My College is offering an Incentive to Retire to senior faculty (like me) in hopes of reducing the overhead of the organization. The College is struggling, as most colleges and universities are, with declining enrollments and steadily increasing costs. In December 2015, the College offered an incentive and 49 faculty members accepted it. The average Incentive was around $50,000. I considered the offer, but I wasn’t ready to put down my chalk and laser pointer yet. But this Incentive is rumored to be more money–and probably the last Incentive for a long long time since the College is running on fumes financially. Diane says she’ll go along with whatever decision I decide on, but I have a feeling she’d like me to be retired like she is. In fact, Diane will begin her 13th year of retirement in September. Astonishing! My original plan was to continue to teach until I turned 70, then retire and collect Social Security and my New York State Teacher’s pension. But now this Retirement Incentive and Social Security Spousal Benefits have changed the equation. As The Clash asks: “Should I Stay Or Should I Go?”
I know people who stayed and then died before they saw a penny of their pensions when they finally limped away from their jobs! GO!!! It’s not like you need the money! GO!!!
Bob, don’t sugar-coat your advice. On a serious note, I saw General Motors workers die six months after they retired. Something to think about…
I truly believe that every man woman & child in this great land of ours should be retired.
That’s my platform, I hope Ic an count on your vote in November.
Dan, that’s all well and good but can you make America Great Again?
I’ve known a few people who took early retirement–generally because, like you, there was a lump-sum financial incentive–and my advice is BE SURE YOU HAVE HOBBIES AND INTERESTS TO KEEP YOU ENGAGED. I know this will not be a problem for you, but I’ve seen a couple of people who really floundered because they didn’t seem to have prepared for filling their days after ceasing “the eight-to-five grind”. And, at the risk of being sexist, it was the men who seemed to struggle with this more than the women.
Because I had my kids so late in life and because I essentially went on a “mommy track” jobwise after my kids were born and because my youngest two are heading to college in the fall, I will be working for the foreseeable future.
Deb, you’re right. I’ve seen both men and women struggle with retirement because work was their whole life. One woman who was “forced” to retire by her boss was unhappy for years until she became an ordained minister in the Lutheran Church.
Retire. Those big fat books won’t wait forever.
Besides, you can always keep your hat in the ring by teaching at a local community center or elsewhere. That way you can work at your own pace while having the best of both worlds.
Jerry, you’re right about the siren call of Big Fat Books!
BTW, that’s a good picture of you, although I never knew you wore spats.
Jerry, I like the retro look in fashion!
I’ve never regretted my own decision to take a retirement incentive, and that was 14 years ago. Amazing. It seems more like a few months. Time flies when you’re a geezer.
Bill, Diane will start her 13th year of retirement in September. And, as you say, it seems like yesterday. Diane doesn’t have any regrets about retirement. She was more than ready to go. Plus, her school district gave her an Incentive to retire, too!
George, it’s all been said in the previous comments!
Just let me add (I’m speaking from experience, being 73 now) – nobody is getting healthier with age and I can count myself being lucky to have done a lot of travelling, taking my “new” wife to the Canary islands and to the USA – from NYC to the Grand Canyon and even to Canada (Niagara Falls).
Now, a few years later we have reduced our travelling – and other activities too.
So, retire and do whatever you’d like to do – before it’s too late! Everything gets more difficult with age, some things just are no longer possible …
Wolf, my reluctance results from the fact that I can still do my job well. If I thought I was losing my ability to teach, I’d retire immediately. The second reason is that my College probably won’t replace me with another qualified, full-time professor. They will save money by hiring part-time instructors. Some are good, some are not. My students who already registered for my classes in the Fall Semester will be very disappointed if I don’t show up.
Like you, I’m astonished when I think that Jackie (like Diane) has been retired for 12 years already. What can I say but to echo everyone else, TAKE IT AND RUN!
We;d thought it was probably time to retire even without the incentive but with it, it’s a no-brainer. Believe me, once you do it you’ll wonder how you had time to work before. And how much more money do you need anyway? We’ve never regretted it for a single day, and unlike so many others, Jackie has never felt the urge to go back to work. (To be strictly honest, she did “help out” her friend Lola at her school, mostly with scheduling, for several weeks in the summer for a few years, but made it clear it was scheduling only and no interaction with the kids. And the extra few thousand a year made a nice transition.)
Take the money & run on those titanium knees!
Jackie votes YES too. She said it is better to go out on top when you are still enjoying what you’re doing. Also, do you want to be surrounded by kids?
You can travel more, and whenever you want to. You can get out of Buffalo in the winter! Come to Florida.
You can stay longer in New Orleans.
If the urge strikes you, you can pick up and visit Boston or Albuquerque, or D. C. or Toronto, or San Francisco.
Jeff, tell Jackie I will consider her advice. I like the idea of leaving while I’m on the top of my game. I don’t want to be That Guy that students and staff say, “He should have retired years ago.”
Jeff is right, George!
As you wrote, you might still continue part time or whatever.
Don’t get me wrong:
I’m not worried about your ability to still teach – I’m worried about you doing other things you might enjoy like travelling. And in addition (though I don’t want to scare you …) I’ve seen a lot of my friends suddenly get into health difficulties – after which they just weren’t the same.
Just remember how people of 60 or 70 years looked to you when you were young – it’s a sign of the medical progress we’ve made that at 70 you can still enjoy life at its fullest (and for me and my wife that includes sex …) so take the opportunity!
Wolf, I find your arguments compelling! I’m starting to lean toward your position.
I retired early, had 4 years until I got a pension, but I immediately got a part time job in a bookstore, and had my book business and savings. And within a year of my retiring, my mom fell and broke her hip. I was glad I was free to help my folks. I was ok financially, basically due to having paid off my house. Things got tight about 6 years ago until I got Medicare, but I still never regretted it.
You have so many interests, you won’t be bored. Are there part time opportunities, or could you tutor? That may help you ease out of it. I understand you wanting to stay for the kids who signed up for your classes, maybe you could do something informally with those who want it once a week. Maybe at a restaurant or library.
Maggie, as you know, I have plenty of interests to keep me busy in Retirement. I still enjoy teaching so that’s a sticking point. But, on the other hand, I don’t want to stay at the Party too long. I don’t want to be That Guy.
RETIRE!!
Enjoy life. You’ve left a wonderful legacy. This incentive is God’s way of saying “Now is the time, George.”
And I’m green with envy.
Beth, be green with envy if the College gives me a nice, large Incentive check to Retire. Of course, part of that will pay for our dinner in New Orleans!
The first two questions you need to ask and answer are: (1) What % of my current take home will I have if I retire (not counting the retirement incentive bonus)? (2) What (how comprehensive) will my medical coverage be and is it affordable? If the answers are (1) 85% or better and (2) as good as I have now and I can afford it, then no question, you should take the incentive and retire.
But you know all of this yourself, I believe you’re asking us just to get affirmation of what you already plan to do, which is to retire. I asked a lot of people before I retired, I was scared I might not have enough to live comfortably (remember I was a bachelor at the time) but there was plenty, as it turned out. One more thing: your life won’t revolve around someone else’s schedule any more (unless it’s Diane’s).
So, congrats, soon to be retired guy.
Rick, since the College hasn’t released any details about the Incentive (other than there will be one) I’m still exploring the notion of retiring. Since it’s unanimous on this blog that I should retire, I’ll factor that into my decision.
No decision u till you know the hard facts.
Rick, the College bureaucracy will take weeks to roll out “the facts” of the Incentive offer. I promise to crunch the numbers and see what happens.
George, of course all that advice from your friends here is really selfish …
They just want you to retire in the hope of seeing more of your brilliant little pieces here. 🙂
Just do it!
You and your wife won’t regret it!
TAKE THE MONEY AND RUN! YOU WILL DROP DEAD IN THE CLASSROOM! I had a gall bladder attack in the classroom-and that was my incentive. Our early retirement incentive was to get out after notification of three years before. Now that was a tough decision. Knowing three years it would be over. BUT, after I retired full time, they had be stay around as a senior adjunct for SEVEN more years! Then that was it.
James, your story has a familiar ring. One of my colleagues was offered an Incentive to retire in December 2015. He actually had his Retirement paperwork filled out when he suddenly changed his mind. Last month, on his way out the door to teach a class, he collapsed with a burst aorta. It gives one pause…
I like the cliches here: Go out on top, and no one every lay on their death bed and said they wished they’d spent more time at the office. If you can swing it financially, embrace the next phase of your life. My guess is your fall students may be disappointed but happy for you as well. Sounds like you’re in a great position, one that most of us don’t get. Embrace it, man.
On the other hand, back in the day I knew two guys who took buyouts from the railroad, snorted it all up their respective noses, and now have nothing. So don’t do it that way. One of them’s dead now, anyway. Like Robin Williams said, “Cocaine is God’s way of letting you know you have too much money.”
Did I digress a bit? The more you let your work define yourself, the harder a decision like this is. I’m sure you know that. You’re more than a teacher, though, and you always need to remember that.
Rick, we are what we do. I’ve been teaching for over 35 years and I loved it. Yes, there are some tedious parts–correcting exams, research papers, bureaucratic paperwork, unbalanced students, etc.–but 95% of the job is great. Even if I decide to take this Retirement Incentive, it will be had to give up such a great gig!
And who am I to lecture anybody? Ultimately, you do what makes you happy. I know my dad was terrified of retiring because of whatever statistic is out there that says x number of people die within five years of retiring. He actually kept newspaper clippings of his friends obituaries. And then, when he finally did retire, he lived for another ten or eleven years (smoking and booze got him).
Anyway, good luck with the decision, George….
Rick, no smoking or booze (other than a daily glass of red wine–doctor’s orders) here. My Mom is 88 and in fine physical shape for that age (but she has Alzheimer’s) so I have that going for me in terms of longevity. It’s just hard to give up a job you like and that you’re good at. I could teach another four years or so but by then it would be definitely time to retire.
It sounds really wrenching but with all the changes, with people going and the levels of stress associated with it all, if it were me (and it isn’t), then I would probably go and look forward to the next phase of my life. Buona fortuna 🙂
Sergio, thanks for the sensibleness advice. As soon as the offer is revealed, I’ll start the decision process.
George, I can see why this is such a tough decision for you, especially when you are so passionate about teaching and equally concerned about your students’ welfare. In India, public sector institutes and companies offer VRS (voluntary retirement scheme) to bring down overheads. I know a couple of people in their forties and fifties who accepted it and promptly got consultancy jobs in the private sector, and pretty lucrative ones too. All the best to you.
Prashant, I’m happy with teaching but I could be equally happy retired and reading Big Fat Books. We’ll see what deal the College offers me.
I echo what most people have suggested as I took early retirement and it was one of the best decisions I ever made. However, the advice I give anyone who asks is to make sure it’s the “right” time for you. And you are the only one who can determine that. In my case, the package being offered was an incentive because like you it likely was the last one to be offered for years. More importantly I had many interests outside my work and had just been offered the opportunity to write a sports column a couple of times a week for a daily newspaper.
Kent, this looks like the last Incentive my College will offer for a long long time. The money would be nice, but I still like doing my job. But I’ll listen to the offer and consult with my wife before I make any decision.
George – if the incentive is good, retirement money is good, and healthcare is good, you would be crazy to pass it up. If those three are not fight, it would be a coin toss. I lie to think retirement will be good but it’s not happening anytime soon for me
Scott, thanks for your sound advice! Clearly, the key is the healthcare I’d be receiving under this Incentive plan. The money will be nice, but health care is the key provision.