<p>–Usually teacher retirements require contributions; does yours? If so, then do they think that they can just keep the contributions? That doesn’t sound right.</p>
<p>Yes, you’re right, we do contribute, and we get that back, but it’s not very much and the interest paid has been abysmal. Maybe $50,000 after working 30 years. It’s hard to complain about this great pension benefit we get after only contributing that amount of money, but on the other hand, most people stay in a lower paying job knowing the pension is one of the perks. We planned on my husband working another six or so years past his eligibility to retire and so bought term life to cover that time, but I’m not sure how many people with pensions understand about pensions enough to buy a term policy at a young age while it’s cheap.</p>
<p>Would your husband have life insurance & accident insurance? You just need a few years to bridge the gap. I maxed out the insurance sponsored by my company. My wife and kids are fully covered if something happens to me.</p>
<p>Just as Emilybee and Zoosermom have said, in our case if my husband were to die I would get a 3x yearly pay lump sum payment and we have $250,000 is additional life insurance. But there would be no health coverage and the $250,000 plus 3 year lump sum payment wouldn’t be anywhere close to half salary a year for the rest of our lives and Heath insurance. We could see how much a larger short term life insurance plan would cost, for the college years, but then again no health insurance (an excellent plan) if husband died.</p>
<p>Like I said our house and all major bills will be payed off by the time he could retire, and we could live on our income at that point, but we don’t have a ton saved for college and cutting husbands salary in half would not be great. We won’t get any need based aid either way. </p>
<p>I guess I just feel a sense of security knowing the pension and health insurance would be there, a constant, no matter what. I also know that’s illogical if we purchased a large life insurance policy where I could purchase my own health insurance and live comfortably. But just the thought of losing my husband and then managing purchasing health insurance, managing retirement funds, etc all at once makes my head spin! One reason husband took this job was for the benefits, during and after employment. He also loves it, which helps! </p>
<p>Husband is also perfectly fine with finding another job after retirement. He’s the type that needs to work. He’s even thought of going back to school now, at the local CC, to get a degree as a Vet Tech! And then working for a friend that is a Vet, and has already said he’d gladly hire him! It’s not a lot of money, but every cent could probably go to the girls college. My husband has two degrees in Environmental Science but is afraid his middle aged brain has turned to mush!</p>
<p>cutting husbands salary in half would not be great</p>
<p>right. So, how much would it cost to get a very large insurance policy on him? Certainly it would cost less than half his salary? right? </p>
<p>or have him retire, once he finds a new job. It’s always easier to find a job when you HAVE a job. I wouldn’t have him retire first, and then look. Look while employed.</p>