Happy vent..retire in 2 years - ProTeacher Community




Home Join Now Search My Favorites
Help


      The VENT

Happy vent..retire in 2 years

>

Reply
 
Thread Tools
desert flower's Avatar
desert flower desert flower is offline
 
Joined: Jul 2011
Posts: 3,034
Senior Member

desert flower
 
desert flower's Avatar
 
Joined: Jul 2011
Posts: 3,034
Senior Member
Happy vent..retire in 2 years
Old 06-12-2020, 12:03 AM
 
Clip to ScrapBook #1

I've decided to retire in 2 years. I need 80 points, but will retire with about 79.5 points. This will short me on payout about 250$ a month, so that part sucks. I will only be 57. My only concern is getting family insurance somewhere else. Right now I pay about 1200$ a month for 4 of us. Any ideas on where to look for insurance?

Otherwise, looking forward to retirement. Anyone else retiring in the next couple of years?


desert flower is offline   Reply With Quote

AlwaysSummer
 
 
Guest

AlwaysSummer
 
 
Guest

Old 06-12-2020, 04:13 AM
 
Clip to ScrapBook #2

I'm retiring. Things are changing day by day in my district. So, I'm not yet sure of insurance. I was going to buy mine from the district.
  Reply With Quote
msd2
 
 
Guest

msd2
 
 
Guest

Old 06-12-2020, 04:20 AM
 
Clip to ScrapBook #3

It is hard to say what the market will look like in two years. I don't know of any good options for those who do not have group plans through work.

I am happy for you, but very surprised you aren't putting in that last half of a point. My district allows retirement during the school year. Maybe yours is different.

I wish you the best.
  Reply With Quote
Munchkins's Avatar
Munchkins Munchkins is offline
 
Joined: Nov 2010
Posts: 17,185
Senior Member

Munchkins
 
Munchkins's Avatar
 
Joined: Nov 2010
Posts: 17,185
Senior Member
retirement
Old 06-12-2020, 05:17 AM
 
Clip to ScrapBook #4

Hi!

How much longer will you need to work to get that extra half point? We've had teachers retire in October, if that gave them the time they needed. They didn't have a classroom for that short amount of time, but they were still given duties to do (helping out in other rooms, for example.)

I wouldn't want to lose out on that much payout, but that's just me.

I retired at 60 from a public school system, but then was offered my dream teaching job in a sweet little Catholic school. So I guess I am "fake retired." It's perfect for me, because I don't need to do it, I just love it!

Good luck with your plans- it's exciting when you can count down the months!
Munchkins is offline   Reply With Quote
SassyTeach's Avatar
SassyTeach SassyTeach is offline
 
Joined: Jun 2008
Posts: 5,343
Senior Member

SassyTeach
 
SassyTeach's Avatar
 
Joined: Jun 2008
Posts: 5,343
Senior Member
Yay!!
Old 06-12-2020, 05:27 AM
 
Clip to ScrapBook #5

Congrats!! I have a lot longer than that...

Can you work a little longer so you don't miss out on the money? $250 a month...$3000 for the year...would be hard to swallow.


SassyTeach is offline   Reply With Quote
Cat woman's Avatar
Cat woman Cat woman is offline
 
Joined: Dec 2009
Posts: 7,967
Senior Member

Cat woman
 
Cat woman's Avatar
 
Joined: Dec 2009
Posts: 7,967
Senior Member

Old 06-12-2020, 05:31 AM
 
Clip to ScrapBook #6

I concur you might want to think about missing that $250 a month if at all possible. Over time that adds up, especially if you need to come up with an insurance plan besides. Do you plan to continue working in some other capacity? If that is the case, the expense wouldn’t be a concern. Retirement is great as long as you don’t need to worry about money. I worked a very flexible job in my school district for four years after retiring which helped a lot. Good luck and congratulations on your decision!
Cat woman is offline   Reply With Quote
MissESL MissESL is offline
 
Joined: May 2009
Posts: 3,092
Senior Member

MissESL
 
Joined: May 2009
Posts: 3,092
Senior Member
I was also going to
Old 06-12-2020, 07:05 AM
 
Clip to ScrapBook #7

Suggest working just that little but longer. Summer school maybe? We had a kinder teacher retire in October...he was a certified tutor so he basically did interventions until he had the correct amount of time.
$250 may not seem like much but that amount over and over adds up to quite a bit over time!
MissESL is offline   Reply With Quote
teachnkids's Avatar
teachnkids teachnkids is offline
 
Joined: Jul 2006
Posts: 25,882
Senior Member

teachnkids
 
teachnkids's Avatar
 
Joined: Jul 2006
Posts: 25,882
Senior Member

Old 06-12-2020, 07:10 AM
 
Clip to ScrapBook #8

Insurance is outrageous if buying in open market.

We did Cobra for a year on my DHs plan when he retired and just started with my state retirement from teaching. Still not cheap but 8400 a year vs 20000 a year what we'd be paying in the open market is a huge difference!
teachnkids is offline   Reply With Quote
Ima Teacher's Avatar
Ima Teacher Ima Teacher is offline
 
Joined: Aug 2005
Posts: 29,524
Senior Member

Ima Teacher
 
Ima Teacher's Avatar
 
Joined: Aug 2005
Posts: 29,524
Senior Member

Old 06-12-2020, 07:38 AM
 
Clip to ScrapBook #9

I would start shopping around for insurance now to see what is out there.

I can retire with full benefits in a year and three months. However, if I go four years and two months, I will get an additional $600 a month, so that’s my plan.
Ima Teacher is offline   Reply With Quote
marguerite2 marguerite2 is offline
 
Joined: Oct 2013
Posts: 2,620
Senior Member

marguerite2
 
Joined: Oct 2013
Posts: 2,620
Senior Member

Old 06-12-2020, 08:17 AM
 
Clip to ScrapBook #10

There is absolutely no way to predict what the insurance marketplace will look like in two years time. You can look around now, but understand that things may (probably will) change between now and then. Be prepared for insurance to change between the time you retire and when you are eligible for Medicare too.

I'd seriously consider staying until you reach the 80 points. You are planning on a long retirement and will need to maximize your dollars. $250 is $3,000 a year. That's $24,000 until you reach 65.

But, if your work situation is intolerable, and you can work out the insurance, go for it.


marguerite2 is offline   Reply With Quote
NJ Teacher's Avatar
NJ Teacher NJ Teacher is offline
 
Joined: Sep 2005
Posts: 8,750
Senior Member

NJ Teacher
 
NJ Teacher's Avatar
 
Joined: Sep 2005
Posts: 8,750
Senior Member
I would stay a little longer if you could...
Old 06-12-2020, 09:26 AM
 
Clip to ScrapBook #11

At 57, you are 5 years short of being able to have social security income to add to your pension, and it will be diminished because you will be younger than your full social security age. You won't be able to have Medicare till age 65, and that will be another 8 years. That is a long time.

Health insurance costs seem to grow every year, while your pension might not, unless it has a COLA. My state does not.

I would seek out an insurance broker or a financial planner to fully assess the costs to make sure. It is definitely exciting to anticipate retirement, and knowing you set a two year deadline in your mind will help the two years pass more quickly. Good luck to you.
NJ Teacher is offline   Reply With Quote
mom23kids's Avatar
mom23kids mom23kids is offline
 
Joined: Feb 2008
Posts: 10,815
Senior Member

mom23kids
 
mom23kids's Avatar
 
Joined: Feb 2008
Posts: 10,815
Senior Member

Old 06-12-2020, 03:00 PM
 
Clip to ScrapBook #12

Me... I am planning for next June. What are points? I've never heard of that.
mom23kids is offline   Reply With Quote
desert flower's Avatar
desert flower desert flower is offline
 
Joined: Jul 2011
Posts: 3,034
Senior Member

desert flower
 
desert flower's Avatar
 
Joined: Jul 2011
Posts: 3,034
Senior Member
Mom23kids
Old 06-12-2020, 03:59 PM
 
Clip to ScrapBook #13

Hello again. In Arizona we need to hit 80 points for full retirement, though I could work past that if I wanted too. (Age plus years worked.)

In my district, I’d have to work a whole extra year to reach 80+ points. They don’t let us sign a year contract and quit 4 months in. Plus, I wouldn’t want to go out that way. Wouldn’t be fair to students.

My husband makes twice what I do. We would be able to survive with me getting shorted on 250$ a month, though it would kind of suck knowing I’m missing out on it. Plus, taxes will come out of monthly retirement check. 😢

We have some changes coming up with curriculum that is going to make it hard year. We’ve also been told that the up coming group of kids are HORRIBLE. Not looking forward to it.

I have one grandson who will be in kindergarten in 2 years. I’d like to be able to pick him up from school and be involved with that.

I wish you all well. Best wishes if you are retiring soon!
desert flower is offline   Reply With Quote
desert flower's Avatar
desert flower desert flower is offline
 
Joined: Jul 2011
Posts: 3,034
Senior Member

desert flower
 
desert flower's Avatar
 
Joined: Jul 2011
Posts: 3,034
Senior Member
Mom23kids
Old 06-12-2020, 04:01 PM
 
Clip to ScrapBook #14

Hello again. In Arizona we need to hit 80 points for full retirement, though I could work past that if I wanted too. (Age plus years worked.)

In my district, I’d have to work a whole extra year to reach 80+ points. They don’t let us sign a year contract and quit 4 months in. Plus, I wouldn’t want to go out that way. Wouldn’t be fair to students.

My husband makes twice what I do. We would be able to survive with me getting shorted on 250$ a month, though it would kind of suck knowing I’m missing out on it. Plus, taxes will come out of monthly retirement check. 😢

We have some changes coming up with curriculum that is going to make it hard year. We’ve also been told that the up coming group of kids are HORRIBLE. Not looking forward to it.

I have one grandson who will be in kindergarten in 2 years. (In fall after I retire) I’d like to be able to pick him up from school and be involved with that.

I wish you all well. Best wishes if you are retiring soon!
desert flower is offline   Reply With Quote
annie_g's Avatar
annie_g annie_g is offline
 
Joined: Dec 2007
Posts: 6,387
Senior Member

annie_g
 
annie_g's Avatar
 
Joined: Dec 2007
Posts: 6,387
Senior Member

Old 06-12-2020, 05:15 PM
 
Clip to ScrapBook #15

I'm also in AZ. I did COBRA through my district for 18 months (the longest you can) because it was cheaper. Now I get mine through the ASRS (State retirement system). Have you checked into that? All the info is on their website. The good news is the ASRS is probably the most efficient agency I've ever dealt with. They are very organized and have lots of info on the website. They also do webinars and used to do in person meetings which I highly recommend. I'd work that extra few months to get the half a point.
annie_g is offline   Reply With Quote
klarabelle's Avatar
klarabelle klarabelle is online now
 
Joined: Jul 2008
Posts: 20,802
Senior Member

klarabelle
 
klarabelle's Avatar
 
Joined: Jul 2008
Posts: 20,802
Senior Member

Old 06-12-2020, 09:28 PM
 
Clip to ScrapBook #16

I would do the extra time to get the full retirement benefit. I would also talk with an insurance broker to find out about insurance. I am single so I know my healthcare would be cheaper than you, but I found the broker helpful and he was able to get me a cheaper plan then what was offered through the state. It was also a better plan then the COBRA plan for 18 months.

Good Luck with decisions.
klarabelle is online now   Reply With Quote
kahluablast's Avatar
kahluablast kahluablast is offline
 
Joined: Aug 2008
Posts: 20,479
Senior Member

kahluablast
 
kahluablast's Avatar
 
Joined: Aug 2008
Posts: 20,479
Senior Member

Old 06-13-2020, 06:18 AM
 
Clip to ScrapBook #17

I will retire in 2 1/2 years, which does mean I am leaving mid year. Fair to kids? What does that even mean? This is my life. Kids are resilient. They will be fine.

Good luck with your decisions.
kahluablast is offline   Reply With Quote
Retiring soon
 
 
Guest

Retiring soon
 
 
Guest

Old 06-13-2020, 04:14 PM
 
Clip to ScrapBook #18

I have been eligible to retire the last three years. My retired teacher friends think I am nuts to keep working in this Covid mess. I will teach one more year and then retire. I can stay on my school's insurance plan. I have to pay the premiums myself, but it's cheaper than the other options. I would probably not retire so early if I didn't have access to affordable insurance. Good luck!
  Reply With Quote
Mamaw2one Mamaw2one is offline
 
Joined: Oct 2008
Posts: 46
Junior Member

Mamaw2one
 
Joined: Oct 2008
Posts: 46
Junior Member
2 more for me too
Old 06-14-2020, 09:03 AM
 
Clip to ScrapBook #19

I am also going in 2 years. We talked to a retirement counselor last week in a teleconference. Next year is year 30 for me, but if I retire after year 31, it is an additional $450 a month. I will be 63 at that point. I can't afford to not do that.
Mamaw2one is offline   Reply With Quote
tgbwc tgbwc is offline
 
Joined: Aug 2014
Posts: 965
Senior Member

tgbwc
 
Joined: Aug 2014
Posts: 965
Senior Member
Points
Old 06-14-2020, 09:46 AM
 
Clip to ScrapBook #20

Ok. So "points" are your years worked combined with your age. Makes sense. I had never heard of it put that way before.

I turn 49 at the end of this August. I need my years and age to equal 80 for full retirement from the state. I just finished my 27th year so i will be eligible for full state retirement on my 52nd birthday (2023). That would provide ~50% of my highest average 3 (or 5 now?) salaries. Either way I am currently at the top of the scale, so my salary isn't really going anywhere so it isn't tough to do a good estimate of benefits. Our district has an additional supplemental retirement plan but I am not eligible for full retirement from that until age 55.

I actually ran the numbers through the online estimators on those sites last night and came up with the following monthly benefit numbers by year up to 2026 when I would be turning 55 based on currently salary. I don't know if these are over a 10 or 12 month period.

2023--$6,282
2024--$6,759
2025--$6,869
2026--$7,150

The difference between 2024 and 2026 is $391. My wife didn't think that was much of a difference when I ran it by her last night. I didn't think so either. She teaches for the same district and is also at the top of the scale, but unfortunately even though she is 9 months older than me she has another 11 years or so because she started with the district about 15 years after I did.

I would consider stopping at age 53.
tgbwc is offline   Reply With Quote
annie_g's Avatar
annie_g annie_g is offline
 
Joined: Dec 2007
Posts: 6,387
Senior Member

annie_g
 
annie_g's Avatar
 
Joined: Dec 2007
Posts: 6,387
Senior Member

Old 06-14-2020, 08:58 PM
 
Clip to ScrapBook #21

tgbwc - those are yearly numbers? That sounds really low. Are you sure? Or are those monthly numbers? Then they seem really high! Just wondering!
annie_g is offline   Reply With Quote
Cat woman's Avatar
Cat woman Cat woman is offline
 
Joined: Dec 2009
Posts: 7,967
Senior Member

Cat woman
 
Cat woman's Avatar
 
Joined: Dec 2009
Posts: 7,967
Senior Member

Old 06-15-2020, 04:14 AM
 
Clip to ScrapBook #22

tgbwc— those are impressive monthly numbers especially if your wife gets about the same!
Cat woman is offline   Reply With Quote
tgbwc tgbwc is offline
 
Joined: Aug 2014
Posts: 965
Senior Member

tgbwc
 
Joined: Aug 2014
Posts: 965
Senior Member
Monthly
Old 06-15-2020, 08:26 AM
 
Clip to ScrapBook #23

Those are monthly numbers. It is based on my current annual salary which is $102,283. We both make the same amount.
tgbwc is offline   Reply With Quote
annie_g's Avatar
annie_g annie_g is offline
 
Joined: Dec 2007
Posts: 6,387
Senior Member

annie_g
 
annie_g's Avatar
 
Joined: Dec 2007
Posts: 6,387
Senior Member

Old 06-15-2020, 10:48 AM
 
Clip to ScrapBook #24

Wow, teacher salaries are way higher where you are! $391 a month seems like a big difference to me!
annie_g is offline   Reply With Quote
tgbwc tgbwc is offline
 
Joined: Aug 2014
Posts: 965
Senior Member

tgbwc
 
Joined: Aug 2014
Posts: 965
Senior Member
DC Suburb
Old 06-15-2020, 10:57 AM
 
Clip to ScrapBook #25

Salaries are higher because we are in northern VA. Cost of living (especially housing) is higher.

Budget wise $391 wouldn’t be hard to make up. Take away what we are paying into a 529 (son will be a junior in college this fall) or a car payment. I could do something part time or sub.
tgbwc is offline   Reply With Quote
annie_g's Avatar
annie_g annie_g is offline
 
Joined: Dec 2007
Posts: 6,387
Senior Member

annie_g
 
annie_g's Avatar
 
Joined: Dec 2007
Posts: 6,387
Senior Member

Old 06-15-2020, 11:06 AM
 
Clip to ScrapBook #26

Hey, I love being retired, so I get it! To me, time is worth more than money!
annie_g is offline   Reply With Quote
desert flower's Avatar
desert flower desert flower is offline
 
Joined: Jul 2011
Posts: 3,034
Senior Member

desert flower
 
desert flower's Avatar
 
Joined: Jul 2011
Posts: 3,034
Senior Member
Tgbwc...WOW!
Old 06-16-2020, 11:11 PM
 
Clip to ScrapBook #27

Mine is only 2045$ if I retire at 80 points, 1800$ if i retire half a year early. Btw...I agree with your wife on the small loss.
desert flower is offline   Reply With Quote
tgbwc tgbwc is offline
 
Joined: Aug 2014
Posts: 965
Senior Member

tgbwc
 
Joined: Aug 2014
Posts: 965
Senior Member
Second pension
Old 06-17-2020, 05:06 AM
 
Clip to ScrapBook #28

It’s the salary due to cost of living. Having the county pension provide the extra amount helps. The state’s is just slightly over 50% and the county adds another 25% of your highest average salary. Of course that is reduced a bit if I retire before 55 but I think a year or two early might be possible. The difference amounts to what we are currently putting into a 529 monthly or a car payment.

Read more at: http://www.proteacher.net/discussion...reply&t=636222
Copyright © ProTeacher (proteacher.net)
tgbwc is offline   Reply With Quote
annie_g's Avatar
annie_g annie_g is offline
 
Joined: Dec 2007
Posts: 6,387
Senior Member

annie_g
 
annie_g's Avatar
 
Joined: Dec 2007
Posts: 6,387
Senior Member

Old 06-17-2020, 05:24 AM
 
Clip to ScrapBook #29

Don't forget to factor in health insurance costs!
annie_g is offline   Reply With Quote
tgbwc tgbwc is offline
 
Joined: Aug 2014
Posts: 965
Senior Member

tgbwc
 
Joined: Aug 2014
Posts: 965
Senior Member
Yes
Old 06-17-2020, 08:50 AM
 
Clip to ScrapBook #30

Yeah. I am well aware of the jump that would take, but my wife has to work about 11 more than I do. That’s something we have been planning/need to plan for.
tgbwc is offline   Reply With Quote

Join the conversation! Post as a guest or become a member today. New members welcome!

Reply

 

>
The VENT
Thread Tools




Sign Up Now

Sign Up FREE | ProTeacher Help | BusyBoard

All times are GMT -8. The time now is 10:49 PM.

Copyright © 2019 ProTeacher®
For individual use only. Do not copy, reproduce or transmit.
source: www.proteacher.net