[USER]

I am inheriting almost 3 million dollars. I am 51, and I am 9 years away from a full pension as a teacher. I currently make $100,000/yr.

If you were me, would you:

A-quit your job
B-wait it out until 60 and retire w full pension
C-just quit now, work a job to get social security credits, and wait to collect pension at 60

I am at a total crossroads. I used to love my job until about 3 wks ago.

[Virginia]

I would plan a fun trip for this summer and go for Plan B.
If you loved your job up until three weeks ago, you sound like a teacher who makes a difference in students’ lives.

The US needs great teachers. Your community pays well.

[Beaulac]

If you inherited that money in High cost of living area you will have to stay, in a low cost area, retire today!

[Sofia]

Inheriting that amount is a huge opportunity. Given you’re 9 years from full pension, waiting it out (option B) often makes financial sense—pension plus the inheritance creates a very strong base.

Quitting now (option A) risks losing pension benefits, which are valuable.

Option C can work if you want social security credits but still keep some income, though it may be less stable.

[Noah]

I’m quitting and putting that in solid investment funds and living out my days until I get bored and working again part time or volunteering. Why wait

[Haley]

If you loved up to 3 weeks ago, maybe give it the summer break and see how you feel after the reset time. But it’s important to think about what you will do with your time without your teaching job.

I am technically at FI and I teach part time at a community college now.

I taught high school previously but with two young kids I wanted more time with them than a full teaching load allows.

I would honestly do this job if I didn’t get paid anything because it gives me purpose and I truly love teaching.

So, find your joy and purpose because cutting everything cold turkey, whether now or at retirement, is a huge shift in meaning and purpose in life.

It might not be teaching, but it’s important to really dive into what it is.

I would guess that going from teaching to nothing will be a huge relief, but also a huge void.

[Bren]

Option B. I would continue to live my life the way I was. With that money it’s gonna make you feel less stress.

And it would make you find the joy from teaching again.

[Brett]

Quit. Live off 120k a year than collect what pension you have earned at 60. I’m 11 years out from my pension and $3 mil is my number.

If I had it now I would just go enjoy life

[Mohita]

B. If you love your job now, you will struggle with what to do when it’s gone.

Plus, health insurance

[Mohan]

You’re inheriting $3 mil and you’re worrying about a measly pension? As far as I’m concerned, you just inherited a pension.

Everything else from this point forward is just gravy

[Shawn]

I believe my district allows you to take a year off and still return to your teaching contract. I would seriously consider something like that.

There are some part time teaching contracts but they aren’t super common.

Since I work in the schools my initial reaction is get out while you can.

In Iowa you can still get pension credits for substitute teaching 1 day a quarter.

Look for options that keep the pension in place with less effort on your part.

[Frederick]

Well the 4% rule would put you at 120k. Life is not so cut and dry. You can find an in-between and continue working for 1-2 more years with knowing you now don’t have to.

You can take the year or 2 to figure out what you truly want to do.

Might take 3 months or a year and a half. So, I recommend take some time to figure out what direction you want to go, don’t make quick uncalculated decisions.

Now personally I would either continue working the job I had or go find something new and fun to live off of for the next 4 years. Semi retire at 55 working only part time 2-3 days a week.

Do that for a year and fully retire at 56 so it’s not cold turkey full time job to nothing and it gives more time for the 3 million to grow in the background.

At approximately conservative 5% increase per year it’d be at 3.75M at 56. This would put you at $150k with the 4% rule.

If you want to replace your income and let it grow yearly and give yourself a raise each year you could start at 2.7% to get the 100k but you might as well give yourself a little more to work with.

[Jennie]

I would wait it out until 60 and retire with full pension. 3 mil would be gone pretty fast as well if sth downfall happened such as sudden illness, so on.

I rather work and cont to make more money and save more on top of 3 mil than do nothing and eat away from the amount I inherited

[Max]

With 3 million, forget your pension or SS, time is our greatest commodity and is not renewable.

I am a school social worker/mental health clinician and in the last few years, my profession has become a thankless job.

I’m 49 and with 3 million, I would retire in a heartbeat.

[Bennett]

I am a past teacher who retired after 38 years. I loved my job but retired due to burn out.

If I were you:-
I would either go part time or take a leave of absence for a set time e.g. 6 to 12 months.

Use the time to sort your head out and get healthy both physically and mentally.

My advice is not to quit BUT get the pension that you have spent your entire working life towards.

Don’t be rash! Get what you are entitled to.
(Make them pay you for the rest of your life!)

Then go back to teaching with a mindset that you do your job with no extras and don’t take any crap from anyone. Only do what you are paid to do.Nothing else.

Look after the Future You!!
Get the pension and get the inheritance.

I strongly believe that you should get what you deserve from teaching—The Pension for the rest of your life.

Have both. BUT make sure you figure out the right mindset to flourish not just survive the next 9 years.

Good luck.

Make sure you get exactly what you deserve from your profession.

[Tan]

B- works if you can find a purpose in what you do. In the mean time, enjoy what you do and don’t overwork yourself.

You have option to quit anytime but you gotta find purpose in life to continue.

Make sure to invest that 3mil into good etfs and you will be fine. Enjoy your retirement!

[Blanca]

You’ve only not loved your job for 3 weeks? I’ve been teaching 8th grade mathematics for 25 years.

I do not love my job anymore ever since Covid.

If I inherited 3 million dollars I would quit!

[Tim]

I think you should significantly de-prioritize the pension. Teach if you like it.

Consider doing it for a period if it gives you stability, but why not take a leave of absence for a year and don’t go crazy but do something else— travel do some other job or just take time for yourself.

I am a former teacher. As someone here said you have been gifted time.

and I am happy to also be discovered as your long lost cousin and/or friend.

Good luck.

[Tom]

Even at a highly conservative 3% withdrawal rate your at $90k/before taxes.

Depending on source of the funds you might now have to pay any (federal) tax on your withdrawals at that level of income.

Retire and live the good life.

[Author]

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