Submitted by vvhynaut t3_ye09zx in personalfinance
I know this is somewhat on the "life advice" rather than "financial advice" front. I'm posting here because I'd like some advice from people with a more financially literate mindset. I may also post in grad school subs for other advice.
I'm currently in my 2nd term of a thesis-based MS degree in a sub-field of biology. My career goal post-graduation is to work for a government agency - US Fish & Wildlife, state fish & wildlife, NOAA, USDA, EPA, etc. - or non-profit. My financial goals are to be able to afford bills at retirement (at 65 or 67 years old) and hopefully travel (budget international travel, or minimal RV camping in the USA).
I'm currently 34 coming into this degree after an 8-year career teaching public school, which I ultimately decided was not for me, but I could return to in a pinch.
Finances:
I owe ~45k in student loans from my teaching master's degree. I have 8 years of certified employment toward PSLF and am currently in in-school deferment. Two years of working in government or NGO would clear my loans.
I'm not paying for my current degree. I'm a on grant through the Bureau of Reclamation and I receive full tuition remission, health insurance, and a $24k stipend. My lab could fund me, including yearly COLA, through a PhD if I wanted.
I have 8 years in the public employee retirement from teaching but have minimal retirement savings otherwise (maybe $20k?).
I own my house with my partner and we currently pay $900 each to cover mortgage and utilities. I get a check for $1800 each month and I pretty much spend it all after bills, groceries, textbooks, and occasional activities (scuba diving, skiing, etc.).
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I'm loving my research and everyone in my lab. My school is welcoming and it's near my hometown. I love the surrounding area and would ideally want to work near here after graduation. Selfishly, I would love to be able to add "Dr." in front on my name.
My big concern is that I may be 40 if I stay to get a PhD. While this would likely start me at a higher salary, it would not be higher than the yearly increases I would get entering the field earlier with a MS. I'm also not sure what, if any, age discrimination I might experience (though I do look really young -- except the gray hairs). I would also lose out on ~4 years of retirement accumulation during the PhD. I don't really know how much this will make or break my retirement goals.
Advice? Any perspectives are helpful.