When it comes to teacher and administrator salaries, many people speculate that their income salary is on the lower end of the pay scale. Some people may not be aware of how much teachers actually make from the day they start to the day they retire.
Any first-year teacher at a school may not make much, but throughout the years their salaries may increase. According to the different salaries in Illinois, a starting salary for a teacher can start as low as $38,872.00. By the time they retire, they make as much as $143,471.00 depending on their district.
If a teacher wants to receive full benefits, they must retire at the age of 67 and have a minimum of 10 years of service credits. Teachers may retire as young as 62 with a minimum of 10 years of service credits, but for each year under the age of 67, their pension will reduce by six percent.
“A pension plan is a retirement plan that requires an employer to make contributions to pool of funds set aside for worker’s future benefit,” Investopedia employee Julia Kagan said.
Illinois teachers are required to pay 9.4 percent of their salary into the retirement system, but over the years, school districts begin to pay the teachers depending on what they deserve and when they choose to retire.
Many people may choose teaching not because of how much they are compensated at the start of their career, but because of the passion to educate, the retirement benefits and insurance provided to them.
Follow the timeline of a hypothetical, new teacher’s salary in 10 districts across Lake County. As the years pass, degrees are earned and money is made. The average career outline of a teacher looks like the following; start with a Bachelor’s degree over a fifteen-year period and over time, a teacher earns their Master’s degree. Lastly, as time goes on, a raise eventually works its way to the teacher’s salary. To navigate the storylines, just click on the points of each graph, this will show a new achievement that has been accomplished and the salary that comes along with it.
Mundelin- District 120