Money- Retirement in the classroom

Use Pension to Pay Off Debt?

Dear Dave,
I'm 61 years old and just lost my job with the only company for which I've ever worked. I've got $120,000 in my retirement fund, but I owe $57,000 on my home and $8,000 on a car. Should I pay off my debts using my retirement savings?

- Peggy

Dear Peggy,
Your idea makes me a little nervous.....

Retirement in the Classroom

by Boomer Staff

It's no coincidence that just as older baby boomers are making plans to retire, many public schools across the country are struggling to find an adequate number of new teachers. Millions of boomers will call it quits in the next few years, and the voids they'll leave in classrooms from coast to coast are staggering.

The state of California will be among the hardest hit by this trend. Now entering its third decade of severe teacher shortages, schools on the west coast are facing particular deficiencies in the areas of math and science, along with career technical teachers. In fact, studies show that by 2017, over 33,000 math and science teachers will be needed there. To combat the problem, Governor Arnold Schwarzenegger has developed the Governor's EnCorps Teachers Program, an innovative public-private partnership dedicated to

meeting this challenge head-on.

The program relies on partners in the commercial sector, like Chevron, IBM, and Qualcomm, for example, to recruit, train, and prepare employees with math, science, or engineering degrees to pursue alternate careers as teachers. Various state universities are helping aspiring teachers attain their credentials.

This initiative is being developed and implemented by PrimeTime, the flagship program of the Sherry Lansing Foundation. It seeks to redefine retirement and address pressing social issues. The program encourages baby boomers nearing retirement age to continue working, specifically in positions that allow them to give back to society in a meaningful way.

The program hopes to get a quick jump-start by attracting a portion of the 11-million Californians who will retire in the next two years.