money than they would in the private sector. ... It’s not like they’re getting rich off their pension. They’re seniors who are trying to survive with the spiking cost of health care.”

Many states offer retired teachers health insurance, but those are subject to legislative changes and state budget constraints. In Texas, state officials enacted higher deductibles and premiums in 2017, leaving many retirees struggling to meet those costs on their pension payments.

Chris Ardis said she wouldn’t have retired at age 52, after teaching in Texas for nearly three decades, if she had known her health-care costs would increase so significantly.

“You spend your whole career thinking, ‘I’m not making what I would in the private sector,’ ... but I taught with the promise [of a pension],” Ardis said through tears. “To think of my colleagues, even the ones I’ve never met, struggling—it’s very painful.”

‘They’re Throwing Us Bones’

Lawmakers say they want to provide COLAs to retirees. But often, states’ pension systems already have large unfunded liabilities —meaning the amount owed to retirees is growing faster than the assets that pay for those obligations.

“Every time [legislators] vote to provide a COLA, they’re voting to boost the benefits of retirees, and they’re boosting the unfunded liabilities as well,” Aldeman said.

In Oklahoma, the push to add a 2 percent cost-of-living adjustment for retirees failed in the state legislature this month. Instead, lawmakers are pursuing an analysis that will determine how much a COLA would cost the state and how it would affect the pension fund. The study is slated to be complete before Dec. 1, and legislators could pick up the issue next year.

Still, Oklahoma retired educators have gone 11 years without a cost-of-living adjustment, and not receiving an increase this year was a blow, said Sabra Tucker, the executive director of the Oklahoma Retired Educators Association. (Each state has an independent nonpartisan group that advocates for the well-being of retired educators.)

Tucker recently heard from a retiree who had taught in Oklahoma for 40 years and had to wear her coat in the house this winter to save on heating bills. “Our oldest retirees of course have the smallest pensions, and when you don’t adjust for inflation, that buying power quickly disappears,” she said.

In Texas, lawmakers are planning to give retired educators a one-time 13th check for the first time in more than a decade. The state Senate voted to give retirees a $500 check and shore up the pension fund by increasing contributions from the state, current teachers, and school districts. The state House, however, voted to increase only the state’s contribution to the pension fund and give retirees up to $2,400. The two chambers must now agree on a compromise—but both proposals would make the state’s pension system actuarially sound, meaning it would be fully funded within 31 years.

This would be the first 13th check retirees have received since 2007. Teachers who retired after Sept. 1, 2004 have never seen a cost-of-living increase to their pension plan.

“While I do not care to sound ungrateful, I feel like they’re throwing us bones,” said Ardis, who retired six years ago and now does freelance work and has an education blog .

This year, she went to three necessary doctor’s appointments, including a mammogram, but she couldn’t afford to go to the doctor for a physical exam or other routine illnesses. With the three appointments, she had to pay $1,200 out of pocket.

Tim Lee, the executive director of the Texas Retired Teachers Association, said members would prefer to receive steady cost-of-living adjustments rather than a one-time check. (Still, the association and retirees support the House’s proposal of a $2,400 check.)

“They’re not a gift, it’s not an entitlement, it’s really deferred compensation,” he said.

Instead, Lee said, retirees are facing years of inflationary pressures on their pension benefits—a situation he worries will hurt recruitment and retention in the state.

“It feels like it’s a never-ending battle to make ends meet after you’ve been in a classroom in Texas,” he said. “I think you’re going to see more and more people potentially leaving [the profession]. It’s not worth the risk of their own livelihoods in their golden years.”

An Ongoing Debate

States should consider tying cost-of-living adjustments to the consumer price index, said Aldeman, the pension plan researcher. That way, benefits will rise with inflation, and not more than that—preventing costs from getting too high while still letting retirees budget accordingly.

For the states where lawmakers must vote on a cost-of-living increase, “they’re going to be having the same debate next year,” he said.

In Indiana, for example, the pension benefits have fluctuated over the years at the legislature’s discretion. Retired teachers have received a bonus check in lieu of a COLA every year since 2009.

This budget cycle, lawmakers considered freezing retired teachers’ 13th checks for two years. Ultimately, the final budget passed by the legislature this week did include a 13th check for retirees.

But the constant uncertainty of whether retired educators will receive a bonus check or, ideally, a COLA, is stressful, said Tom Mellish, the executive director of the Indiana Retired Teachers Association.

“We have to go beg basically every budget year for it, ... just to maintain what we’ve got,” he said. “[Retirees] feel like they’re being disrespected or just forgotten about.”

Mellish said there are 12,000 educators across the state who receive less than $1,000 a month in pension benefits. While Indiana teachers do receive Social Security, it can still be difficult to make ends meet, he said.

Mellish has heard of retired teachers who are doing without necessary hearing aids, or who do limited dental work—“just enough to keep the pain away”—because they can’t afford full procedures.

Retired teachers “were hoping to have not a rich retirement, but a dignified one,” he said. “But if you’re sitting there in subsidized housing and not getting dental or health care needs taken care of, it’s hard to think they’re being respected for the work they’ve done.”

A version of this article appeared in the May 01, 2019 edition of Education Week as Retired Teachers Struggle to Get By

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75+ Retirement Wishes and Quotes For Teachers

Retirement Wishes for Teacher : Our teachers play an important role in our school and university experiences; through their guidance and mentorship, we can discover and apply our potential and knowledge. It is significant to send them heartfelt words when they retire to honor their journey as a teacher . Also, if you are a teacher and wish to acknowledge the great contribution of your colleagues, this article contains a collection of retirement wishes for teachers, professors, and principals. Send them a retirement wish or message to honor them and express your gratitude. These wishes pay tribute to their hard work and dedication toward the students and the organization.

Retirement Wishes For Teacher

Retirement messages for a teacher, retirement wishes for teacher colleagues, retirement wishes for principal, retirement wishes for professor, retirement quotes for teacher.

Thank you for your wisdom and patience! Wishing you a peaceful life after retirement!

Best wishes on your retirement, teacher! You and your lessons will be greatly missed!

Congratulations on your retirement. You have always been a pioneering educator, and your experience and service to the school/university have been significant. We wish you all the best.

Your knowledge and wisdom were extremely beneficial to our school/university. Thank you for your sincere efforts over the past [number] years, sir/ma’am. Congratulations on your upcoming retirement.

Thank you, sir/ma’am, for always giving us your patience, time, and effort to recognize our true potential and capabilities. We are grateful. Best wishes for a happy retirement.

You have made significant contributions towards the school/college and its students. Now, I hope your retirement allows you to contribute to your life as well. Best wishes on your new journey.

You may retire, but your teachings will forever be engraved in our lives. Good luck, Sir!

You will forever be an inspiring figure in the hearts of many. Thank you for your service!

It has been an honor to learn so much from an incredible teacher like you! You will be missed!

Thank you for everything you did for us! Thank you for your endless patience, motivation, and persistence which helped us become better people. Happy retirement!

A teacher like you is a blessing for many struggling students. Dear Sir/Madam, thank you for always being patient with us. May you have a blissful life ahead!

Dear Sir/Mam, your lessons didn’t only help us pass classes but taught us to be kind and humane in our personal lives. We wish you a happy retirement!

We thoroughly appreciate the effort you’ve put into this profession. Thank you for everything!

Your teachings have made a big difference in our lives! Best wishes to our favorite mentor!

Thank you mam/sir for everything! Goodbye, and your teachings will always remain with us. You have been a very good teacher for us! God bless you more sir/mam!

Your teachings will forever be treasured. Your contribution to our lives can never be measured. Happy retirement.

We’ll miss you as our teacher, but we’ll miss you more as our mentor, friend, and nurturer. Wish you a happy retirement.

The entire nation will miss your service as a teacher so badly. You have helped so many students to become better versions of themselves. Happy Retirement!

If student life is the period of sowing seeds for the future, teachers like you are the perfect nurturer for those seeds. Happy retirement to you!

Every great teacher has to retire one day, but their deeds and their teachings always remain in the hearts of their students. May good wishes to you for your retirement!

You may not take our classes anymore, but we will remember you every time we step foot on our school premises. Happy Retirement!

I am sure that my life’s tree will branch out beautifully because a teacher and nurturer like you have sowed its seed. Wish you the best on your retirement.

May every day and every moment of your life be fulfilling and full of joy. Enjoy your retirement and have more time with your family and friends. Best wishes to you on retirement.

You are the kind of teacher who can inspire his students even in his absence. We will surely miss you a lot. But we will always be grateful for your service. Happy retirement!

You corrected my mistakes; you encouraged me with your words full of hope and support. I learned a lot from you! You are indeed an excellent teacher. I will really miss you.

Classrooms will now have the dullest hues. The school is now going to feel boring and blue. Most importantly, learning will never be the same without a teacher like you. Goodbye.

We will surely miss the friendship and guidance you gave us in school. We wish nothing but the best for you on your retirement.

A teacher like you can never really retire. Even if you stop coming to school, you will continue to do things that inspire kids like us every day. Happy retirement.

It hurts so much to say goodbye. But it’s the perfect occasion to let you know that you were the best teacher in the world for us and always will be. Happy retirement!

You taught not just what ought to be taught but also what you thought we needed to learn. Thanks for everything, farewell.

Honesty, integrity and good behavior, we have learned these things from you in abundance. As long as your teachings are with us, we will never be hopeless in life.

You performed your duties like a role model. We will always be your biggest and greatest admirers. Happy retirement dear teacher!

Related: Farewell Message For Teacher

Your productive and intuitive persona, as well as your work skills, have greatly motivated us as well. It was a great honor to work alongside you. I wish you a happy retirement.

You may leave our grounds, but you are leaving behind your ethics, values, and hundreds of enlightened students! Best wishes for your life after retirement!

For many years you’ve devoted yourself to educating children, now you can look back with pride at all you’ve accomplished, have a good time after your retirement!

You are the pride of our institution, and we feel dreadful to let you go so soon! Thank you for the long years of service in this noble profession!

To a wonderful teacher and fantastic colleague, your compassion and dedication towards teaching have motivated us for all these years. We wish you an incredible life ahead!

Now, at last, you will have the chance to discover the beauty of the world, to do whatever you want and to be late whenever you want.

Retirement doesn’t mean the end of your active life. It just signifies another chapter and journey. Enjoy it!

No one can really say goodbye to a teacher, for they forever stay in little homes called the hearts of their students. Happy Farewell.

Good luck on your retirement! Salute to your lifelong dedication towards educating the nation!

It breaks our hearts to see you go, principal, but it is a well-deserved retirement. Our college/university is what it is today because of your leadership. We wish you all the best.

You led our college/university to glory and success. Your mentorship has been insightful for every student and teacher, sir/ma’am. Congratulations on your retirement. Best of luck.

Principal, have a wonderful retirement. I hope that all of us, students and teachers, will be able to carry on your legacy for the college/university and your beliefs after you retire.

You have always been our favorite teacher. But you will forever be remembered not only as a teacher but also as a great mentor. Happy retirement!

Dear teacher, you may be away from me, but your teachings will never be. Goodbye.

Professor, you are a role model for every student you have taught; you have instructed us not only about our courses but also about being good people. You inspire us. We wish you a great life after retirement. Best wishes.

From the bottom of my heart, I wish you congratulations on your retirement. We hope that your retirement is as rewarding as your contributions to our school/university.

I wish you a relaxing and refreshing life as you embark on your new journey after retirement. After all of your hard work as a professor, I hope you get to pursue your interests and hobbies.

Wishing you wonderful days after retirement! Your influence on our lives can never die down!

Read: Thank You Teacher Messages

Retirement Quotes From Student Parents

Thank you for being a bright ray of hope and filling our children’s life with passion! Dear teacher, we applaud your honorable service and wish you the best!

We are forever grateful to you for guiding our children on the right path. Thank you, Sir!

Professor, we are honored to see your influence on our children’s lives! Best wishes to you!

You have always been an honest and hardworking educator; we are so thankful to you!

Teacher, your teachings and grooming have not only helped the students in their careers but assisted them in their personal lives too! Cheers to an amazing mentor like you!

It’s for the patience and dedication that made a difference in the lives of others. Congratulations on your retirement, who has had such a positive impact on so many children.

After many years of hard work and dedication to others, you can relax and enjoy the simple things life has to offer. Wishing you a happy and fulfilling retirement.

Tribute Messages To a Retiring Teacher

School/university won’t be the same without you, sir/ma’am. Your memories will live on in every classroom corner until the end. Thank you for being our teacher. Best wishes for your retirement.

Teaching might have been a job for you. But for us, learning from a teacher like you was nothing less than a once in a lifetime experience. Happy Farewell.

The walls of this school will feel hollow, corridors will feel empty and classrooms will feel lifeless without the inspirational presence of a teacher like you.

The vacancy you’ll leave behind may be filled in the position you’ll have right now and may be held by others. But in our hearts, you’re simply irreplaceable. We’re gonna miss you!

You are like the lamppost that lightens the darkest of streets. You are the role model who needs to be followed. You are the teacher who deserves the greatest ovation at retirement!

Dear teacher, education is one thing, but you gave us much more. With inspiration beyond limits, you helped us raise and soar. Farewell.

As you retire, take a moment to stroll through your beloved hallways in the school, you’ll hear every nook and corner sadly whisper “we will miss you”.

Related: Happy Teachers Day Wishes

“Retire from work, but not from life.” – M.K. Soni

“We owe you for your incredible patience and kindness toward us! Thank you, teacher!”

“The key to retirement is to find joy in the little things.” – Susan Miller

“Retirement, a time to do what you want to do, when you want to do it, where you want to do it, and how you want to do it.” – Catherine Pulsifer

“Just like how flowers spread fragrance wherever they are kept, teachers spread knowledge and wisdom wherever they go. Farewell and good luck.”

“The backbone of a good school is not made from fancy classrooms and large campuses. It is made from the excellent education imparted by teachers like you. Farewell.”

“The one teacher in my life who influence me more than anyone. What inspires me more than anyone is you. I will miss you, sir.”

“We truly commend your classroom skills and vast wisdom! You will be evergreen in our memories!”

“Learning from a good teacher is an experience that can sometimes be more profound than education itself. You have given me just that. Thanks, farewell.”

“There’s no such thing as goodbyes and farewells when it comes to teachers because their teachings forever stay in their student’s minds and hearts.”

“Never remain under anyone’s shadow in life – except for a great teacher’s. This is a piece of wisdom we’re all happy to follow. Farewell.”

“Dear teacher, we are bidding you farewell but we and our hearts will never say goodbye to the wonderful things you’ve taught us.”

“There is no point to count the years. They are not important. Important are the things you did, things we shall never forget. One day I’d like to be remembered like that.”

Read More: Retirement Wishes and Messages

Our teachers spent their lifetime for educating us and creating a better life. They are the best guardians to build up our foundation of knowledge, education and wonderful career. When the time comes to give them farewell, whether he is the favorite teacher in the school or a college professor, it doesn’t differ anything. Still, we have the last chance to show our gratitude and appreciation for their sacrifice. Hope you have found these retirement wishes for teachers very helpful to say farewell and wish your teacher a happy retirement. You may use these retirement wishes as they are or take ideas from them to write a heartfelt message that says Thank You and conveys your exact feelings.

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STRS Ohio teachers' pension facing a 'hostile takeover' by private interests, memo says

The governor said he sent documents outlining strs issues to the ohio ethics commission, attorney general, state auditor and other agencies for review.

The State Teachers Retirement System of Ohio is facing "a hostile takeover of a public pension by private interests," according to a 14-page anonymous memo that surfaced Wednesday.

Gov. Mike DeWine said he forwarded the memo and other documents to the Ohio Ethics Commission, attorney general, state auditor and other state agencies for review and action they deem appropriate.

Ohio Attorney General Dave Yost announced he's opening an investigation. State law allows the AG to bring a civil action to remove pension board members who breach their fiduciary duty to the system.

STRS Ohio, which oversees about $90 billion invested on behalf of 500,000 teachers and retirees, is governed by an 11-member board. The system is facing historic turbulence as control of the board tips toward "reformers," its executive director is on paid administrative leave and Aon, a national consulting firm, opted to cancel its contract early.

DeWine said in a written statement that Aon severing its contract to provide governance advice "is a huge red flag, calling into question how STRS is operating and providing oversight."

STRS Board Chairman Dale Price said in a written statement that: "STRS Ohio will continue to protect the stability and integrity of the organization and will fully cooperate with all offices in their review of the pension system."

The anonymous memo walks through how the system got to this point and it raises a number of concerns:

• Beginning in 2020, QED Systematic Solutions LLC, formed by former state treasurer official Seth Metcalf and Jonathan Tremmel, pitched STRS board members and staff to partner with QED for an investment opportunity.
• QED worked through former STRS board member Bob Stein, and two current board members, Wade Steen and Rudy Fichtenbaum, and also made pitches to STRS senior staff.
• QED and its backers wanted to use $65 billion, saying they could generate an extra $4 billion in returns, which would be enough to restore an annual cost of living allowance for retirees and reduce the amount teachers had to pay into the system.
• STRS investment experts strongly advised against working with QED because it lacked a track record and its strategy was relatively untested.
• QED aligned with the Ohio Retirement for Teachers Association, ORTA, to then help elect new board members who might be more amenable to the new strategy.
• In the 2022 and 2023 board elections, organizations that pushed for the election of reform-minded candidates sent mailers and conducted other campaign activities but failed to file campaign finance reports.
• In May 2023, DeWine removed Steen from the board, prompting ORTA to raise money into a legal defense fund to help Steen successfully return to the board.
• In November 2023, an anonymous memo accused Executive Director William Neville of misconduct. An independent investigation found the allegations largely without merit . Neville and his top staff had rejected QED's pitch.

The memo notes instances in which Steen and Fichtenbaum use talking points, charts and data provided by Metcalf or Tremmel. Metadata in documents used by those board members show Metcalf or Tremmel helped create or edit them.

Metcalf did not immediately respond to a request for comment.

The memo also says that ORTA has worked in concert with Metcalf and Tremmel to stage the pension fund takeover.

"Reformers won the battle of ideas through a fair and democratic process over the last six elections. Teachers voted for reform because reform is desperately needed," ORTA said in a written statement. "Our actions in support of reform have been legal, ethical and necessary. This anonymous letter is nothing more than sour grapes from those who have lost."

Since September 2022, STRS has received more than 500 anonymous public records requests for emails, badge swipe data, personnel files, paystub records and more. Some of the records released by STRS ended up being distributed by ORTA-related entities.

DeWine's comments and the memo come as votes are being tallied for an STRS board election. Voting closed Monday and results are to be announced Saturday.

Given that Steen returned to the STRS board in April, reformers now hold a majority. Results of the current election could strengthen that majority. The candidates are  Michelle Flanigan , a government teacher at Brunswick City Schools, and  Sandy Smith Fischer , an intervention specialist at Streetsboro City Schools.

Board members are not compensated.

Read the STRS memo here:

Laura Bischoff is a reporter for the USA TODAY Network Ohio Bureau, which serves the Columbus Dispatch, Cincinnati Enquirer, Akron Beacon Journal and 18 other affiliated news organizations across Ohio.

WCMH Columbus

DeWine calls for investigation into state's teacher retirement system

Posted: May 9, 2024 | Last updated: May 9, 2024

DeWine calls for investigation into state's teacher retirement system. FOR MORE: <a href="https://nbc4i.co/4dyaBMz">https://nbc4i.co/4dyaBMz</a>

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5 retirement savings vehicles available for teachers.

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A teacher and her students during story time.

In celebration of Teacher Appreciation Week, your incredible dedication and hard work are recognized and honored. Your commitment to shaping young minds and nurturing the potential of each student does not go unnoticed.

However, while you focus on educating others, it’s equally important to plan for your own future. Whether you are at the beginning of your teaching career or looking ahead to retirement, knowing your options will help you plan effectively and make informed decisions that enhance your financial security.

Common Retirement Savings Vehicles For Teachers

Defined benefit pension plans.

These plans provide you with a fixed, pre-determined benefit upon retirement, calculated based on factors such as salary history and length of employment. Typically funded by employers, these pension plans offer security as they do not depend on stock market performance.

Eligibility for defined benefit pension plans among teachers varies by state and district. Nonetheless, you must often fulfill a minimum number of years in service. Some systems may also factor in age or other conditions to be met before benefits can be claimed.

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You should also be aware of vesting periods or the time you must work before you have a non-forfeitable right to receive pension benefits upon retirement.

Note that pension plans have limitations. They are inflexible, often providing no options for early withdrawal or loans. They also lack portability, meaning you may not be able to carry your accrued benefits if you move to a different state.

403(b) Plans

Named after the section of the Internal Revenue Code that governs them, 403(b) plans allow you to save for retirement by contributing a portion of your income into individual accounts.

These contributions are typically made pre-tax, translating to immediate relief by reducing your taxable income. Investments in a 403(b) plan can grow tax-deferred until withdrawal, usually at retirement age.

Like 401(k)s common in the private sector, the IRS annually sets the contribution limits for 403(b) plans. For 2024, the basic limit on elective deferrals is $23,000. However, if you are 50 or older, you can make an additional catch-up contribution of up to $7,500.

A unique feature of 403(b) plans is the 15-Year Rule , which allows employees with at least 15 years of service at the same educational institution to contribute an additional amount up to $3,000 a year, capped at a lifetime limit of $15,000. This rule is particularly advantageous for long-term employees who may have been under-saving in the earlier years of their careers.

A 457 plan is a tax-advantaged retirement savings option available primarily to employees of state and local governments and of some tax-exempt organizations.

One of the unique aspects of 457 plans is that they are not subject to the early withdrawal penalties imposed on other retirement accounts. This means you can access funds when you separate from service, regardless of age, without the 10% penalty that typically applies to early withdrawals.

This feature makes the 457 plan an excellent option for those who plan to retire early or switch careers. Additionally, these plans often allow participants close to retirement age to make catch-up contributions that exceed the standard contribution limits.

In 2024, the contribution limit is $23,000, the same as 403(b) and 401(k) plans. However, the special catch-up contributions allowed under a 457 plan can enable older workers or those within three years of normal retirement age to contribute up to $46,000.

This provision is designed to help individuals who may have started saving for retirement later in their careers or who wish to increase their retirement funds in their remaining years of employment.

Individual Retirement Accounts

Teachers can opt for either traditional or Roth IRAs, each with distinct tax advantages. Traditional IRAs offer tax deductions on contributions with deferred taxes on earnings, while Roth IRAs feature post-tax contributions with tax-free growth and withdrawals.

For 2024, the contribution limit for Traditional and Roth IRAs is $7,000 ($8,000 for those aged 50 and older with catch-up). The IRS periodically adjusts these limits to account for inflation.

You should note that the ability to contribute to a Roth IRA phases out at higher income levels, whereas Traditional IRAs do not have income limits for contributions. However, there are limits to deductibility if you or your spouse has access to a workplace retirement plan.

IRAs offer additional opportunities to save and invest with potential tax advantages that might not be fully available through employer-sponsored plans like 403(b) or 457.

State-Specific Programs

Some states offer specific retirement benefits for their educators, including supplemental pensions or specialized investment options that address local cost of living and retirement challenges.

For instance, in California, teachers have access to CalSTRS or the California State Teachers’ Retirement System, which provides a comprehensive benefits package that includes not only retirement income but also disability and survivor benefits, crucial for long-term security given the state's high cost of living.

In Texas, the absence of Social Security participation for state employees makes the Teacher Retirement System a vital component of retirement planning, offering a defined benefit plan based on salary and service years.

Meanwhile, New York’s Teachers’ Retirement System ( NYSTRS ) allows educators to retire with full benefits after several service years, an attractive option for those who begin their careers early.

For information on the specific benefits available in your state, you may contact your state retirement agencies or visit their websites.

Factors to Consider When Choosing Retirement Savings Vehicles

Personal financial situation.

Assess your current income, savings, anticipated expenses, and other financial obligations such as mortgages or college funds. A clear understanding of your financial health helps determine how much needs to be saved to maintain a desired standard of living in retirement.

You should also consider your savings rate and how it aligns with your retirement goals, adjusting your budget to prioritize retirement savings where necessary.

Age And Proximity To Retirement

Age plays a significant role in retirement planning. Younger teachers have the advantage of time, which allows their investments to grow through the power of compounding interest. For them, strategies that focus on long-term growth and higher risk tolerance may be more appropriate.

Conversely, teachers closer to retirement age might focus on preserving capital and reducing investment risk. They may prefer stable income investments and prioritize plans like IRAs or annuities that can provide a steady income stream in retirement.

Risk Tolerance

This refers to your comfort level with the potential ups and downs in the value of your investment portfolio. Those with a higher risk tolerance may be more comfortable investing in stocks or mutual funds with higher volatility but potentially higher returns.

Teachers with lower risk tolerance might prefer more conservative options, such as bonds or fixed annuities, which offer more stability and less risk of loss. Understanding your risk tolerance can help you select the right mix of investments for your retirement portfolio.

Health Considerations

If you have chronic conditions or a family history of health issues, you may need to save more to cover higher medical costs in retirement. This might include investing in health savings accounts or planning for long-term care insurance.

Conversely, good health might allow you to extend your career, postponing the need to tap into retirement savings and allowing more time for those savings to grow.

Career Stability And Job Security

Job security and the likelihood of continuous employment influence how aggressively you save for retirement. If you have job stability and know your income is secure, you might be confident in your investment choices.

If you have uncertain job prospects, such as adjunct professors or teachers on temporary contracts, you might need to be more conservative with your retirement savings. You may focus on the liquidity and safety of the principal to guard against potential periods of unemployment.

Economic And Market Conditions

Economic downturns, inflation rates, and fluctuating interest rates can all affect the performance of retirement accounts. You should stay informed about economic trends and consider these factors when planning your investments.

During volatile market conditions, it may be wise to diversify investments to mitigate risk or to seek the advice of a financial advisor to make informed decisions.

Final Thoughts

As you continue to invest in the futures of your students, remember to also invest in your own. Navigating the retirement landscape might seem complex, but taking the time to understand your options can lead to a more secure and fulfilling retirement.

Consider consulting with a financial advisor to tailor a retirement strategy that aligns with your personal and professional circumstances. By doing so, you ensure that your retirement years are as rewarding as the time you spent in the classroom.

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Ohio AG opens investigation into whether teacher’s pension board members should be removed for breaching fiduciary duty

• Updated: May. 09, 2024, 1:39 p.m. |
• Published: May. 09, 2024, 12:33 p.m.

State Teachers Retirement System of Ohio, also known by its acronym STRS and pronounced as "stirs" ,is located in downtown Columbus. (Laura Hancock/cleveland.com)

• Laura Hancock, cleveland.com

COLUMBUS, Ohio - Ohio Attorney General Dave Yost has launched an investigation over activities of the state teacher’s pension board, and whether he should remove them for breaching fiduciary duty.

Yost is specifically looking at concerns that the board has been susceptible “to a hostile takeover by private interests,” he said in a statement Thursday.

Stories by Laura Hancock

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AG Yost opens investigation into possible “hostile takeover” of Teachers Retirement Board

COLUMBUS, Ohio (WTVG) - Ohio Attorney General Dave Yost announced on Thursday that he is launching an investigation into concerns about the State Teachers Retirement System’s susceptibility of a “hostile takeover” by private interests.

“Pension board members are required by law to act in the best interest of the teachers whose money they invest,” said Yost. “I will take whatever action is necessary to protect teachers against private interests attempting to hijack their retirement accounts.”

AG Yost’s office says it has received documents containing allegations related to the STRS board. In response, Yost says he will conduct a thorough and impartial investigation into these matters and will take any necessary actions to uphold the public’s trust and confidence of the public in our state institutions.

Yost is actively exploring the applicable fiduciary removal statute (ORC 109.98) to address any potential breaches by members of the STRS board. According to AG Yost’s office, the investigation is in line with Yost’s commitment to rooting out any public corruption and instances of greed and deceit within public institutions.

“This isn’t monopoly money; it’s hard-earned income that belongs to teachers,” said Yost. “There is a responsibility to act in their best interests.”

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Moscow City Teachers’ Training University: Tuition, Admissions, Rankings

Moscow City Teachers’ Training University is a public university in Moscow, Russia. The Ministry of Education established it in 1995 as a pedagogical university, with only 1300 students in its first year. The university currently has over 18,000 students and offers degree programs in the humanities, natural sciences, sports technology, law, business, and language studies.

Moscow City Teachers’ Training University Overview

Moscow City Teachers’ Training University World Rankings

Here are the world rankings of Moscow City Teachers’ Training University from reputable ranking sources:

Ready to take your education to the next level? Discover the top universities in Russia by clicking here .

Tuition Fees at Moscow City Teachers’ Training University

Moscow City Teachers’ Training University tuition fees for both bachelor's and master's students are discussed in this section.

Bachelor's Tuition Fees

Master's tuition fees.

Although this range provide a good estimate of tuition costs at Moscow City Teachers’ Training University, the actual fees depend on your chosen program. Thus, for more exact figures, you may refer to Moscow City Teachers’ Training University tuition fee pages.

Ready to save in tuition and study in Russia? Click here to read our guides to tuition fees and cheapest universities in Russia and start planning your dream education today.

Admissions At Moscow City Teachers’ Training University

If you wish to study at Moscow City Teachers’ Training University, you’ll need to know the admission process, requirements, and other relevant information. Those may vary based on the program you’re applying to Moscow City Teachers’ Training University.

Moreover, the process and requirements for Moscow City Teachers’ Training University international admission may differ from domestic admission. Thus, if you’re an international student, check what additional requirements you need to submit and how you can validate your academic credentials.

To help you find all the admission-related information, we’ve compiled the bachelor's and master's admission pages of Moscow City Teachers’ Training University. Select which one applies to you and take note of the process and requirements.

From choosing your university to applying for your student visa, we know that studying abroad is not easy. However, we are here to support you every step of the way! Don't forget to explore our comprehensive guide as you prepare for your educational journey in Russia.

Degree Programs offered at Moscow City Teachers’ Training University

There are several Moscow City Teachers’ Training University majors or degree programs for bachelor’s and master’s level that you can pursue. Here are some of them:

If you want to know what other academic programs Moscow City Teachers’ Training University offers, please visit the bachelor’s and master’s course pages. These pages will give you detailed information of the programs they offer.

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Was the 401(k) a Mistake?

How an obscure, 45-year-old tax change transformed retirement and left so many Americans out in the cold.

Credit... Illustration by Tim Enthoven

Supported by

By Michael Steinberger

Michael Steinberger is a contributing writer for the magazine. He writes periodically about the economy and the markets.

• May 8, 2024

Jen Forbus turned 50 this year. She is in good health and says her life has only gotten better as she has grown older. Forbus resides in Lorain, Ohio, not far from Cleveland; she is single and has no children, but her parents and sisters are nearby. She works, remotely, as an editorial supervisor for an educational publishing company, a job that she loves. She is on track to pay off her mortgage in the next 10 years, and having recently made her last car payment, she is otherwise debt-free. By almost any measure, Forbus is middle class.

Listen to this article, read by Malcolm Hillgartner

Still, she worries about her future. Forbus would like to stop working when she is 65. She has no big retirement dreams — she is not planning to move to Florida or to take extravagant vacations. She hopes to spend her later years enjoying family and friends and pursuing different hobbies. But she knows that she hasn’t set aside enough money to ensure that she can realize even this modest ambition.

A former high school teacher, Forbus says she has around $200,000 in total savings. She earns a high five-figure salary and contributes 9 percent of it to the 401(k) plan that she has through her employer. The company also makes a matching contribution that is equivalent to 5 percent of her salary. A widely accepted rule of thumb among personal-finance experts is that your retirement income needs to be close to 80 percent of what you earned before retiring if you hope to maintain your lifestyle. Forbus figures that she can retire comfortably on around $1 million, although if her house is paid off, she might be able to get by with a bit less. She is not factoring Social Security benefits into her calculations. “I feel like it’s too uncertain and not something I can depend on,” she says.

But even if the stock market delivers blockbuster returns over the next 15 years, her goal is going to be difficult to reach — and this assumes that she doesn’t have a catastrophic setback, like losing her job or suffering a debilitating illness.

She also knows that markets don’t always go up. During the 2008 global financial crisis, her 401(k) lost a third of its value, which was a scarring experience. From the extensive research that she has done, Forbus has become a fairly savvy investor; she’s familiar with all of the major funds and has 60 percent of her money in stocks and the rest in fixed income, which is generally the recommended ratio for people who are some years away from retiring. Still, Forbus would prefer that her retirement prospects weren’t so dependent on her own investing acumen. “It makes me very nervous,” she concedes. She and her friends speak with envy of the pensions that their parents and grandparents had. “I wish that were an option for us,” she says.

The sentiment is understandable. With pensions, otherwise known as defined-benefit plans, your employer invests on your behalf, and you are promised a fixed monthly income upon retirement. With 401(k)s, which are named after a section of the tax code, you choose from investment options that your company gives you, and there is no guarantee of what you will get back, only limits on what you can put in. This is why they are known as defined-contribution plans. Pensions still exist but mainly for unionized jobs. In the private sector, they have largely been replaced by 401(k)s, which came along in the early 1980s. Generally, contributions to 401(k)s are pretax dollars — you pay income tax when you withdraw the money — and these savings vehicles have been a bonanza for a lot of Americans.

Not all companies offer 401(k)s, however, and millions of private-sector employees lack access to workplace retirement plans. Availability is just one problem; contributing is another. Many people who have 401(k)s put little if any money into their accounts. With Americans now aging out of the work force in record numbers — according to the Alliance for Lifetime Income, a nonprofit founded by a group of financial-services companies, 4.1 million people will turn 65 this year, part of what the AARP and others have called the “silver tsunami” — the holes in the retirement system are becoming starkly apparent. U.S. Census Bureau data indicates that in 2017 49 percent of Americans ages 55 to 66 had “no personal retirement savings.”

The savings shortfall is no surprise to Teresa Ghilarducci, an economist at the New School in New York. She has long predicted that the shift to 401(k)s would leave vast numbers of Americans without enough money to retire on, reducing many of them to poverty or forcing them to continue working into their late 60s and beyond. That so many people still do not have 401(k)s or find themselves, like Jen Forbus, in such tenuous circumstances when they do, is proof that what she refers to as this “40-year experiment with do-it-yourself pensions” has been “an utter failure.”

It certainly appears to be failing a large segment of the working population, and while Ghilarducci has been making that case for years, more and more people are now coming around to her view. Her latest book, “Work, Retire, Repeat: The Uncertainty of Retirement in the New Economy,” which was published in March, is drawing a lot of attention: She has been interviewed on NPR and C-SPAN and has testified on Capitol Hill.

It is no longer just fellow progressives who are receptive to her message. Ghilarducci used to be an object of scorn on the right, once drawing the megaphonic wrath of Rush Limbaugh. Today, though, even some conservatives admit that her assessment of the retirement system is basically correct. Indeed, Kevin Hassett, who was a senior economic adviser to President Trump, teamed up with Ghilarducci not long ago to devise a plan that would help low- and middle-income Americans save more for retirement. Their proposal is the basis for legislation currently before Congress.

And Ghilarducci recently found her critique being echoed by one of the most powerful figures on Wall Street. In his annual letter to investors, Larry Fink , the chairman and chief executive of BlackRock, one of the world’s largest asset-management companies, wrote that the United States was facing a retirement crisis due in no small part to self-directed retirement financing. Fink said that for most Americans, replacing defined-benefit plans with defined-contribution plans had been “a shift from financial certainty to financial uncertainty” and suggested that it was time to abandon the “you’re on your own” approach.

While that isn’t likely to happen anytime soon, it seems fair to ask whether the country as a whole has been well served by the 401(k) revolution. The main beneficiaries have been higher-income workers; instead of making an economically secure retirement possible for more people, 401(k)s have arguably become another driver of the inequality that is a defining feature of American life.

When it comes to generating wealth, 401(k)s have been an extraordinary success. The Investment Company Institute, a financial-industry trade group, calculates that the roughly 700,000 401(k) plans now in existence hold more than $7 trillion in assets. But the gains have gone primarily to those who were already at or near the top. According to the Federal Reserve, the value of the median retirement-saving account for households in the 90th to 100th income percentile has more than quintupled during the last 30 years and is currently more than $500,000. In one sense, it is not surprising that the affluent have profited to this degree from 401(k)s: The more money you can invest, the more money you stand to make.

In 2024, annual pretax contributions for employees are capped at $23,000, but with an employer match and possibly also an after-tax contribution (which is permitted under some plans), the maximum can reach $69,000. Workers 50 and over are also allowed to kick in an additional $7,500, potentially pushing the total to $76,500. Needless to say, only a sliver of the U.S. work force can contribute anything like that to their 401(k)s.

The withdrawal rules have evolved in a way that also favors high earners. You are generally not supposed to begin taking money from a 401(k) before you are 59½; doing so could incur a 10 percent penalty (on top of the income-tax hit). What’s more, you can now put off withdrawing money until age 73; previously, you had to begin drawing down 401(k)s by 70½. Those extra years are an added tax benefit for retirees who are in no rush to tap their 401(k)s.

People in lower-income brackets may have also made money from 401(k)s but hardly enough to retire on with Social Security. In 2022, the median retirement account for households in the 20th through 39th percentile held just $20,000. For this segment of the working population, 401(k)s sometimes end up serving a very different purpose. They become a source of emergency funds, not retirement income. But then, for many of these people, retirement seems like an impossibility.

Laura Gendreau directs a program called Stand by Me, a joint venture between the United Way of Delaware and the state government that provides free financial counseling. She says that when she asks clients if they are putting aside any money for retirement, they often look at her in disbelief: “They say, ‘How do you expect me to save for retirement when I’m living paycheck to paycheck?’” She and her colleagues try to identify expenditures that can be eliminated or reduced so that people can start saving at least a small portion of what they earn. But she says that some clients are having such a hard time just getting by that they can’t fathom being able to retire. Sometimes it does not even occur to them to look into whether their employers offer 401(k)s. “They have no idea,” Gendreau says.

Ghilarducci has been hearing this sort of thing for years. Her career in academia began around the time that 401(k)s first emerged, and from the start, she regarded these savings plans with skepticism. For one thing, she feared that a lot of people would never have access to them. But she also felt that 401(k)s were unsuitable for lower-income Americans, who often struggled to save money or who might not have either the time or the knowledge to manage their own investments. In her judgment, the offloading of retirement risk onto workers was worse than just an economic misstep — it represented a betrayal of the social contract.

Ghilarducci, who is 66, has the unusual distinction of being a high school dropout with a Ph.D. in economics. She also has firsthand experience of economic hardship, and her working-class roots have shaped her worldview. She was raised by a single mother in Roseville, Calif., and money was always tight. Despite a turbulent home life, she excelled academically and was able to take advantage of a program that allowed California students with strong grades and test scores to attend schools within the California university system without charge.

After being accepted at the University of California, San Diego, she stopped going to high school — it bored her — and never graduated. A year later, she transferred to the University of California, Berkeley. Neither university knew that she had not completed high school. “They didn’t ask, and I didn’t tell,” she says with a laugh. She majored in economics at Berkeley and also obtained her doctorate there. She then taught at the University of Notre Dame for 25 years (she joined the faculty of the New School in 2008). During that time, she acquired a national reputation for her expertise on retirement.

In 2008, Ghilarducci proposed replacing 401(k)s with “guaranteed retirement accounts,” a program that would combine mandatory individual and employer contributions with tax credits and that would guarantee at least a 3 percent annual return, adjusted for inflation. Her plan drew the wrath of voices on the right — the conservative pundit James Pethokoukis called her “the most dangerous woman in America.”

But her timing proved to be apt: That year, the global financial crisis imperiled the retirement plans of millions of Americans. Ghilarducci suggested that if the government was going to bail out the banks, it also had an obligation to help people whose 401(k)s had tanked. Her idea inflamed the right: Rush Limbaugh attacked her during his daily radio show, which brought her a wave of hate mail.

Her hostility to 401(k)s is partly anchored in a belief that when it comes to retirement, the country was on a better path in the past. In the 1950s and 1960s, many Americans could count on pensions and Social Security to provide them with a decent retirement. It was a different era, of course — back then, men (and it was almost always men) often spent their entire careers with the same companies. And even at their peak, pensions were not available to everyone; only around half of all employees ever had one. Still, in Ghilarducci’s view, it was a time when the United States put more emphasis on the interests of working-class Americans, including ensuring that they could retire with some degree of economic security.

She portrays the move to defined contribution retirement plans as part of the sharp rightward turn that the United States took under President Ronald Reagan, when the notion of individual responsibility became economic dogma — what the Yale University political scientist Jacob Hacker has called “the great risk shift.” The downside of this shift was laid bare by the great recession. Many older Americans lost their savings and were forced to scavenge for work.

This was the subject of the journalist Jessica Bruder’s book “Nomadland,” for which Ghilarducci was interviewed and that was the basis for the Oscar-winning film of the same title. To Ghilarducci, the portraits in “Nomadland” — of lives upended, of the indignity of being old and having to scramble for food and shelter — presaged the insecure future that awaited millions of other older Americans. And Ghilarducci believes that with record numbers of people now reaching retirement age, that grim future is arriving.

Her new book makes a powerful case for why all working people deserve a comfortable, dignified retirement and why, for so many Americans, the current retirement system is incapable of providing that. Her nationwide book tour has had the feel of a victory lap, although the vindication she can plausibly claim is no cause for celebration. “It’s the pinnacle of my career because what I told people would happen is happening,” she says. “So it’s a big told-you-so, and that told-you-so is on the backs of around 40 million middle-class workers who will be poor or near-poor elders.”

Ghilarducci finds it outrageous that Americans who don’t have enough money set aside for retirement are now being told that the solution to their financial woes is to just keep working. Forcing senior citizens to stay on the job is cruel, she says, and especially so if it involves physically demanding labor. She has observed that older workers often have “a shame hunch” — their body language suggests embarrassment. They are spending their last years in quiet humiliation.

To Ghilarducci, all of this represents a retreat from the ideals that fueled America’s prosperity and made the United States a beacon of opportunity. As she writes in her book, “A signature achievement of the postwar period — the democratization of who has control over the pace and content of their time after a lifetime of work — is being reversed.”

Back in the 1960s and 1970s, many companies, in addition to providing their employees with pensions, offered tax-deferred profit-sharing programs, which were available mostly to executives. But there was a lot of murkiness surrounding these defined-contribution plans — and a lot of concern that the I.R.S. might eventually ban them. When Congress passed the Revenue Act of 1978, it included an addition to the Internal Revenue Code that was intended to provide greater clarity about how these plans were to be structured and who could participate. The provision, which took effect in 1980, was called Section 401(k). According to a 2014 Bloomberg article, the staff members who drafted it thought it was a minor regulatory tweak, of no particular consequence. One former senior congressional aide was quoted as saying it was “an insignificant provision in a very large bill. It took on a life of its own afterwards.”

That’s because Ted Benna saw something in that new section of the Internal Revenue Code that had eluded the people who wrote it. Benna, a retirement-benefits consultant, was in his suburban Philadelphia office on a Saturday afternoon in 1979, trying to figure out how to devise a deferred-compensation plan for one of his firm’s clients, a local bank. At the time, the top marginal tax rate was 70 percent, and the bank wanted to see if there was a way to award bonuses to its executives that could limit their tax bill.

As Benna read the provisions of section 401(k), a solution dawned on him: The language seemed to indicate that he could create a plan in which the bonuses were put in a tax-deferred retirement plan. There was a catch, though. Under the terms of 401(k), this could be done only if rank-and-file employees participated in the plan. Benna knew that getting them to agree to set aside some of their pay would not be easy, so he came up with a sweetener — he proposed that the bank would partly match the contributions of its employees.

The bank balked at Benna’s proposal; it was concerned that regulators would rule the scheme illegal. Benna’s own firm decided to implement the idea, however, and it proved wildly popular with the company’s 50 or so employees. Benna and his colleagues called the plan “cash-op,” but the name never caught on, and instead came to be known as the 401(k). The new savings vehicle eventually did run into government resistance, when the Reagan administration, concerned about the lost tax revenues, tried to eliminate 401(k)s in 1986 — this notwithstanding the fact that 401(k)s, with their promise of individual empowerment, seemed emblematic of the so-called Reagan Revolution. But by then it was too late. A number of companies were already offering 401(k)s to their employees, and the financial industry, eyeing a lucrative new revenue stream, threw its lobbying muscle behind these investment plans.

Benna is 82 now, and I recently met with him in York, Pa. (He was there visiting family; he lives near Williamsport, Pa.) He is still working. He told me that his religious faith had compelled him to put off his own retirement. “The Creator didn’t create us to spend 30 years doing nothing,” he said. A tall, unassuming man, Benna suggested that we meet at the Cracker Barrel in York. There, over iced tea and coffee, we talked about the trillion-dollar business that resulted from his close reading of section 401(k). Benna had been quoted in the past voicing some misgivings about these savings plans. He told the magazine Smart Money in 2011, for instance, that he had given rise to a “monster.”

But he explained to me that the remorse he expressed had nothing to do with 401(k)s themselves, which he said had helped convert millions of Americans from “spenders into savers.” Rather, what he regretted was the complexity of many plans — he thought a lot of employees were overwhelmed by all the investment options — and the fact that the financial-services industry profited from them to the degree that it did. Benna said that the advent of the 401(k) turned the mutual-fund industry into the colossus that it is today and that too many fund managers charged what he considers unjustifiably high fees. “Over the life of an investment, it is a real hit — it is gigantic,” he says.

Yet Benna rejects the idea that 401(k)s took the country in the wrong direction. He contends that traditional pensions were doomed with or without 401(k)s. He recalls visiting Bethlehem Steel in the 1980s to talk about 401(k)s. “I told them that they had to start helping their employees save for retirement, and their H.R. person said, ‘Our employees don’t need to do that because we take care of them for life.’ And what happened to that?” (Bethlehem Steel filed for bankruptcy in 2001, and the government had to fulfill its pension obligations.) Likewise, he doesn’t think it is true that 401(k)s have really only benefited the well-off. He mentioned his brother-in-law, who lived in York and worked as a supervisor at Caterpillar, the construction-equipment manufacturer. When Caterpillar announced in 1996 that it was relocating its York plant to Illinois, he chose to take early retirement rather than uproot his family. “He told me that was only possible because of his 401(k),” Benna said. But he conceded that too many people are being let down by the retirement system and that something needs to be done to help them save for their later years.

Benna is one of a number of experts who believe that mandates will ultimately be needed to improve retirement financing — that the voluntary approach, in which companies decide whether they want to sponsor 401(k)s and employees decide whether they wish to participate, is leaving too many gaps. He thinks all companies above a certain size should have to offer employees 401(k)s or alternative retirement-savings options. (Starting next year, employers that establish new 401(k) plans will be required to automatically enroll workers in those plans. There is still no obligation, however, to actually provide the plans themselves.)

Other countries go further. Australia’s Superannuation Guarantee requires companies to contribute the equivalent of 11 percent of an employee’s monthly pay to an investment account that is controlled by the worker, who can also put in additional money. The “Super,” as it is known, includes full-time and part-time workers and has proved to be enormously successful. With its relatively small population — just 27 million — Australia now has the world’s fourth-highest per capita contributions to a pension system, and almost 80 percent of its work force is covered. BlackRock’s Larry Fink says that “Australia’s experience with Supers could be a good model for American policymakers to study and build on.”

The desire to give less affluent Americans the chance to build a decent nest egg is one that is shared across ideological lines. That in itself is a big change from, say, the debate about health care reform, which bitterly divided liberals and conservatives. (It is worth recalling that the Affordable Care Act was enacted in 2010 without a single Republican vote.) In fact, concern about the retirement-savings shortfall has become a rare source of bipartisan cooperation in Washington, and it has also yielded some unlikely alliances.

A few years ago, Kevin Hassett, who was chairman of the White House’s Council of Economic Advisers for a portion of Donald Trump’s presidency, became familiar with Ghilarducci’s work and sent her, unsolicited, the draft of a paper he was writing about the retirement-savings gap. She replied enthusiastically, and he suggested that she write the paper with him. Their partnership eventually yielded a plan for helping lower- and middle-income Americans save for retirement.

The idea they hatched was to make the Thrift Savings Plan, a government-sponsored retirement program for federal employees and members of the uniformed services, open to all Americans. T.S.P., which in total assets is the largest defined-contribution program in the country, includes automatic enrollment and matching contributions from the government. A number of states now offer retirement-savings plans for people whose employers don’t provide 401(k)s, but none of these include matching contributions, which many experts believe are an important incentive for getting workers to set aside a portion of their own salaries.

Ghilarducci and Hassett think that only a federal program in which savings accounts of eligible workers are topped up with government money will significantly increase the participation and savings rates of low-income Americans. Their proposal is the basis for the Retirement Savings for Americans Act, a bill recently introduced by the U.S. senators John Hickenlooper and Thom Tillis and the U.S. representatives Terri Sewell and Lloyd Smucker. Two are Democrats; two are Republicans.

This past January, another bipartisan collaboration — between Alicia Munnell, who was an economist in the Clinton administration and who now serves as the director of Boston College’s Center for Retirement Research, and Andrew Biggs, a senior fellow at the American Enterprise Institute, a conservative think tank — published a paper calling for a reduction or an end to the 401(k) tax benefit.

Their research showed that it had not led to more participation in the program nor had it significantly increased the amount that Americans in the aggregate were saving for retirement. It was mostly just a giveaway to upper-income investors and a costly one at that. They estimated that it deprived the Treasury of almost $200 billion in revenue annually. They proposed reducing or even ending the tax-deferred status of 401(k)s and using the added revenue to shore up Social Security.

When I spoke to Biggs, he emphasized that he was not against 401(k)s. On balance, he thinks that they have worked well, and he also says that some of the criticism aimed at them is no longer valid. For instance, the do-it-yourself aspect is overstated: Most plans, for instance, now offer target-date funds, which automatically adjust your asset allocation depending on your age and goals, freeing you from having to continuously readjust your portfolio yourself. He acknowledges that rescinding the tax preferences could be tricky politically: The people who have chiefly benefited from them are also the people who write checks to campaigns. But he is confident that Americans can ultimately be persuaded to give up the tax advantages. “If we say to people, ‘Look, we can slash your Social Security benefits or increase your Social Security taxes, or we can reduce this useless subsidy that goes to rich people who don’t need the money’ — well, that’s a little more compelling.”

Hassett told me that his work with Ghilarducci does not represent any softening of his faith in the free market. Quite the opposite: He sees government intervention to boost retirement savings as a necessary step to preserving American capitalism. Hassett has been concerned for some time that the country is drifting toward socialism — the subject of his most recent book — and part of the reason is that too many Americans are economically marginalized and have come to feel that the system doesn’t work to their benefit.

“They feel disconnected, and they are disconnected,” Hassett says. Having the government help them save for retirement would be prudent. “It would give them more of a stake in the success of the free-enterprise system,” he says. “I think it’s important for long-run political stability that everybody gets a stake.”

Jen Forbus is not economically marginalized, but many in her community struggle. Lorain, a city of about 65,000 on the shore of Lake Erie, has never recovered from the loss of a Ford assembly plant and two steel plants. Around 28 percent of Lorain’s residents now live in poverty. By the grim standards of her area, Forbus is doing well. “I’m definitely privileged,” she says. Even so, she knows that despite her diligent saving and careful budgeting, there is a good chance that she will not be able to retire at 65. She dreads the prospect of having to remain in the labor market as an elderly person. “Something like waitressing — past a certain age, that’s really difficult,” she says. And she admits that she finds it jarring that even for someone like her, retirement may be an unachievable objective. “I do feel our system fails too many people,” she says.

Read by Malcolm Hillgartner

Narration produced by Tanya Pérez

Engineered by Steven Szczesniak

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