This week we’re celebrating Retired Teachers and all the positive contributions you make, according to a statement from the local Retired Teachers Association.
Teachers teach, volunteer, mentor, donate … the list goes on and on.
And as if that weren’t enough, recent studies confirm that your pensions pump billions into the economy.
According to the latest report from the National Institute on Retirement Security, Pensionomics 2021, California saw $76.7 billion in total economic benefit in 2018 from pension benefits paid out by state and local pension plans. Because you spend your benefit checks in your local community, your spending ripples through the economy as your spending becomes another person’s income.
The positive economic impact of California pensions is impressive by any standard including:
$76.7 billion in economic output generated by retirees’ spending;
395,520 jobs paying $25.4 billion in wages and salaries supported by retirees’ spending;
$15.1 billion in federal, state and local tax revenues generated by retiree benefits and spending in California; and,
$65 million worth of donated time from retired educators.
Members of CalRTA also donated more than $750,000 in grants, scholarships and donations to schools and current and future teachers last year.