Even if you are new to teaching, you need to plan for your retirement. There are steps to take throughout your career to prepare--be it for your financial security, or your retirement dreams. Having knowledge of the retirement process and options helps you avoid the surprises that could interfere with your retirement goals.
Planning for retirement should begin the day you begin working. NEA has a video with general ideas to consider when planning for retirement. Click here to watch the video.
The Maine Education Association together with the Maine Education Association-Retired sponsor Pre-Retirement Seminars throughout the state and year. The seminars inform MEA members who intend to retire within the next 5 years of their retirement options. To attend one of the Pre-Retirement Seminars you must be a member of MEA and pre-register. Visit the MEA Pre-retirement Seminar webpage here for dates and locations. Register early!
The Retirement Process
Once you know you are going to retire within a year, you need to begin the retirement process by contacting MainePERS (Maine Public Employees Retirement System) to get an estimate of your earnings and complete your retirement application paperwork. They conduct Retirement Planning Sessions for Teacher Members where they explain the benefit payment options, how benefits are paid, and provide Staff assistance in filling out the retirement application. Visit their teacher member webpage for information on how to get an estimate of your earnings and for the MainePERS Retirement Planning Sessions schedule. These sessions often fill up quickly, so sign up as soon as you decide to start the retirement process. MainePERS links for details about teacher member benefit information, benefit options and retirement forms can be found here.