My name is Rebecca Domin and I am one of the 40 percent of educators in Manchester that are on salary steps and one of the people who were effected by the loss of steps. As there is no current contract, I’m going on my fourth year, out of the past five, without a step increase. Attached I have done the math to show you how much income 40 percent of the educators are losing every year and the long-term accumulation of this loss.
What the math doesn’t show is how the loss of income effects our pension, Social Security, and our ability to save for retirement. Below I have included a chart (there are many examples, from many financial institutions (I just chose one that I found easy to read) that illustrates how saving at a younger age makes a huge difference when we reach retirement age. Decisions being made now will effect us when we’re 70.
Additionally, the math doesn’t show how this loss impacts our ability to provide for our families, what difference it would make towards paying off student loans, credit card debt, or the multitude of other our financial responsibilities.
Please take a moment to read the attached files. I hope it will illustrate the situation.
Sincerely,
Rebecca Domin
Teacher
