Let’s take me for instance, I started teaching in 2014 at age 27 and have put in 8 years of pensionable service so far (I took a year off). For me to qualify for an unreduced pension I’ll have to teach until 2044. That’ll be 29 years of service and I’ll be 57.
In todays dollars a teacher at the top of the salary grid makes $103,000 so essentially by the formula my pension would be about $48,000 in todays dollars if I choose to retire then (47% of salary). I wouldn’t be eligible for CPP yet but I also can’t see myself subbing after I retire, when I’m done, I’m done. So for a few years between 57 and 65 I’ll have to rely on other investments because 48k a year likely won’t cut it with 23 and 20 year old kids.
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