Users want a tool that calculates and compares the potential benefits of staying in a public school pension versus switching back to a private school with a 401k/403b match, factoring in social security and potential retirement savings.
Asking on behalf of an elder in my family whose financial situation me and his kids are alarmed by, and who we want to take to a fee-only certified financial planner pronto. He's a religious man in his 50s who has taught for 25 years in private schools, the last 15 of which were at a religious private school. He loved the kids, was surrounded by friends, was a department head in charge of a new MYP program. So he put up with piss poor pay (60k), major IRS issues due to school making them file their own taxes, and either had no access to or did not understand 401k/403b - aka zero retirement investment. Last fall he finally went to a public school which immediately offered him 100k for teaching with no departmental responsibilities, in a state where pensions vest after 5 years of work. His now adult kids were very relieved at the idea that in the future he could combine pension, social security, they could help him start a retirement account with higher salary, and he could hopefully also downsize house in the future to live off equity. Happy ending, right? NO. He's miserable in his new state job and feels like a cog in the wheel who cant actually benefit the kids he's teaching. So he's considering taking a job from his old private school again because they offered to match his current salary 🙃🙃🙃 His kids told me, their cousin, and I want to take him to a financial counselor so we can actually crunch the numbers at stake here (pension vs SS benefits vs 401k/403b matches vs IRA vs guaranteed wage increases, all to calculate how much you'd have to save in both situations to retire by different ages). What do you guys think? To me it seems cut and dry he should stay in public school or at least try a different public school. But his kids want to at least push his hand into SOME kind of better financial plan if he goes back to the old school.