Why Many Early Childhood Educators Can’t Afford to Retire — from edsurge.com by Emily Tate Sullivan
Excerpt:
It’s a bitter contradiction that spans the field: The job is a difficult one to do into old age, yet few who stick with it are able to set aside enough money to enjoy a traditional retirement.
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For child care providers to come away with even the slimmest of profit margins, they are often already charging families the maximum they can afford to pay, explains Powell. And that’s before providers have built in a buffer to cover an emergency fund, health insurance and retirement savings.
At a certain age, you’re not going to catch up. You won’t own a home. You won’t have retirement savings.
— Anna Powell
“Even by the time they’re in their 50s, they may not be able to start a savings account,” Powell says. “They’re still hitting that ceiling of what parents can afford to pay.”