While the official retirement age for most Organization for Economic Co-operation and Development (OECD) countries is 65 years, the average employee in the majority of OECD countries retires considerably earlier. With the coming retirement of the baby boom generation, increasing life expectancy, and budget restrictions due to the financial crisis, most countries want to motivate employees to work longer. For these reasons, studying early retirement is highly relevant. In this article, we examine the determinants of early retirement among working and retired senior teachers between 45 and 65 years old in Flanders, Belgium. Although a widespread early exit culture exists among teachers and teacher shortages are expected in several countries, little attention has been given to the specific determinants of early retirement among teachers. Using multivariate linear regression analysis, we study the preferred retirement age of working teachers (n = 1,878) and the actual retirement age of retired teachers (n = 1,246). Financial factors, feelings of emotional exhaustion, and dissatisfaction with nonteaching-related workload (such as meetings and paperwork) have an important influence on the retirement decision. Results show that the majority of teachers make use of early exit schemes. This illustrates the existence of a widespread early exit culture among senior teachers in Flanders.