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Approaching retirement
Old 12-09-2018, 07:19 AM
 
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I teach in TN. I have a total of 23 years, but 5 were in Texas, which TN doesnít recognize for retirement years. Iíve heard that for every 3 years Iíve taught in TN, I will get a year of insurance. Is this true? Iím basically still teaching for that reason. Also, is it possible to retire and get retirement benefits and then teach somewhere else? Iím not sure how all of this works or who to contact about retirement.


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Retirement
Old 12-09-2018, 08:03 AM
 
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I can only answer part of your question and it pertains to California. If you retire, you cannot go back to work in a public school system for 6 months. Then, you can go back but only earning a certain amount of $.

Now, itís possible you can retire, move to another state and work there....but f youíre collecting retirement AND earning a salary, it might be considered double dipping.
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Check with HR
Old 12-09-2018, 08:52 AM
 
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You need to check with your HR department. They should answer any questions you have...and be confidential about it. Good luck.
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My ramblings...
Old 12-09-2018, 09:21 AM
 
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Health Insurance coverage should be a big consideration for teachers who retire before they are Medicare eligible. Buying private insurance can be very expensive.

I am not familiar with the retirement medical benefits in Tennesee however I suggest that you can your state teachers retirement office and inquire about this before you work longer and plan your retirement date based on this factor.

In my state there are strict limits on how many days a teacher can work post retirement. The only exception to this are for hard to fill positions like Sciences, Foreign Languages, Math etc. These are fields where qualified applicants can work and collect full retirement however this might not be true for every state.

Bravo to you for doing your homework and preplanning before..retiring. Financial surprises after retiring is something we all want to avoid. We found it valuable to use a forecast spreadsheet to predict our total post retirement income/expenses. This included anticipated all fixed living expenses, taxes (they dont stop), medical insurance etc. Remember that most retirement and social security are far less if you start drawing them early instead of waiting for your full retirement age which mght be 65 inyour state and 66 for Social Security.

I retired at age 60 which was later than I dreamed about but it made sense financially to work longer. Hubs continued to work and just retired last spring at age 65. We saved and planned over many years for this. No surprises here and retirement is more joy than we anticipated. You earned retirement and you will love it!
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Planning Retirement
Old 12-09-2018, 10:31 AM
 
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Good advice here.

Besides going to HR, in my state I contacted our state retirement office. Teachers are part of the public employee retirement system. In fact, they offer workshops throughout the year. My husband and I went to 4 over the course of 5 years. We gleaned new information every time we went. I did a cursory Google search for TN and found these:

http://treasury.tn.gov/tcrs/

http://treasury.tn.gov/tcrs/PDFs/Newbeg.pdf


In my state:
-we can accrue our sick leave days, transfer them to dollars, and then use that "pot" for insurance after retirement, as long as we stay on our district's insurance plan.
-we are NOT allowed to sub, volunteer, or work in any way, shape, or form for an entity that is part of the state retirement system for the first 3 months of retirement (for instance, besides staying away from school, I couldn't work stats at volleyball games or even work for any county or state gov't as they are part of the system). This was a result of an administrator a number of years ago who "played" the system and ended up double-dipping.
-we ARE allowed to move out of state and teach somewhere else without losing our state retirement benefits. Be aware of the income tax ramifications, though.

I would get online and peruse the general information, and then talk to HR. If you know any recent retirees, definitely talk to them.


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Old 12-09-2018, 07:41 PM
 
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This helped a lot! My husband and I going to meet with a retirement planner to see if we are investing in the right places and enough. We'd like to move to Florida when we retire, but want to be prudent. Since it won't be possible to work after I retire, then if I work for 6 more years, I will have enough insurance to get me to 65 when Medicare would start (I'll be 57). However, if I can make it 9 more years, that will put us in a better place financially. We are already working on becoming debt free (with the exception of the house) in two years. We hope to have the house paid for, or almost paid off, by the time I retire so that we can pay cash for a smaller home. I still love working with the kids, but the testing and scripted curriculum is definitely taking the joy out of it. I've made it 23, so I will just keep my head down and hope to make it to 60. As long as my health holds up under all the stress, then I'll keep going! I will definitely look into the suggestions given here. Thanks!
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In NJ here...
Old 12-11-2018, 03:28 PM
 
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I taught for 12 years on NY state prior to coming to NJ. I couldn't afford to buy back those years, so I knew I would be receiving a small NY state pension. I finally got around to filling out the paperwork my final year of employment in NJ. So, I was working in NJ and retired from NY and legally drawing my pension. NJ makes you wait 180 days before subbing, but I have a friend who was able to sub in NY state because she obviously was not drawing a pension there. I can't speak for TN, but in NJ, we can get pension consultations prior to retiring from both our union and/or the state pension bureau in Trenton. If you could, I would arrange such a meeting and the person will go over your benefits and projected benefits with you should you decide to continue working. Good luck. Retirement is the BEST!
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