- April 22, 2024
- Posted by: legaleseblogger
- Category: Related News
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Financial Situation:
I currently work in a public school and make $65,000 a year in a medium-high cost of living area. My husband is a federal employee earning about $75,000, with expectations of reaching $90,000 next year due to a promotion. Our monthly mortgage payment is approximately $2,100. Despite our financial responsibilities, we are fortunate to have access to excellent healthcare with minimal premiums for myself and our son, although unfortunately, my husband is not covered under our plan.
Career Considerations:
I am enrolled in the Public Service Loan Forgiveness program, with approximately 7 years remaining until completion. While I am aware that I could potentially earn a higher salary in the private sector, I am contemplating the benefits of remaining in my current position. These include the stability of healthcare coverage, as well as the perk of having summers off. I have the opportunity to increase my earnings slightly by teaching summer school, but I am undecided on whether or not to pursue this option. Ultimately, my salary in this role has a potential cap of just over $100,000.
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I look at the total compensation package. Pensions are valuable. Compare annuity prices to figure out what a potential pension is worth. I work for the government for a pension. But a pension is really only worth it if you work there a long time and retire there (in most cases).
You can easily put a price on those things. Unique things like summers off is the much more intriguing piece.
Summers off and you’ve got kids? I would absolutely stay for that reason alone!!
My wife is a teacher too and our financial situations are basically the same (except I have a more expensive mortgage than you do).
There should not really be a need for you to make more money. We save like $5k in daycare costs over the summer by my wife being home, plus it’s a better situation for the kids. The healthcare is great, plus I like that in retirement we will have both pension income as well as my 401k.
Capping out at $100k is pretty good as well. That number ends up being inflation adjusted in reality since the contracts get renegotiated every few years.
I don’t think it’s worth making a change, at least for financial reasons
I know it’s different for everyone, but for me it’s in the following order for importance.
Stress > salary > health insurance > retirement.
I’m on my own for retirement, we save enough that my HSA covers most high deductible plans for 3+ years right now, we make enough money to survive and thrive, so now it’s less money for less stress.
Love my job though, and don’t really want to leave it at all!
I stay at my current role because I get 4% match in a 403b (basically same thing as 401k) and a 3% match for a 401a. I get an HSA which my employer also contributes to. So basically I get like 10% free money on top of my current salary. I could make a tiny bit more at one of my competitors (who I’ve worked for before), but they only offer a 3% 401k match.
I would definitely stick it out until the kid is old enough to be home alone during the summer. After that, you could look at better paying positions but you would have to consider the entire compensation package. The last thing you want is to get a significant raise but then spend all of it trying to maintain the same level of health coverage and retirement contributions…. For a more stressful job that doesn’t give you the summers off.
I’ve been staying in my job in the public sector because the healthcare and pension are bananas compared to what I could get in private industry. I have been there 7 years and I’m struggling with staying or going because things are not exactly amazing at the moment. The struggle is absolutely real.
Big as you get older. Now that I’m well into middle age, I would love to move to a government role and get PSLF, good benefits and a pension. My private company salary is good but those benefits are basically non-existent. But I have a life built off my current net salary and I can’t take a salary cut any time soon. Hopefully in 5 years
Having my health care premiums covered is a major bonus of working for my district. I made much less as a private school teacher.
Pretty huge on the big picture. I have a pension and a medical pension, and my higher rate of earning (HCOL $180k-250k) in the private sector allows me to save for the gap to both my 401k access, and Medicare. I work a veritable sh***on of overtime, and I’m in a STEM trade, so I mean, as far as how “good” my job is, I think it’s pretty fantastic. I spent 20 years toiling in blue collar jobs for a pittance and had $11k saved at 38yo, so to be here now is pretty mind blowing.
I’m not in your line of work, but let me share an anecdote
A while ago, I took a $15,000 pay cut (on paper) that ended up being a slightly higher paying job because they covered all my health insurance stuff. Fully employer paid for me and any future spouse and dependent(s). It’s great insurance too.
I’m not saying stay there forever. Burnout in public schools is huge and you have to look out for your mental health first (though I hope you can stay to get your PSLF done). I’m just saying, even a raise might not be a raise once you consider new healthcare costs, not to mention a potentially worse work environment (or, flip side, a better one!)
I agree with the commenter who prioritized as
Stress > salary > health insurance > retirement. Maybe I’d add in stress > PSLF > salary > health insurance > retirement, because student loans can be way more than your salary so getting forgiveness is a huge value add.
I would definitely make more in the private sector (currently making just over $50k in a HCOL area), but the PSLF and damn good health insurance are why I’m staying. Plus I’m only in an entry level role, so I won’t be making $50k forever (I hope).
I feel like when you are young, pension and 401k’s are not a huge deal but believe me its inevitable you will grow older and your concerns will gravitate towards healthcare cost and retirement savings. My husband (toiled) in a blue collar job for thirty years rose up through the ranks and makes 185,000 a year now and has a very nice pension and valic retirement fund. Healthcare is very important 30 years ago
When my husband and I got married never would we have imagined that I would have to leave the workforce for a chronic pain disorder but that did indeed happen and healthcare was essential for numerous MRI , Cat scans, specialists you name and if we had not had the good healthcare plan his blue collar government job supplied we would have been screwed.
zero – you can make up for all of that with increased wages. It makes no impact I’ve never even thought of it really
401K march is important, it’s effectively equivalent to salary. Like a 4% raise in my case.
Health insurance I’ve found comparable across most medium to large companies so it’s not a big factor
My dad is a teacher.
He moved from a university where his retirement is fully funded annuity and nearly free Healthcare for the entire family to a different school where he made 15-20k more every year, but they take a mandatory 7% of his salary for retirement (and the survivor benefits are basically non-existent if anything happens to him) and nearly 1k a month for health insurance since my mom’s job “insurance” covers almost nothing. My parents lost so much available capital for an on paper pay raise that doesn’t cover the benefits they had at the university at lower pay.
You need to understand and calculate the value of all benefits you receive and what the costs are to have similar benefit levels should you change to the private sector.
Total $ value matters most. That being said, you can’t put a price on summers off.