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Anyone can retire at any age. Those in a defined benefit pension typically get around 2% per year worked of the average of the highest 5 years of pay. This benefit has penalties for retiring before the standard Social Security retirement age. I could collect my pension right now but it would be around $1,000 dollars a month. If I start collecting at 65 it will be much higher.

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Aren’t you supporting my point? Your current salary is lower because you are also earning a 1,000/month income in perpetuity for the rest of your life. And people who teach for longer, like you said, will get more.

Teacher salaries are low because unions have negotiated them to support pensions, especially pensions of teachers that last long enough to get a “much higher” pension.

I think you might not understand the situation. A person can’t realistically live for 30+ years at $1,000 per month. So while it is true that I can retire right now it wouldn’t be efficacious to do so. You mentioned retiring at 60. I’m pointing out that this is a meaningless fact. What matters is at what age one can realistically retire.

EDIT: My pay might be lower due to the pension but it isn’t much lower as a result. The pension is not good in my system. I’d have been better off with the defined contribution plan.

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