Abstract
Purpose. The purpose of this study was to determine the common characteristics among early retirees who retired prior to meeting the eligibility requirements of maximum pension plans and who consulted with a financial planning firm, and maintained adequacy of resources during the retirement years. Methodology. Descriptive research methodology was used to identify the common characteristics among early retirees who retired prior to meeting the eligibility requirements of maximum pension plans, who consulted with a financial planning firm and maintained adequacy of resources during the retirement years. The descriptive method was selected and the researcher was able to discover characteristics that allowed California teachers to retire early and maintained adequacy of resources. Findings. Examination of quantitative and qualitative data from forty retired California teachers identified the characteristics which contributed to their decision to retire prior to meeting the eligibility to maximum pension plans. Early retirement planning was the most significant factor influencing the decision to retire early. Retirement projections and portfolio review were the most valuable sources of information in the decision to retire early. The data revealed no significant difference between males and females in the factors that allowed them to retire prior to meeting the eligibility to maximum benefits. Conclusions. Teachers must begin to plan early for their retirement. Teachers cannot rely on the State Teachers Retirement System and Social Security alone. Working with a financial planner is essential. The use of educational agencies is a determining factor in the ability to retire early. Early retirement is not possible without a plan. Gender is not an indicator for the type or amount of planning necessary to retire early. Recommendations. Further research is advised: The study could be replicated to include a larger population. A case study could look at the role of exemplary school districts, or other entities like financial firms, that provide advice to teachers in order to better prepare them for retirement/early retirement. A comparative study could look at the differences between private and public sectors and early retirement; the relationship between culture and early retirement; the relationship between occupation and early retirement; or the relationship between gender and early retirement.