Delayed rewards of public service

I became a librarian for the money. (The power and fame are just a bonus.) Adreana Scussel

In this my last week of working a full time professional job, I've been cleaning out my office. Amazing what those old files hold. Two little gems were this paystub and teaching contract from my early teaching days. And yes, this was a monthly paycheck - not semimonthly...

The pay rate above - $17,605 - included 5 days of extended contract and reflected 5 years of teaching experience and a masters degree. Let's just say, the Mercedes and mansion were a bit beyond my 31-year-old fiscal reach. My salary did improve when I started teaching for overseas schools and later when I became an administrator. But like many, if not most educators, money was something to live on, not a means of determining one's self-worth or keeping score.

As I look at what I will have to live on in retirement, I have developed a new appreciation for the deduction in that early check labeled IPERS. It stands for Iowa Public Employees Retirement System. While I will not be withdrawing from it, I will certainly be happy to take the payments by its Minnesota cousin, TRA - Teachers Retirement Association.

Public employees, not just teachers, have made a deal. We get paid less during our working years than we may have made in the private sector and in return, we will be guaranteed a pension after retirement. For those of us who have always tended to enjoy spending more than savings, that was a smart deal. 

Sadly, fixed pensions seem to be going the way of the dodo bird. My children will be far more responsible for saving independently for their retirement than I ever was. And given the poor role model of their father, this may be a challenge. 

Anyway, once again it has been dumb luck, not intelligence or good planning, that is giving me a happy life. I hope it continues into retirement.