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Post by 950nancy on Dec 8, 2023 1:49:32 GMT
I retired two days after I turned 50. I do work part-time and it is perfect. It gets me up and out of the house and with some adult conversation. I have a decent pension, so the money is really a bonus.
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Post by 950nancy on Dec 8, 2023 1:51:57 GMT
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 disagree. Most government jobs are relatively low paid compared to similar jobs in the private sector. The security of a pension in retirement is an important factor in attracting people to do those jobs for less than they could make elsewhere. Or they’re in jobs like teaching are for the good of our society but also are low paid. My pension was really the only monetary perk of the teaching career. |
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Post by chaosisapony on Dec 8, 2023 2:08:45 GMT
I'm an unmarried Millenial with bad genes, I probably won't make it to retirement. Right now my realistic goal is 67.
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Post by penguin on Dec 8, 2023 2:14:23 GMT
I retired last year at 56.
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Post by freecharlie on Dec 8, 2023 4:24:53 GMT
I'm currently looking at 57...maybe 60
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Post by Zee on Dec 8, 2023 4:36:53 GMT
I couldn't actually "retire" and have a secure money situation at this age (51). I put quite a lot aside each paycheck but there were many years we struggled and couldn't do that. I could quit working whenever I liked, stay within a strict budget, and live on just DH income. Totally doable, but I like having more options AND I like nursing. I agree that staying active and working around all these young people is really good for me!
DH really likes his job and may never retire.
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moodyblue
Drama Llama
Posts: 6,276 
Location: Western Illinois
Site Supporter
Jun 26, 2014 21:07:23 GMT
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Post by moodyblue on Dec 8, 2023 4:49:52 GMT
I retired at 63, after 42 years of teaching.
Technically, I could have retired years earlier - but, in Illinois, teachers don’t get the 3% annual pension increase until they are turning 62 AND I would have had to pay for health insurance. I didn’t really feel the need to retire as early as I could, and I didn’t want to take a pay cut, frozen for several years, while increasing my expenses because of health insurance.
My husband had planned to work until at least 65or full retirement age, but was laid off from his IT job at 62, and it ended up making more sense for him to start drawing his Social Security. Because I was still working (he was two years older), he could go on my health insurance. He was diagnosed with cancer about six months later, and the health insurance was even more important.
He died two years later, at 64. I had put in my intent to retire at 63, but could have opted to leave a year earlier. I thought about my options for months while I finished out the year (he died in January), and ultimately felt I needed the structure of teaching for that additional next year. It also allowed me to finish paying off the mortgage with my salary instead of using life insurance money.
Because I taught many years longer than most teachers, my pension is calculated differently. It’s on an actuarial calculation rather than a straight percentage of the average of four highest years. Most teachers get just under 75% of their average; mine is more like 85%. Also, because I had put in my intent in advance I got 5% pay increases in each of those last two years, which helped my pension.
I do NOT get Social Security, and I don’t get any of the benefits my husband barely used of his. I do qualify for Medicare based on his account. I paid into the state retirement system from the beginning of my career, and that guaranteed pension was a good reason to continue teaching.
I have a good pension, and I had good health insurance before I qualified for Medicare, through a state plan for retired teachers. I pay a minimal amount for Medicare Advantage through the state’s pension plans; working teachers contribute an additional percentage of their salaries for these, and I paid into that when I was working.
I inherited my husband's retirement savings, and he died while we still had term life insurance for both of us. In addition, my mother died in November of 2020 and my siblings and I sold the family farmland two years ago. That money provides extra financial security and I’m very grateful to have it.
Retirement is not what I’d planned, or hoped, because I’m doing it alone, without my husband. I wanted to grow old with him here. However, I am very glad to be retired now, and have no desire to work a paying job of any kind; I have never wanted to substitute teach!
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ellen
Pearl Clutcher
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Post by ellen on Dec 8, 2023 17:29:57 GMT
I retired at 63, after 42 years of teaching. Technically, I could have retired years earlier - but, in Illinois, teachers don’t get the 3% annual pension increase until they are turning 62 AND I would have had to pay for health insurance. I didn’t really feel the need to retire as early as I could, and I didn’t want to take a pay cut, frozen for several years, while increasing my expenses because of health insurance. My husband had planned to work until at least 65or full retirement age, but was laid off from his IT job at 62, and it ended up making more sense for him to start drawing his Social Security. Because I was still working (he was two years older), he could go on my health insurance. He was diagnosed with cancer about six months later, and the health insurance was even more important. He died two years later, at 64. I had put in my intent to retire at 63, but could have opted to leave a year earlier. I thought about my options for months while I finished out the year (he died in January), and ultimately felt I needed the structure of teaching for that additional next year. It also allowed me to finish paying off the mortgage with my salary instead of using life insurance money. Because I taught many years longer than most teachers, my pension is calculated differently. It’s on an actuarial calculation rather than a straight percentage of the average of four highest years. Most teachers get just under 75% of their average; mine is more like 85%. Also, because I had put in my intent in advance I got 5% pay increases in each of those last two years, which helped my pension. I do NOT get Social Security, and I don’t get any of the benefits my husband barely used of his. I do qualify for Medicare based on his account. I paid into the state retirement system from the beginning of my career, and that guaranteed pension was a good reason to continue teaching. I have a good pension, and I had good health insurance before I qualified for Medicare, through a state plan for retired teachers. I pay a minimal amount for Medicare Advantage through the state’s pension plans; working teachers contribute an additional percentage of their salaries for these, and I paid into that when I was working. I inherited my husband's retirement savings, and he died while we still had term life insurance for both of us. In addition, my mother died in November of 2020 and my siblings and I sold the family farmland two years ago. That money provides extra financial security and I’m very grateful to have it. Retirement is not what I’d planned, or hoped, because I’m doing it alone, without my husband. I wanted to grow old with him here. However, I am very glad to be retired now, and have no desire to work a paying job of any kind; I have never wanted to substitute teach! After 42 years of teaching, you deserve a retirement where you don’t have to lift a finger. I admire that you were able to work that long. It’s a demanding job. I am sorry that you were not able to spend your retirement years with your husband. My husband and I both had moms that died young. His mom had an aggressive cancer and mine had a fatal stroke. It had a big influence on our retirement goals. |
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Post by h2ohdog on Dec 9, 2023 0:15:32 GMT
I’m 67 and just retired in June. I have been semi-retired (volunteered with AmeriCorps for 3 years, then worked part-time) since I was 62 to prepare myself for living on less. I only retired because I felt it was time, plus I had a CA scare last year and my mom passed when she was 67 (she was sick for a few years before that, though).
I don’t have the bucks a lot of people have (and no pension), but my house is paid off and I will be aging in place, so I will travel a lot until I cannot.I just got back from the Amalfi Coast. Other than that I am winging it and am busy all the time and have more energy to socialize with friends than I did when I was working,
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Post by refugeepea on Dec 9, 2023 1:33:18 GMT
Probably never.
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Post by FuzzyMutt on Dec 9, 2023 6:36:38 GMT
This is the magic question.
I'm a poverty mentality kind of person. I have always had the shadow of where I came from, and how I grew up lurking all around. So I save save save. Live way below my means. I usually max my 401k in early fall, participate in ESPP to the full 10%, and hoard cash. I am also a "higher than average" earner, so I have a nice amount saved.
One place where I differ from the average poverty mentality is that I don't like alot of things around me. I like nice things, that last forever. I will do without until I can afford exactly the one I want.
Then I met my SO. He is a high earner. Also a minimalist (I'm a relative minimalist.) We both value experiences over things. He prefers to travel a certain way. Let's just say, if I pay half... that's not how he wants to travel, lol! So, he picks up our entire travel and entertainment budget. He also covers the lions share (an aggressive lion) of dining out and entertainment.
It seems I could retire today (not yet 50) and easily have an income that would replace my contribution to the household and ample spending money. I save so much that the actual portion I keep would probably be more. But that terrifies me. Someone else said it's hard to see retirement when you are doing it alone. As amazing and stable and awesome of a man as he is, it terrifies me to put all my eggs in a basket someone else carries.
That poverty mentality creeps up other ways though. I see people literally working until they pass. I also see people that could have easily retired, that continue working because they don't have other hobbies, or a situation that allows travel in some form or another.
I will retire someday. I WANT to retire, and retire relatively young. Before 65 is what I'd like. But, I like my job pretty well (I wouldn't go if I didn't get paid lol) and the money is really good. It's hard to say when enough is enough. I have a financial advisor, and I know I'm not the best client. I don't know that I'll ever feel like enough is enough.
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twinsmomfla99
Pearl Clutcher
Posts: 4,117
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Post by twinsmomfla99 on Dec 9, 2023 7:03:00 GMT
I am 61 and will be 62 early next year. I was eligible to retire at age 60.
However, my employee health benefits are pretty pricey. They are priced based on years of service, and the different price points are at 5 years, 10 years, 15, etc. My 10-yr anniversary is in May 2024, so I won’t retire before then since the price point will be set for the rest of my life.
I would love to retire in May since DH(67) has already retired, but I’m not sure I want to given the uncertainty about the economy the next few years. I don’t want to be drawing down are savings if the stock market takes a big downturn.
However, if my mom and disabled brother move in with us next spring or summer, I will most likely retire in May since I will be a full-time caregiver if that happens.
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Post by peasapie on Dec 9, 2023 10:08:02 GMT
I taught until age 45 and then started a consultancy business that I still do, part time now. I didn’t teach long enough for a teaching pension, but I saved in a 401 over the years for retirement. I haven’t had the desire to fully retire and I just turned 67. We bought a home in a 55+ 3 years ago and paid cash, so it’s just taxes and living expenses.
With all that said, a lot of folks I know continue working p/t because they enjoy it. My husband, nearing 70, still enjoys working a bit. I’m substitute teaching one day a week.
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Post by peasapie on Dec 9, 2023 10:15:45 GMT
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). Yes. Teachers in Texas pay into TRS in lieu of social security. The amount we receive upon retirement comes from the TRS funds we paid, just like SS. In fact, the Windfall Elimination Provision makes us ineligible for most of the SS we earned and paid into even if we spent decades in the private sector. Let’s talk about how public employees’ SS dollars from the portion of their career spent in the private sector goes to fund the retirement of other private sector employees and never benefits us at all. Wait. Are you saying that in Texas teachers are banned from collecting federal social security, yet have to pay into it? I must be misunderstanding. |
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Post by sabrinae on Dec 9, 2023 15:33:59 GMT
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 disagree. Most government jobs are relatively low paid compared to similar jobs in the private sector. The security of a pension in retirement is an important factor in attracting people to do those jobs for less than they could make elsewhere. Or they’re in jobs like teaching are for the good of our society but also are low paid. Not to mention they are generally funded by the workers paying into them and matching contributions from the employers - just like most private sector retirement savings programs. So yes it’s taxpayers money but it’s money earned by the employees from their jobs — it’s not like the government is just paying whatever into the funds to pay what employees were promised. Instead the terms are frequently changed to the detriment of current employees. And as Merge mentioned because of windfall provisions we lose pretty much everything we’ve paid into social security |
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Post by sabrinae on Dec 9, 2023 15:46:42 GMT
Yes. Teachers in Texas pay into TRS in lieu of social security. The amount we receive upon retirement comes from the TRS funds we paid, just like SS. In fact, the Windfall Elimination Provision makes us ineligible for most of the SS we earned and paid into even if we spent decades in the private sector. Let’s talk about how public employees’ SS dollars from the portion of their career spent in the private sector goes to fund the retirement of other private sector employees and never benefits us at all. Wait. Are you saying that in Texas teachers are banned from collecting federal social security, yet have to pay into it? I must be misunderstanding. If you have a state retirement plan or certain nonprofits that are exempted from paying into social security your social Security is greatly reduced due to “windfall provisions” generally you get nearly none of your social security — it’s reduced based on what you get from your retirement plan. So if you’ve split your career between the public and private sector - you end up losing what you’ve paid into social security despite having contributed directly. I don’t think is applicable to federal employees, I believe they are exempted from the windfall provisions. It’s a federal mandate. |
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artbabe
Pearl Clutcher
Posts: 3,396
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Post by artbabe on Dec 9, 2023 17:46:30 GMT
I'm a teacher on year 30 and I have to go to 34 to get full retirement. So I'll be 62. I started teaching late- it is a second career, so I'll be older than most teachers when I retire.
I can live off of my retirement so I think I'll sub one day a week just so I have contact with the outside world and have a bit of fun money.
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Post by peace on Dec 9, 2023 17:56:25 GMT
I don't see it happening for me at all. Ex took everything and I live quite simply now.
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Post by sawwhet on Dec 9, 2023 18:13:08 GMT
My dh retired 2 years ago at the age of 62. He has a full pension with benefits and we're in Canada so healthcare is covered for the most part. Dh's benefits cover prescriptions, eyeglasses, massage therapy etc. He took his CPP at 60 and double dipped for a few years.
I'm 58 and only work 2 days per week from home. I don't have a pension. I'm seriously thinking about retiring at the end of June. I'm the primary caregiver for our disabled adult son and it's exhausting. 30 years of care so far and no end in site.
I'll be 59 next year and will have to wait until 60 yrs to take early CPP benefits.
I hate the idea of no paycheque but we live a relatively simple life and our house is paid for.
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Post by Susie_Homemaker on Dec 9, 2023 18:43:27 GMT
I hope to work about 7 more years, until I’m 62. I have a state job with a retirement plan and I’ll be able to keep our health insurance. I like my job and the people I work with. It’s not usually stressful and at this point I’d rather have my job to do everyday.
This year it’s hit me that I need to take my health seriously so that I can hopefully age well. I don’t currently have any health problems and Im walking, weight lifting, eating well, and staying connected. Tomorrow is not guaranteed to any of us so im doing what’s in my control today.
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rickmer
Pearl Clutcher
Posts: 4,146
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Post by rickmer on Dec 9, 2023 19:48:10 GMT
i don't know what i was planning - but whatever it was, it wasn't starting over as a single mom with 3 teens at 47 and paying a ridiculous amount of rent in a city with very expensive housing.
i have been at my current job for a year after several years of false starts (8 jobs in 3 yrs post split). REALLY hoping this one sticks, great opportunity here, RSP matching and bonus and stock potential. at this point, i would *like* to retire at 60, but since i pay almost $35k a year in rent alone, not sure that is in the cards....
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Post by melanieg on Dec 9, 2023 20:44:13 GMT
17 years until I can retire (possibly 15 if the numbers are correct). My one wish is that I would have connected with a financial planner earlier in life to start when I was 20, in stead of just doing RRSPs (the stupidest thing around). I also wish I was smarter with understanding investing and financials so i could retire earlier. We do have a pension at work - a very good one that is like a Unicorn now a days. My other plan is to find a sugar daddy, but I think that dwindled years ago....  |
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Post by jill8909 on Dec 9, 2023 22:54:55 GMT
I retired at age 63 and 4 months. Sweet
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Post by Bobomommy on Dec 10, 2023 0:44:45 GMT
I’ve been teaching for 23 1/2 years, but only in public school for 7 1/2. It takes 10 years to be vested in the pension.
Until this year, I enjoyed my job and co-workers. I signed my contract for the 23-24 school year back in March. We have until June 1 to back out of the contract. On June 24 the principal called me and said it’s being moved up to 5th grade from 2nd. I explained I wasn’t comfortable with the move, as I had never taught that grade and was better with the littles. She said I had no choice because she couldn’t find anyone who wanted to teach that grade and needed a strong teacher for the position.
I started the year determined to have a good year. My teammates were ok in the beginning. Over time, they began to criticize a lot of things, say that kids complained about not wanting to be in my class (I know who said that, and they were upset because I gave them consequences for disrupting class continually), accused me of pushing a student, even said not to call parents about discipline issues because the kid would “shut down for the day and not work”in their class later in the day (Same kid who didn’t want to be in my class).
I started having panic and anxiety whenever I thought about going in to work. My hair started falling out in handfuls, my BP was unstable, the doctor doubled my depression meds, I lost 22 lbs. without trying, I couldn’t sleep, and had nightmares about work.
I am out on FMLA right now. The psychologist diagnosed me with major depressive disorder, adjustment disorder, and PTSD from the job.
I have secured a new job that starts January 2nd. I will be facilitating GED classes at a women’s pre-release center (prison). I won’t be teaching the classes, those are done online, just there to assist and supplement as needed. After talking with others who have done this, it is very low stress.
The job is 29 hours a week and pays into the teacher’s pension program. I will be able to retire in 2 1/2 years!
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Post by sabrinae on Dec 10, 2023 0:49:36 GMT
I’ll have 35 years of services to help I’m 60 which will max out what I can get from my retirement but I’ll probably have to keep working for at least 5 more years or whatever age I’ll be eligible for Medicare. I can’t imagine I’ll be able to afford to pay for health insurance out of pocket given the current costs of health insurance even with a fairly healthy retirement income.
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Post by Zee on Dec 10, 2023 1:07:10 GMT
I’ve been teaching for 23 1/2 years, but only in public school for 7 1/2. It takes 10 years to be vested in the pension. Until this year, I enjoyed my job and co-workers. I signed my contract for the 23-24 school year back in March. We have until June 1 to back out of the contract. On June 24 the principal called me and said it’s being moved up to 5th grade from 2nd. I explained I wasn’t comfortable with the move, as I had never taught that grade and was better with the littles. She said I had no choice because she couldn’t find anyone who wanted to teach that grade and needed a strong teacher for the position. I started the year determined to have a good year. My teammates were ok in the beginning. Over time, they began to criticize a lot of things, say that kids complained about not wanting to be in my class (I know who said that, and they were upset because I gave them consequences for disrupting class continually), accused me of pushing a student, even said not to call parents about discipline issues because the kid would “shut down for the day and not work”in their class later in the day (Same kid who didn’t want to be in my class). I started having panic and anxiety whenever I thought about going in to work. My hair started falling out in handfuls, my BP was unstable, the doctor doubled my depression meds, I lost 22 lbs. without trying, I couldn’t sleep, and had nightmares about work. I am out on FMLA right now. The psychologist diagnosed me with major depressive disorder, adjustment disorder, and PTSD from the job. I have secured a new job that starts January 2nd. I will be facilitating GED classes at a women’s pre-release center (prison). I won’t be teaching the classes, those are done online, just there to assist and supplement as needed. After talking with others who have done this, it is very low stress. The job is 29 hours a week and pays into the teacher’s pension program. I will be able to retire in 2 1/2 years! Your job sounds way more stressful than mine, and I'm saying that as a cardiac nurse. I could not teach children! Mainly because of the parents! If someone came into my career right now and told me I had to do pediatric nursing for a year I'd probably have to quit. |
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tincin
Drama Llama
Posts: 5,382
Jul 25, 2014 4:55:32 GMT
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Post by tincin on Dec 10, 2023 4:11:31 GMT
I retired at 59 because of a work injury. Covid hit 2 months after my retirement. I’m enjoying it now that I can travel and have fun.
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Post by trixiecat on Dec 10, 2023 12:54:31 GMT
My husband is 65 and I am 61 and we both still work. He might retire next year. We both like our jobs.
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Post by mollycoddle on Dec 10, 2023 12:59:23 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. My nephew is a teacher who makes some nice $$ on the side teaching guitar and bass. |
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Post by mollycoddle on Dec 10, 2023 13:02:05 GMT
64. I waited until I was nearly 65 for Medicare. But I like working(and am working part time, which I really enjoy), and if it had not been for the pandemic, I might have worked for a few more years.
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