How will this affect our music programs? Certainly, there are music teachers among those eligible who will make the choice to “get out while the gettin’ is good!” I only hope they have studied the facts and make a wise decision about their future. The loss of the experienced and seasoned music teachers of Alabama due to “earlier than planned” retirement because of this financial fiasco could be detrimental to many programs. Will there be enough time for administrators to find adequate replacements? The time frame could leave many programs without a music teacher for a period of time. Will the CFO’s take this opportunity to cut more music programs? This is serious stuff!
When the revolving doors start moving and the hiring process begins, will programs be able to find the best person for the job? Teachers are already under contract for this year and may find themselves at odds with their local school system if they are interested in filling one of the new vacancies. Much wisdom is needed in this time of adjustment and I can only hope that there will be adjustments and allowances that will enable the music programs to continue to thrive during
this pruning process. My encouragement is in knowing that after pruning…new growth takes place. I have hope that the growth will be in the right direction for the music programs of Alabama. If you are vested with 25 years or more of service, you need to contact the RSA immediately to find out your options about retirement. You aren’t required to retire, but you need to look at the whole picture. You may not be ready to retire, but you need to know the facts so you know you have had the opportunity to make the best decision for you and your family. Time is short…so if you haven’t started looking at the problem, it would be in your best interest to start right now!
Step One: Determine your situation (years of service,age)
Step Two: Contact RSA and look at your options if you retire under the current system. Ask about your options under the new system and compare with how long you plan to teach.
Step Three: Make long term projections for your financial security. Make an Excel file and calculate your income and what it will cost you to live on for the
next 20 years…30 years…40 years. Consider that your insurance through PEEHIP is only good until age 65, then Medicare/ Obamacare will take over in its place. Remember, inflation is between 3-4% per year so include a projection that allows for that each year. Your retirement check will be reduced by Federal Income tax withholdings and insurance costs and any other deductions you choose. You no longer will pay state income tax, or FICA.
Step Four: Look at your income from Social Security and the options you will have with that program…hoping it is still there when you become eligible.
Step Five: Talk to a financial planner/ advisor to help you with any questions you have.
Step Six: Make a wise decision based on a few questions like: “Can I afford to retire?” “Am I ready to retire?”
“What can I do during my retirement
years?” “Will I need to work in my retirement years? If so, what are my options?”
Step Seven: If you decide to retire, make sure you meet the deadline of November 1 to get your paperwork to the Retirement System of Alabama to retire by December 1, 2011 or you will miss the opportunity to retire with your best benefit package.
Finally, do not be afraid to contact your state senator and representatives and express your concerns and interests. If you don’t communicate with them…they will not know how you feel. Many of the parents of students we teach are unaware of the serious nature of this time we are experiencing regarding education funding. Tell them what is going on and ask them to help.
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