When Gen X teachers retire
This past summer break I had the opportunity to have a lunch reunion with former colleagues I used to work with in the 1990s. They've since retired and enjoying the freedom of travel, grandparenting and sleeping in. Unlike my former colleagues, who stayed in public education for the duration of their education careers, I don't have the certainty of a state pension. I chose the life-path of a self-initiated expatriate (SIE), so financial security has been totally on me.
Reflecting on the realities of Ageism, coupled with the retirement statistics for my generation (Generation X On The Brink: The Stark Reality Of Their Grim Retirement Outlook )- I'm wondering is my morning coffee an indulgence!
I recently had a conversation with a financial advisor who recommended that retirement investments should project to age 100, hence the retirement pot, factoring in inflation .... let's just say... Gen Xer, you're going to need a lot of money!
During my summer vacation (yes, it was a busy time) I visited a dear uncle who is 93. He retired from a long career in education at the age of 60. As he told me, his thinking was, “Oh I’m probably going to be dead by the time I'm 65, so I'll enjoy some work-free years." He did not factor in longevity.
If you've read The Hundred Year Life, our generation needs to learn skills that are in demand as a way to adapt to economic changes.
What are the ways in which Gen X teachers can pivot from teaching?
...Assuming that they still have the health and drive after demanding careers in education!
A very popular YouTube video, boasting 20 000 views offers an answer to this question The #1 Best Career for Former Teachers in 2023. But if instructional design is not for you, you might want to try something from the selection below.
When I posed this question to ChatGPT, "How can teachers pivot from teaching?" I got:
e-learning
tech support
blogging
start a YouTube channel
work with advocacy groups
tutoring
leverage transferable skills
With a little help from regular LinkedIn contributors, there might be help for Gen X teachers looking to reinvent their retirement years.
Rachael Roberts shares entrepreneurial advice for the educator in clear teacher language on her YouTube channel earnlearnthrive.
Nicola Prentis ?? offers financial advice to teachers. Her courses are tailor-made for educators.
Instructors, educators, teachers - are you ready to re-purpose your retirement years?
Such a relevant post, Shifa! Retirement looks very different, indeed, in the face of longevity. Thanks for sharing your thoughts. Shifa Desai
Assistant Manager - Learning Technology at Higher Colleges of Technology
1 年Our parents followed a clear path in life: - They would find a career and stayed in it. - They bought a house early in life and when they moved it was to a better house within the same country, - They took their accumulated possessions with them. - They built up a pension and then in their 60s they retired and lived off their pension in the same house they had lived in for years with the possessions that they had accumulated over their lifetimes. Our generation's life journey is far less of a straight line. - We change jobs more often and not just jobs often careers, - We move around a lot more often internationally. - We sell up each time we move and start again. - We don't have company pensions, not even state pensions - We are realiant on what we have put aside and with the recklessness of youth we probably started too late. Things are going to get more uncertain with the rise of the gig economy, free lancers and agency workers who live their lives in the absence of permanent contracts and company benefits like pensions, sick leave and paid vacations. There is a word for this new and growing class of people: the precariat. https://www.weforum.org/agenda/2016/11/precariat-global-class-rise-of-populism/
a Delta-certified freelance online teacher
1 年Actually, I am starting classes at a local community college with a goal to obtain an AA in paralegal studies in January 2023. As much as I love teaching and creating language development material, this business is not sustainable at all. I wish I could teach abroad, but that means I have to leave Joe and Acel behind.
I work with freelance language teaching professionals to fully monetise your skills and experience so you can transform your life and those of your clients, through my deep dive programme, Designed to Flourish.
1 年Thanks so much for the mention, Shifa. Definitely helping people create enough money through their business that they can also be planning for retirement is important. Very often people tell me they make enough to get by and that's fine... but not if you have 30 years of retirement, right?
Teaching people in ELT how to make money doing (almost) nothing. ?? I create and run online courses about investing ?? and making your money work for you instead of the other way around.?? Investing ? Money ? Finance ?
1 年It’s pretty sobering to think of planning until age 100! Very interesting post and at least the longevity factor means we definitely haven’t started investing too late at our age as we’ve plenty of years for compound interest to work!