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Illinois teachers make some of the highest Kâ12 educators' salaries in the country, averaging $59,113 a year. According to the Cost of Living Index, that's like $61,834.At $37,166, the starting salaries for teachers there are also some of the highest in the nation.1 Michigan. When cost of living is taken into account, Michigan teachersâ pay, at an average salary of $61,560, is the highest in the country. In that state dollars go further, so the adjusted income is more like $64,937. Michigan spends about 30 percent of all education expenditures on teachersâ salaries.
As of 2010, the average pension for an Illinois teacher is $43,164. It compounds annually for life at 3% per year. Now it's time to do some math and make some assumptions. Assume that the lifespan of the teacher is no different than the average American, 78 years.