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Post by leannec on Dec 7, 2023 17:17:45 GMT
My life has kind of been turned upside down work wise recently and it looks like I am going to take early retirement in the New Year ... I'm a teacher. I am 56. Of course, my pension through my job is quite good but it is not enough to sustain my lifestyle because I am single with a mortgage and a new Jeep! I will have to substitute teach almost full time until I am 60 and qualify for Canada Pension (I'm Canadian) ... I'm fine with that ... How old were you when you retired or how old do you expect to be when you retire?
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Post by Merge on Dec 7, 2023 17:20:24 GMT
I hope to retire from school teaching at the end of this year. I’ll be 51. But I’ll continue to give private music lessons.
I wonder if you could make the extra money you need via private tutoring rather than substitute teaching. It’s likely more lucrative and and less stressful.
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Post by leannec on Dec 7, 2023 17:23:16 GMT
I wonder if you could make the extra money you need via private tutoring rather than substitute teaching. It’s likely more lucrative and and less stressful. I don't really like teaching one-on-one ... sounds weird I know! I subbed for a year about five years ago and I enjoyed it ... we'll see if I do again.
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Post by vpohlman on Dec 7, 2023 17:27:02 GMT
I could retire after last year (teaching), but am waiting for my husband who can retire from the railroad in two years! So I'll be 60 when I retire! He'll be 63.
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Post by epeanymous on Dec 7, 2023 17:30:36 GMT
I had my youngest at 43 and no matter what would expect to be working until she is out of college and any straight-from-college graduate program (my university employment comes with a tuition benefit that means she can attend college free or at a greatly reduced at my university and a variety of other universities). I don't know what I'll do from that point; I really enjoy teaching my courses, and since I'm a tenured full professor, I can basically stay as long as I like. Since it's a university position, I have summers and breaks, so I can travel. Really, it depends at some point on what I feel like doing and what's going on with my adult children -- I like being engaged in my field, but ask me if I still feel that way in fifteen years or so.
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Ryann
Pearl Clutcher
Love is Inclusive
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May 31, 2021 3:14:17 GMT
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Post by Ryann on Dec 7, 2023 17:31:45 GMT
DW (52) and I (45) both retired this year. DW retired from UPS with a pension. I worked in Accounting. We moved out of CA to be able to afford it.
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huskergal
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Jun 25, 2014 20:22:13 GMT
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Post by huskergal on Dec 7, 2023 17:32:34 GMT
I will be 65 when I retire. I took 10 years off to stay home with my children. I need to teach 4 more years to be fully vested in my retirement. I will also be at this school for 20 years. I get a $35,000 bonus for 20 years of service. If I save up sick days, I also get paid for those. It is worth it to stay.
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Post by ~summer~ on Dec 7, 2023 17:39:35 GMT
I have a lot of things up in the air right now, but I think maybe in 5 years when I’m 55.
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pantsonfire
Drama Llama
Take a step back, evaluate what is important, and enjoy your life with those who you love.
Posts: 6,241
Jun 19, 2022 16:48:04 GMT
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Post by pantsonfire on Dec 7, 2023 17:41:42 GMT
Not employeed but dh us a teacher in CA. He will retire at 63. That will give us full pension benefits. He will receive COLAs and we get 100% covered health and dental for 5 years. Then we will need to buy in.
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Post by KelleeM on Dec 7, 2023 17:46:06 GMT
I will begin collecting Social Security when I’m 67 and will probably continue to work full time for several years beyond that out of necessity. For many reasons I did not save well for retirement. My late husband only had Social Security and when he passed my income diminished significantly.
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Post by Neisey on Dec 7, 2023 17:51:21 GMT
I’m 56 and thought I was going to go at 55 but I still really enjoyed my job so decided to continue. Then we bought a house outside the city, management has changed and I’m rethinking this decision lol. SO just told his management he will be retiring in Dec 2024 (at 60) so I will likely go then at 57.
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Post by mom2rjcr on Dec 7, 2023 17:55:04 GMT
I am 57 and was hoping to medically retire from teaching at the end of this year. Now, I can't because DH was laid off in January and still has not found a full-time job. I need my job not only for my income, but for my insurance. I will have to wait 3 more years to retire now.
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Post by littlemama on Dec 7, 2023 17:56:34 GMT
Well, we dont work in jobs that offer pensions and we were not able to save for retirement earlier in our careers. Our house will be paid off in 2027, but I expect to continue to work after that. Dh is younger than I am and his job has amazing insurance, so he will work longer than I will.
This sounds terrible, but when our remaining parents pass away, that is when we will be able to afford retirement. We are very fortunate in that regard.
My unpopular opinion is that no taxpayer-funded career should come with a pension since no one in private industry receives one any longer. I can't afford to pay for my retirement and theirs.
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Post by Katie on Dec 7, 2023 18:01:18 GMT
I will likely work into my 70’s, as my retirement fund is quite small, and DH has no retirement fund at all. For so many years we were barely making ends meet, so saving for retirement got pushed to the bottom of the list. And, he never had jobs where matching was offered. We are both 52.
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Post by agengr2004 on Dec 7, 2023 18:03:52 GMT
I'm eligible to retire in 5 years at age 50. I'd like to continue working until I'm 57.
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Post by jeremysgirl on Dec 7, 2023 18:12:30 GMT
For me, really a lot of it depends on my health and social security. If we continue the way we are now and social security is full funded, we could probably retire at 63. With that said, Jeremy most likely won't be able to do his job at that age. His job is very physical and it appears his body is already failing him. So he might have to find another, less taxing job that will most likely pay less money. And then there is also the caveat that I actually like my job. I would like it more if I could work 3 days a week or 5-6 hours a day/5 days. It is due to the cooperation of my brain and heavy computer use. So maybe I will stick it out even longer. Maybe we will need me to stick it out even longer if he's not doing well or making much money. We are only 48 so we have time yet to figure things out as we are no where near where we need to be in terms of knowing what our future holds. We probably won't make this decision until we are like 60.
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Post by karenlou on Dec 7, 2023 18:14:45 GMT
I retired at 66, three years ago, That being said I do work per diem, I love my job and enjoy taking care of my patients (I am an OR nurse) The extra $$ is a nice thing and lots goes into savings every month. I planned well for my retirement and Have a significant amount of $$ in retirement investments. I am collecting Social Security....I also get a small pension from a previous job, also in nursing.
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Post by MichyM on Dec 7, 2023 18:21:00 GMT
I retired at 49 and am so glad I did. I was done, done, done. I'd been working since age 15 (age 11 if you count babysitting) I am now 62.
No pension, and I'll wait to collect SS until age 70.
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ellen
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Jun 30, 2014 12:52:45 GMT
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Post by ellen on Dec 7, 2023 18:22:11 GMT
I retired from teaching at 56 after 34 years of teaching. My husband also retired at the same age. In order for us to qualify for a full pension, we would have had to teach until 65. I did not even consider doing that. There were some big things that we had in place before we made the decision. The biggest one was health insurance. We are both fully insured until we qualify for Medicare. Our daughter can stay on our plan until she is 26. She is currently 21. Our contribution to the plan each month is $400. We invested a lot of money when we were young. We always needed to get paid because we invested as much as we could. It means that we can scrape off a pretty decent amount of $ each year. When our daughter is done with college, it will really free things up for us. We opted to take our pensions with penalties. Sure, we both could have worked until we were 65 to get more, but we would have been miserable doing it. We think about it as playing the long game - collect less, but longer. Eventually it does even out. Our investing allows us to do that. It helps that we both have a pension.
We also decided that we’d sub. Being a sub is a far different story than being a full time teacher. There is a shortage of subs and daily pay rates have increased significantly. The districts we sub in pay retired teachers more. We pick our jobs. Someone else plans the work for you, you do it, and when the kids walk out - so do you. If you didn’t like the job of the day, you never have to do it again. So far, I have only had two jobs that I won’t do again. You can work as little or as much as you want. My husband keeps going to the school where he worked to sub. I have subbed in four different buildings and have dabbled in different areas. I taught 4th grade most of my career and have really enjoyed working in the high school of a neighboring district. If I was in a situation where I had to sub every singe day of the year, I could do it just because I wouldn’t have to do all of the other things that go with teaching. You have no idea how liberating it is to not have to check email, plan, attend meetings, evaluate, contact parents, etc. Basically you are handed one ball at the beginning of the day and you hand it back in at the end of the day. I was used to juggling several all day long.
I quit clenching my teeth. I broke four teeth in three years because I am a stress clencher. My husband has lost over ten pounds. His blood pressure finally moved into a healthy range. His numbers were terrible when he was working. It is so awesome to do things like get your hair cut at noon or go to the dentist at 11 am.
I hope things will go ok for you. Retiring was a huge mental hurdle for me, not so much for my husband. We are doing just fine.
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Post by paulao on Dec 7, 2023 18:24:23 GMT
I retired May 6, 2022 and turned 65 at the end of that month. I would have retired earlier but needed the health insurance.
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Post by christine58 on Dec 7, 2023 18:41:21 GMT
I retired at 58.5 with 36 years teaching. I get 70% of the average of my last 3 highest years. I collected SS at 62.
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Post by myshelly on Dec 7, 2023 18:44:41 GMT
My Dad is 67 and works 70+ hours a week with no plans to retire.
I’ll work when my last kid graduates and don’t see myself ever retiring, to me I know I wouldn’t do well with it.
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leeny
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Jun 27, 2014 1:55:53 GMT
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Post by leeny on Dec 7, 2023 19:08:01 GMT
Well, we dont work in jobs that offer pensions and we were not able to save for retirement earlier in our careers. Our house will be paid off in 2027, but I expect to continue to work after that. Dh is younger than I am and his job has amazing insurance, so he will work longer than I will. This sounds terrible, but when our remaining parents pass away, that is when we will be able to afford retirement. We are very fortunate in that regard. My unpopular opinion is that no taxpayer-funded career should come with a pension since no one in private industry receives one any longer. I can't afford to pay for my retirement and theirs. Oh no, don't get me started! Due to misinformation out there - Some public service employees do pay into their retirement system. I am one of those. So, I not only paid taxes for my position in local government and still do for others, I paid a lot into my own retirement (not by choice, but a requirement of working for said government entity).
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Post by Linda on Dec 7, 2023 19:08:57 GMT
I haven't worked since 2001 and have no plans to re-enter the workforce. I don't call it retired though - I consider myself a homemaker/SAHM (primarily the former now as my only kid at home is 17). DH and I are 53 now - he'll probably retire around 65 (2035) - he carries our (much needed) health insurance. I have almost no retirement savings and will barely qualify for SS. DH has a 401k and receives a small VA disability pension plus he'll be eligible for SS.
Our mortgage will be paid off by 2035
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Rhondito
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Jun 25, 2014 19:33:19 GMT
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Post by Rhondito on Dec 7, 2023 19:11:33 GMT
My house will be paid off in 12 1/2 years (if not sooner) so that'll put me at 67. I'm almost envious of all the posts above that are "My DH and I..." - it's a bit harder when it's only one of you.
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snyder
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Apr 26, 2017 6:14:47 GMT
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Post by snyder on Dec 7, 2023 19:13:17 GMT
Well, we dont work in jobs that offer pensions and we were not able to save for retirement earlier in our careers. Our house will be paid off in 2027, but I expect to continue to work after that. Dh is younger than I am and his job has amazing insurance, so he will work longer than I will. This sounds terrible, but when our remaining parents pass away, that is when we will be able to afford retirement. We are very fortunate in that regard. My unpopular opinion is that no taxpayer-funded career should come with a pension since no one in private industry receives one any longer. I can't afford to pay for my retirement and theirs.I am one of those recipients. I understand to a degree, but it isn't like it was free as we had money taken from our paychecks to fund the pension, not totally funded by the company or taxes. The difference is if you work for a company that offers pensions, they "force" your to save for retirement, whereas when you work for private, one needs have the disapline to save on their own for retirement. A majority of people do not have the disapline to save on their own and build their life/budget around not saving for retirement and then when its time to retire they belly ache they can't live on SS only. (They got new things, where I didn't because I had 11% less pay because it was taken out of my pay check to pay for my retirement.) Also, I paided into SS and have my 40 quarters in, but my SS is greatly reduced because I draw a pension from our local utilites, which is not taxpayer funded.
I retired at 57 and paid out the butt for my health insurance (almost $1,000 a month), so it was heaven when I reached 65 and went on Medicare. I did have my home paid for when I retired.
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uksue
Pearl Clutcher
Posts: 2,546
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Jun 25, 2014 22:33:20 GMT
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Post by uksue on Dec 7, 2023 19:25:22 GMT
I could have retired at 55 on my NHS pension, but left it to grow until I turned 60, 3 years ago. It made a big difference to my lump sum, fortunately.
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uksue
Pearl Clutcher
Posts: 2,546
Location: London
Jun 25, 2014 22:33:20 GMT
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Post by uksue on Dec 7, 2023 19:26:01 GMT
Well, we dont work in jobs that offer pensions and we were not able to save for retirement earlier in our careers. Our house will be paid off in 2027, but I expect to continue to work after that. Dh is younger than I am and his job has amazing insurance, so he will work longer than I will. This sounds terrible, but when our remaining parents pass away, that is when we will be able to afford retirement. We are very fortunate in that regard. My unpopular opinion is that no taxpayer-funded career should come with a pension since no one in private industry receives one any longer. I can't afford to pay for my retirement and theirs.I am one of those recipients. I understand to a degree, but it isn't like it was free as we had money taken from our paychecks to fund the pension, not totally funded by the company or taxes. The difference is if you work for a company that offers pensions, they "force" your to save for retirement, whereas when you work for private, one needs have the disapline to save on their own for retirement. A majority of people do not have the disapline to save on their own and build their life/budget around not saving for retirement and then when its time to retire they belly ache they can't live on SS only. (They got new things, where I didn't because I had 11% less pay because it was taken out of my pay check to pay for my retirement.) Also, I paided into SS and have my 40 quarters in, but my SS is greatly reduced because I draw a pension from our local utilites, which is not taxpayer funded.
I retired at 57 and paid out the butt for my health insurance (almost $1,000 a month), so it was heaven when I reached 65 and went on Medicare. I did have my home paid for when I retired.
Exactly. I started paying into my NHS pension in 1978 and never skipped a payment. Some if my friends dropped out in the 80s and took small lumpsums, but I struggled on even when I became a single mother with no help from their father. My pension isn't big by any means, but it's a lot more than my state pension, which I will pick up in 3 years. I pay tax on my pension and will pay even more when my state pension comes through. I worked really hard as an NHS nurse, midwife and health visitor and the scheme is self funding- current workers are funding my pension, the same as I was funding retired nurses when I was working. I have no inheritance from any direction and my small mortgage will also be paid off in 2027. I agree that some choose not to pay into a pension, and in that respect I'm glad I had no choice and that they stopped people taking money out in the mid-80s. If course I'm lucky that my healthcare is funded through our taxes and NI.
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pinklady
Drama Llama
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Nov 14, 2016 23:47:03 GMT
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Post by pinklady on Dec 7, 2023 19:36:24 GMT
I'm only working for the health insurance otherwise I would have retired years ago. So for now the plan is to retire the day I age in to Medicare.
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Post by katiescarlett on Dec 7, 2023 19:36:28 GMT
I hope to retire at the end of next year. I'll be 60. DH retired 6 years ago at age 58. He has a small pension and just signed up to start SS benefits. We have good insurance through DH's former job that we can both stay on until we can go on Medicare. We downsized and sold our home and moved to our small lake house which has no mortgage. We are looking forward to traveling.
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