Originally published on Tue December 9, 2014 11:27 am
Retirement for baby boomers will look different than it did for their parents — Americans are living longer, health care costs more, fewer people have pensions today, and many people facing retirement haven't saved much.
All of that makes managing the nest egg you do have even more vital. But many people need and want guidance on what they should do to make sure their retirement savings last.
The Teachers’ Retirement System of Louisiana reported earlier this month that the number of its members retiring from jobs in K-12 education jumped by more than 25 percent last year. The spike came after the legislature passed changes to the way teachers are evaluated, compensated and awarded tenure.
The retirement system’s figures include people retiring from food service, and other non-classroom jobs. And State Superintendent John White says the figures are misleading.
He says the number of teachers leaving the classroom for any reason – including promotion to administrative positions – has in fact remained steady at around 12 percent over the past three years.