Retirement - ProTeacher Community




Home Join Now Search My Favorites
Help


      Retired Teachers


Retirement

>

Reply
 
Thread Tools
mom23kids's Avatar
mom23kids mom23kids is offline
 
Joined: Feb 2008
Posts: 10,511
Senior Member

mom23kids
 
mom23kids's Avatar
 
Joined: Feb 2008
Posts: 10,511
Senior Member
Retirement
Old 12-31-2019, 11:57 AM
 
Clip to ScrapBook #1

Hello there retired teachers! Once again retirement is in the forefront of my mind. And, once again my dh is giving me mixed messages. I will be 61 in June and I have a pretty decent pension. It's not quite where I want to be but for each year I work the consultant told me that it would add 200 dollars a month to my pension. (2400 dollars a year.. no big deal in my book) I am def retiring this June or next June. So my dh is a worrier about money. Whenever I bring it up he says I should retire (he would never tell me not to) but he brings up things like we'll have to be more careful with our money, spend less, help out our kids less, etc...but he goes on to say that if I stay one more year then I'll collect social security and the two (pension + SS) will equal what I a taking home now. I should tell you that I have an excellent TDA (which is fixed) and he has an excellent 401k (but that could deviate depending on the market). ON top of that my TDA gets 7% interest a year so that's really a lot. He's making me crazy. I am so ready to end my career but I know I will feel guilty because of all his messages. We have enough money. I'm not really asking anything, just venting...okay.. what would you do???


mom23kids is offline   Reply With Quote

1956BD's Avatar
1956BD 1956BD is online now
 
Joined: Aug 2007
Posts: 26,394
Senior Member

1956BD
 
1956BD's Avatar
 
Joined: Aug 2007
Posts: 26,394
Senior Member
I would retire
Old 12-31-2019, 12:18 PM
 
Clip to ScrapBook #2

But that is because I know how much happier I am now. The stress of teaching is gone. I did not realize how much it was getting to me. My shoulders are no longer attached to my ears.

I am also healthier which is a huge blessing. I am not constantly catching a cold that turns into a sinus infection or worse.

Life is short I say go for it.

But only you can decide. I wish you the best and know you will make the best decision for you. See you here on the Retirement Board soon on a regular basis.
1956BD is online now   Reply With Quote
amiga13's Avatar
amiga13 amiga13 is online now
 
Joined: Feb 2014
Posts: 17,713
Senior Member

amiga13
 
amiga13's Avatar
 
Joined: Feb 2014
Posts: 17,713
Senior Member

Old 12-31-2019, 01:06 PM
 
Clip to ScrapBook #3

I’d teach 1 more year. I’d try to maximize my retirement income. But I’m not in your league because I happily retired at 65, so my advice is probably useless to you.
amiga13 is online now   Reply With Quote
Cassyree Cassyree is online now
 
Joined: May 2011
Posts: 2,050
Senior Member

Cassyree
 
Joined: May 2011
Posts: 2,050
Senior Member

Old 12-31-2019, 01:33 PM
 
Clip to ScrapBook #4

Is your husband the major earner in your family? He seems to be the one more concerned about present and future expenses.

This is based entirely on what you've posted here in the past. You do seem to offer considerable financial help to your grown and not so grown children. Do you see that as a continuing pattern in your life? Your husband has expressed a worry that, if that financial help continues into your retirement, your income may be tight. That's something to think about.

Is your daughter through school and financially independent? If not, I'd wait to retire until that happens. And you and your husband need to agree on the question of future financial help to educated adult children, old enough to stand on their own.
Cassyree is online now   Reply With Quote
gradymidget gradymidget is online now
 
Joined: Aug 2012
Posts: 368
Senior Member

gradymidget
 
Joined: Aug 2012
Posts: 368
Senior Member

Old 12-31-2019, 02:00 PM
 
Clip to ScrapBook #5

Have you spoken with your financial person? I would start there. Have them do number crunching and compare the difference of retiring now or in a couple of years. That’s what I did. My situation was a little unique. I ended up retiring at age 62. (Like everyone else I got tired of all the extra demands.) I was going to try to hold out until 65. When my financial planner crunched numbers for me...I decided to do it at 62. If I had waited my state pension would not have increased very much per month...perhaps a total of about $700 more each year. And what made my situation unique is that I am not touching my social security until I turn 70 so I will get the full amount and more for holding out...like waiting until 70 will increase the monthly amount by a thousand dollars a month. My deceased husband worked for the railroad so I am able to collect railroad retirement both tier 1 and tier 2 as a surviving spouse. When I start collecting my social security I do forfeit Tier 1 from the railroad but will still collect Tier 2. I made sure I looked at my options with both the railroad and ss to see which would be more beneficial to collect now. I talked with both ss and the railroad several times to make sure I was getting the same information each time. I would advise you to just check all of your options, ask lots of questions, and have your financial person guide you. Then take the leap. The one thing my financial person told me that resonated with me was that people normally don’t change their lifestyle when they retire. And he was right. I am careful with my money (still have a high schooler). We are doing just fine and am so glad I retired when I did. Good luck with your decision.


gradymidget is online now   Reply With Quote
MathWA's Avatar
MathWA MathWA is offline
 
Joined: Aug 2011
Posts: 5,773
Senior Member

MathWA
 
MathWA's Avatar
 
Joined: Aug 2011
Posts: 5,773
Senior Member
my humble ramblings...
Old 12-31-2019, 02:21 PM
 
Clip to ScrapBook #6

Hmmm..every individual financial situation is different so it is really hard to say what we would do. Most of us will agree that having a full understanding of finances prior to retiring will allow a person to fully enjoy the new found freedom.

There is so much to consider and I freely admit that I am not an expert. Are you debt free? Will your husband continue working so he can cover your medical expenses from 61 until age 65? Medicare doesnt start until 65 so you need to factor in what your medical insurance will cost for every year you dont work prior to 65. We had to pay for one year of insurance prior to receiving Medicare and it was $1,200 a month or $14,000 per year. 4 years would have cost us $56,000. Thats something to consider if you retire early and need to pay for private insurance.

Taking Social Security at 62 is allowed but there are penalties for doing so. If you claim Social Security at age 62, rather than waiting until 65 then you will have a 30% reduction in monthly benefits. For every year you delay past 65 and up to age 70, you get an 8% increase in your benefit. Most financial advisors say to wait as long as you possibly can before starting to receive SS.

Adding $200 a month to your pension or $2400 a year may not seem like a lot. Does $24,000 over ten years or $48,000 over 20 years deserve more attention? If you live past 81 then that $200 will equate to even more. It is something to consider because it adds up over time.

Please understand that I am not saying that you should not retire. There is so much to consider so your hubs may have a valid point if he has concerns about money. Nobody wants financial surprises when they retire so make sure that you know what to expect. Then go for it because retirement is awesome!!
MathWA is offline   Reply With Quote
NJ Teacher's Avatar
NJ Teacher NJ Teacher is offline
 
Joined: Sep 2005
Posts: 8,140
Senior Member

NJ Teacher
 
NJ Teacher's Avatar
 
Joined: Sep 2005
Posts: 8,140
Senior Member
Considerations...
Old 12-31-2019, 02:23 PM
 
Clip to ScrapBook #7

Health insurance needs to be accounted for if you didn't already do that. At 61, it will be 4 more years until you can register for Medicare. Make sure you factor in the costs for medical, dental and vision if you haven't already. In my state I had the years for free insurance through the state, although once Medicare kicked in for me this year, I am paying for that (although the state is supposed to reimburse me in the spring since I am not collecting social security yet). We'll see...

How is your stress level? I know for me, I probably should have retired a year before I actually did. I was mentally ready to say goodbye to teaching and to rediscover my personal life. I too am much happier in retirement. My time is truly my own, and I am loving it. If you are truly ready to end your career, that is major consideration as your mental well-being is also important.

You will be collecting social security before your full retirement age by choosing to take it at age 62. If you do decide eventually to work at something part-time , there are limits on what you can earn without a penalty until you reach your full retirement age.

At the end of the day, you need to do what makes you happy. It sounds like you have saved significant money and while it might be tight for year till your ss kicks in, it sounds like you can definitely make it work. in my case, my original plan was to go out at 66 because I want the full retirement age social security, but I went out at 64. It has been tight, but I only have 6 more months to go and I never regretted my decision. Wishing you the best in making the right one for you.
NJ Teacher is offline   Reply With Quote
DodgersFan's Avatar
DodgersFan DodgersFan is offline
 
Joined: Jun 2016
Posts: 96
Full Member

DodgersFan
 
DodgersFan's Avatar
 
Joined: Jun 2016
Posts: 96
Full Member

Old 12-31-2019, 10:40 PM
 
Clip to ScrapBook #8

"My shoulders are no longer attached to my ears." Oh my gosh! Perfectly stated!
DodgersFan is offline   Reply With Quote
Star-Gazer's Avatar
Star-Gazer Star-Gazer is online now
 
Joined: Dec 2013
Posts: 717
Senior Member

Star-Gazer
 
Star-Gazer's Avatar
 
Joined: Dec 2013
Posts: 717
Senior Member

Old 01-02-2020, 02:30 PM
 
Clip to ScrapBook #9

Try living on your retirement income and see how much it affects your lifestyle. Also, what are expenses that you won’t have if you retire? For example, I wasn’t going to have union dues coming out of my check any more. Keep a running list of all of your expenses. Where can you make cuts without feeling like you’re living hand to mouth. Retirement is great, as long as you have enough money to be comfortable.
Star-Gazer is online now   Reply With Quote
broomrider's Avatar
broomrider broomrider is offline
 
Joined: Sep 2008
Posts: 4,915
Senior Member

broomrider
 
broomrider's Avatar
 
Joined: Sep 2008
Posts: 4,915
Senior Member
the caveats
Old 01-03-2020, 09:21 PM
 
Clip to ScrapBook #10

about insurance are very important and unfortunately quite real. A major consideration.

But also consider the money you will save by not teaching. Less transportation costs because not commuting daily, no more supporting a classroom, fewer clothing purchases (staying in pjs til 2 pm on some days is a retirement joy), cooking at home more, no school lunches, etc.

I do like the suggestion to live on what you believe your retirement income will be (invest the balance) and see how you fare.


broomrider is offline   Reply With Quote
sonoma's Avatar
sonoma sonoma is offline
 
Joined: Sep 2010
Posts: 1,586
Senior Member

sonoma
 
sonoma's Avatar
 
Joined: Sep 2010
Posts: 1,586
Senior Member

Old 01-04-2020, 08:27 AM
 
Clip to ScrapBook #11

Look at your financial situation carefully. It may seem fine now but you have to plan for the “what if’s” because they do happen. If you no longer have your husband’s income would you still be financially ok?
sonoma is offline   Reply With Quote

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

Reply

 

>
Retired Teachers
Thread Tools




Sign Up Now

Sign Up FREE | ProTeacher Help | BusyBoard

All times are GMT -8. The time now is 03:13 PM.


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