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Worried I Won't Be Able to Retire
Old 03-29-2020, 08:20 PM
 
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I am concerned that the states - particularly mine (NJ) are going to find some reason to destroy the teacher pension system given the Covid tragedy.

Anyone have any thoughts on this?

I just have to retire - particularly after this event. My nerves are completely shot.


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I hope not
Old 03-29-2020, 08:47 PM
 
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Try not to worry. I bet you will be able to retire as planned.
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Old 03-29-2020, 10:03 PM
 
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Have you turned in your paperwork yet? I doubt they will be able to stop you. Good luck!
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Old 03-30-2020, 07:34 AM
 
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Try not to worry. Keep faithful that it will end soon and you will be able to retire as you planned.
I would hate for you to lose any $ if you didnít check out all the info (insurance, sick days, SS, etc) first. Did you plan to retire at the end of the 2020 school year? Did you consult with a financial planner and how about your family?
My anxiety comes in waves and today just happens to be a good day. So I am optimistic and think that NJ will be fine. You will be able to retire originally as you planned. Make informed decisions and take care.
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Old 03-30-2020, 12:54 PM
 
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Rathgar,
I have no clue how it will work, but I want to say how sorry I am for you that this is your retirement year. I feel so sorry for so many people whose major life events (and I include 5-year-oldsí birthday parties) are affected by the pandemic. I wish you well.
Sincerely,
amiga


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Old 03-30-2020, 01:30 PM
 
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Well, I would think if you are retiring this year, you would be okay. Any changes would probably affect future retirees. I would turn in your paperwork as soon as possible. Once you start collecting your pension, I think you would not be able to have it taken away. Check with your state retirement department and see what your status is. I'm presuming you have done your homework with regards to health insurance, Social Security, etc.
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Old 03-30-2020, 04:42 PM
 
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I bet lots of people are thinking of retiring now if they werenít already. I know I am so glad I retired in January. I canít believe this is how itís starting off but Iíd hate to be expected to be doing distance learning and teaching now on top of all the stress of the pandemic. Iím quite optimistic that your plans would not be affected.
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Old 03-31-2020, 07:23 AM
 
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I am in NJ and receiving my pension. I have not heard of any changes to the pension itself, although as we know, the state robbed the fund under Whitman and successive governors, and it is not fiscally in good shape. The president of the state senate is a snake, and while the insurance change mentioned below was a compromise, I am hoping he doesn't attempt to resurrect his Path to Progress in the Legislature again in some form given the drastic change in circumstances from the virus.

I did hear that for non-Medicare eligible retirees, the state is changing up the medical insurance. Previously, you could stay in Direct 10 or Direct 15 if you wanted. If you were eligible for free benefits upon retirement like I was, you wouldn't pay for that. If you had to pay, you would be able to pay accordingly. Now, there will be a NJ State Educators Health Benefit Plan. They also are planning on rolling out a plan called the Garden State Plan, where a person would be limited to only NJ providers. I can't imagine that being too popular, although the cost would be much lower.

If you are on Facebook, there are two groups I highly recommend. The first is NJEA Members for Change. The second is NJ21United. Many of the folks on there are extremely knowledgeable and can answer retirement questions based on their knowledge and experience.

I retired a couple of years before I had hoped to. After 42 years of teaching, I had truly had enough. I have been able to make it work, although it has been a bit tight. This summer, I will begin to collect my Social Security. I could have taken it earlier, but wanted to make it at least to my Social Security age so that my benefits would not be reduced. I have friends who tutor and even sub, although you have to be out of school a year collecting your pension before you do that.

If your numbers are fine based on what is going on today, I would retire. You also will be drawing your pension check 12 months out of the year as opposed to 10, and there will be fewer deductions taken. Good luck to you.
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Pension
Old 04-02-2020, 12:00 PM
 
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We received a letter from our general treasurer saying there were no plans to borrow anything from pension funds and checks would be whole and on time. Our pension fund was raided in the 80ís by the general assembly and it has taken years for it to recoup. We are scheduled for a cola in 2031!
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Old 04-04-2020, 10:22 AM
 
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I am in PA and was going to retire at the end of this school year. I had until the end of March to put in my notice in order to receive a 25% incentive that will not be in our next contract. That incentive was the key to me retiring after this year. We are currently, as usual, are working under the old contract. The plan for my wife and I was to go on her insurance through her employer. She has a very good job; nevertheless, I was feeling very uncomfortable in the pit of my stomach thinking about sending my letter in so I didn't. I had all my ducks in order and was ready to go, but if something happened to her job it would throw quite a wrench into our healthcare plans. Therefore, i'll wait a couple years which should allow things to settle down and the extra two years will allow me to make up the 25% incentive I would have received. The reason I say that is because in PA we can withdraw our contributions and interest from our pension plan, as well as receive a monthly benefit. The reason for me commenting is that I felt like I was in a similar situation as you are in regarding retiring after this school year. I plan on enjoying learning how to conduct school through a virtual environment. I'm looking at it as an opportunity to do something different and gain one more experience before I leave the profession for good. My thoughts on your situation with respect to mine are that you seem to have everything covered regardless of the covid crises, so my advice would be go for it.


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