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retirement and end of career pay outs
Old 12-11-2019, 06:43 AM
 
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Piggybacking on the retirement date post and sharing Ed’s interest, I’m wondering if you’ll share. Did you have any “extras” at retirement?

Here’s mine:
*monthly pension benefits—yaaaaaaaay! This is through CALSTRS (no SS)
*my 150ish sick days counted as time served and added almost another year to my retirement count
*$10,000 retirement bonus that year


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Old 12-11-2019, 06:56 AM
 
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*Monthly pension (Makes me smile, knowing Iím getting paid to play.)
*Paid for part of my unused sick leave (donated what I could to sick bank)
*$40,000 teacher buyout paid out over 5 years (Only time the district did this)
*$300 extra from the bank Account I opened for my retirement check
* I will qualify for SS
Love being retired!
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retirement
Old 12-11-2019, 08:02 AM
 
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i receive monthly pension benefits from state teacher's fund for retirement (to which I had paid in between 7 to 12% of my gross each month and the district matched that.)
I thought I would qualify for widow's SS benefits, but apparently not because I receive a pension. I will get SS from my own account when I decide to take it.
I had 180 days of sick leave banked for which I received $200 a day. It is currently sitting in a retirement account that I have access to.
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Old 12-11-2019, 09:31 AM
 
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Teacher pension (no social security)

Paid for 50% of 12 sick days I accumulated at the beginning of my career, before they changed the rules banning sick-leave payouts at retirement.

I left a pantload of sick days.Wish they let us donate them to someone in need. We are able to donate 1 day a year to a sick bank.

Last edited by jov; 12-11-2019 at 05:52 PM..
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Old 12-11-2019, 09:33 AM
 
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No large payouts in NC.

Accumulated sick leave converts to years of service. I added one year to my number of years teaching which increased my pension.

Any unused annual leave over 240 hrs converts to sick leave at the end of each calendar year. That can then be applied to years of service but results in no gigantic payout for annual leave when you retire.

We do contribute to and qualify for SS. NC almost entirely paid for my individual health insurance on the state health plan from retirement to Medicare. The state then offers an inexpensive Medicare Advantage plan to state retirees.


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Old 12-11-2019, 10:33 AM
 
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I retired in 2016 at almost age 67.

Monthly pensions from two states. Plus an annuity that I kept on funds accumulated after leaving Washington for Idaho. Plus Social Security.

Accumulated sick leave pays for about 8 years of medical insurance on top of my Medicare through my old district.
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Payouts
Old 12-11-2019, 11:05 AM
 
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Mine are:

Monthly pension benefits from both my NY state and NJ teaching jobs. My NJ one includes free health benefits. The way that works is that since I am not collecting social security yet, they will refund the money I am paying for Medicare back to me in the spring. Once I get social security, I will pay Medicare like I am now, but the money will be automatically added to my pension so it will be a wash. I was very fortunate to get that benefit because I had the right number of years in the system when the law changed.

Dental insurance available from the state at a reasonable price. It is deducted from my pension.

About $6,000 after taxes for a sick leave pay out and early notice of retirement. I wish my state added sick time to service credit. I had a good couple of years saved and our payout is capped by the district as per our contract.

We still have great retirement benefits, but the pension system in NJ is in trouble, thanks to governors raiding the fund and not paying the state's share all these years. When the market tanked, the fund was in trouble, and is nowhere near fully funded. There is talk for new employees of moving those people into a pension which is not a defined pension plan after their first five years. I feel very fortunate to have gotten out when I did.
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Retirement Benefits
Old 12-11-2019, 11:55 AM
 
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I retired at age 59.
--state teacher retirement which almost matches what I was making when working full time.
--social security at age 62.
--tens years of health insurance paid by the district including dental until age 65.
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NC also
Old 12-11-2019, 02:17 PM
 
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I retired in 2012 when we were still getting longevity, master's degree pay, supplements, and money for annual leave days. I ended up with $14,000 payout that I rolled over into a tax free retirement account where it still is to this day. I was very surprised to receive it. I also got free health insurance with 70% coverage and my husband also had me covered. I started getting SS when I turned 62 so retirement has had no financial worries. Our retirement system is very good here.
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Old 12-11-2019, 04:30 PM
 
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Could you say a little more about the tax free retirement account that you rolled your payout into? I'll be getting a payout in a few weeks when I retire, and I haven't decided what to do with it. Thank you!


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Old 12-11-2019, 05:51 PM
 
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Such a huge difference in benefits! I do get a pension, but teaching was my second career so it's not huge, but I'm happy to get it every month. I did get a payout for my unused sick days so that was a nice chunk of money. I will get SS, and I am taking it as soon as I'm eligible (next year). I do get my health and dental insurance through the state retirement system, and there is a small subsidy applied toward it.
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Old 12-11-2019, 06:32 PM
 
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I retired at 62 and I receive my pension. Not a huge amount because I was only employed in that state for 13 years. We moved a lot for my husband's job. I started getting social security at age 63 . I was paid for my first 90 accumulated sick days and that was a little over $16,000. I also got $500 for putting in my intent to retire by Jan. 15. I retired in June 2017 and moved to Florida 2 months later. I love retirement!!
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Old 12-11-2019, 06:55 PM
 
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Like ConnieWI I receive my state teacherís retirement which is almost as much as I made working. I also receive SS.

In my district my a accumulated sick days converted to months of health insurance. Each sick day pays for one month of insurance. I was maxed with my sick days so I am covered until I reach 65. I do have to pay whatever the current staff pays in premiums, which this year was $1,000 for both DH and me. He turns 65 in January so until I am 65 my premium will be less.


No other extras, but I feel grateful for what I receive (donít get me wrongó I earned it!)
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Retirement benefits
Old 12-13-2019, 10:36 AM
 
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Pension based on 25 years teaching in nj public school.
Sick days saved came to about 11,000 before deductions.
State pays Health insurance for myself and hubby. And Medicare.
Social security started when I turned 66, so I got that and worked full time until retired at 77.
Had saved part of my salary into our credit union so I took that decent sum.

Hubby is retired too with pension and SS. No debt. Feel we are comfortable.
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Some of those are quite good!
Old 12-13-2019, 02:01 PM
 
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This is my 27th year, so not retired yet. About 6 more years to go. When I retire the state pension will provide about 50% of my avg highest three yearsí salary. Luckily we have a county supplemental plan that provides another 25%.

I have almost 1,200 hours of leave saved up. Thatís about 160 days. Iíll be able to add that for service credit so if I retire with 33 years it will get calculated at almost 34. We donít get paid for unused leave My wife, who was hired after me, simply forfeits all unused leave and gets nothing for it.

Healthcare will be expensive. I can keep it but will have to pay 1,237/month based on todayís chart.
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Old 12-13-2019, 06:30 PM
 
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Our county had a list of investors to consider when retiring and I chose one with Lincoln Investments. I cannot add money to it, but it is tax deferred.
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Can't add $?
Old 12-13-2019, 06:50 PM
 
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brooks56, can you explain what you mean by you "cannot add money to it"? So it's basically locked to any additional contributions?

Lincoln is (was?) also one our district approved. About 26 years ago I chose to go with Valic for our 403b. I add money monthly tax deferred.

I'm still amazed at some of these payments for unused leave!
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Old 12-14-2019, 10:53 AM
 
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I also contributed to Lincoln and thought I could not contribute after retirement unless I have income, like with an IRA. Are you still working? I wish I could put more of my savings in the tax deferred account.


Nevermind tgbwc. I see you are still working.

Last edited by jov; 12-14-2019 at 11:14 AM..
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extras
Old 12-17-2019, 09:16 AM
 
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Things have changed in NJ but I got...
pension
health care
dental at a low cost
payment for 300+ unused sick days
social security

My husband has the same.
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Retirement
Old 12-31-2019, 09:59 AM
 
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I get/ got the same as amiga. The extra $10,000 too. I taught for 40 years and feel very lucky. Medical included. No SS even thru my husband because I have a pension.
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