There comes a time near the end of a long career in teaching when the question of retirement needs to be addressed. For most people who have dedicated much of their working life to education, the decision is not made lightly. Those of us on the NSTA Retired Members Advisory Board (NSTAR Board) remember the process well and want to share our combined experience with you to help focus your thinking.

Can I Afford to Retire?

Before you can answer this important question, you must first do your homework:

• Find out if your State Teacher Retirement System has a plan whereby you can buy extra years to add to your total years in service. Buy into the plan, if it is a good one, as early as possible.
• If you have taught in other states or districts, request files and information to support the fact that you worked there. This can sometimes take a long time, so start early.
• Find out if your district has a program to assist teachers in making the transition to retired status. This may be the responsibility of someone in the district office, or the teachers union or association may have a program. If one isn't available, ask a friend who has gone through the process to assist you.
• Check to see whether your district has a plan to pay for unused sick leave you may have accrued.
• Make an appointment to speak with a representative from your State Teacher Retirement System to learn what you are entitled to receive every month. The intricacies of every state are different. Go to that meeting with as much information as you can regarding your years of service and annual salary, as well as your salary for part-time work such as substituting and home-bound tutoring.
• Check out what insurance programs are offered by your State Retirement System and how much they will cost. Then compare the cost with what you can get elsewhere.
• Some districts continue to help with health insurance for retirees until they reach the age for Medicare. Find out if your district has such a program.
• Check your Social Security System records to find out if you are entitled to receive payments and, if so, approximately how much. Some states don't give the option of Social Security to teachers but may allow for participation in Medicare. Find out what you'll need to do to ensure that you will receive these benefits.
• Check out how retirement income will be taxed.
• Find out how many days per year retired teachers can work in public schools in your state. Some states allow 75 days and others allow 100 days.
• Consult with a financial planner about your financial future.

Once you have all the information you need, compare living expenses while working and in retirement. Many times when people factor in costs for clothing, transportation, and all the other costs involved with their jobs, and then compare their actual working salary after taxes with what they will receive for retirement income after taxes, they learn that they are currently working very hard but making only a small stipend.

What Are The Things I Want To Do With My Life During Retirement?

Make a list of all the things you would like to pursue that you haven't yet been able to do to your satisfaction. After each item, put a "$" sign if it will cost money or a "T" if it will just take time. One recent retiree's list included:

• Time with extended family, grandchildren and aging parents
• Time for the pursuit of many hobbies and interests
• Travel
• Time to reflect

Most people find that there are more things with a T than there are with $ signs.

Should I Continue to Teach?

Some people feel that they want to continue to teach full-time for a variety of reasons regardless of the amount of money they make above what they would receive as a retiree. Others decide to settle for part-time work in public schools up to the time their state allows. And still others opt for retirement and the opportunities it affords to set new goals, have new experiences, start a new career, or simply enjoy more relaxation within a more flexible schedule.

Personal reflection is important as you near the end of your teaching career. Be in tune with yourself to know when it's time to go. You may sense that your energy is waning or that you aren't getting as much out of your daily experiences as you once did. If that is the case, you may want to begin the process of transitioning from the teacher you were to the person you will become in what can be one of the most rewarding and exciting periods of your life. Retirement for many people becomes an extraordinary gift of time.

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Editor's Note: Be sure to check back in coming weeks for the NSTAR Board's next column, "What To Expect As You Prepare for Retirement."