Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
27th year of Teaching
Old 10-02-2015, 02:03 PM   #1
Confused about dryer sheets
 
Join Date: Oct 2015
Posts: 4
27th year of Teaching

Hello guys, I'm been lurking a few days and I'm ready to take the plunge. There are many knowledgeable people on the site. I am looking forward to reading the discussions and any information I can get my eyes on.

I'm in my 27th year of teaching and I'll be able to draw a pension at the end of my 28th, but I have options. My wife is also a teacher, but I have a few years on her. We have a couple of young children that could throw a monkey wrench in my grand plans of early retirement. They are 11 and 12.
__________________

__________________
Arkgolfer is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 10-02-2015, 02:47 PM   #2
Full time employment: Posting here.
 
Join Date: Jul 2014
Posts: 616
Welcome. You can learn a lot just by hanging out here, but if you have any specific questions feel free to provide more detail and I'm sure you'll get some helpful responses.
__________________

__________________
Katiek is offline   Reply With Quote
Old 10-02-2015, 05:36 PM   #3
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: May 2005
Posts: 13,254
Congrats... and welcome....

My sister lasted 42 or 43..... and she was telling me about a friend of hers that is now in her 55th year!!! She does not wish to retire.... ever....
__________________
Texas Proud is offline   Reply With Quote
Old 10-02-2015, 05:38 PM   #4
Moderator
Walt34's Avatar
 
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 16,501
DW has a aunt who is 85 and still teaches part time. That's dedication!
__________________
I heard the call to do nothing. So I answered it.
Walt34 is offline   Reply With Quote
Old 10-03-2015, 08:20 AM   #5
Recycles dryer sheets
 
Join Date: Aug 2013
Posts: 188
Do you or your wife get free or inexpensive health coverage thru work? Will this continue after retiring? What are the requirements for retiree health coverage? My wife is a retired teacher and the last question was an eye opener. She knew a teacher that retired after 24 years with a pension, but only found out afterwards she needed 25 years to qualify for free healthcare.
__________________
Al18 is offline   Reply With Quote
Old 10-03-2015, 08:40 AM   #6
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: May 2005
Posts: 13,254
Quote:
Originally Posted by Al18 View Post
Do you or your wife get free or inexpensive health coverage thru work? Will this continue after retiring? What are the requirements for retiree health coverage? My wife is a retired teacher and the last question was an eye opener. She knew a teacher that retired after 24 years with a pension, but only found out afterwards she needed 25 years to qualify for free healthcare.

That is a good question.... is there something that another year will get you...

My sister still has to pay for her health insurance... but now she is on Medicare and it is secondary and relatively cheap....
__________________
Texas Proud is offline   Reply With Quote
Old 10-03-2015, 11:56 AM   #7
Full time employment: Posting here.
 
Join Date: Nov 2008
Posts: 728
I really respect teachers who care about their kids....thank you for taking on the job.

you're kids are young, leave in such a way you could come back...they are/were the most important part of my life.....and, I had a couple that deserved advanced degree's and that can cost a bunch......most important, you and your family enjoy life, be flexible and be happy! good luck!
__________________
jerome len is offline   Reply With Quote
Old 10-03-2015, 08:34 PM   #8
Recycles dryer sheets
 
Join Date: Jul 2012
Posts: 95
Welcome!! Am a former educator and enjoying retirement immensely. My suggestion would be to look carefully at all aspects of your pension to discover what is most advantageous for you and your situation. Each state system has its peculiarities, strengths, and weaknesses. Talk with retired teachers and ask lots of questions. Ask them for advice, evaluate their gripes and see what they might have done differently. Healthcare should be a top concern. (My state charges according to a tier system of years worked with 30+ years of service paying the least). Find out if your pension has a COLA, cost of living adjustment. Mine does not and consequently I have set aside money to cover costs when inflation erodes the purchasing power of the pension in the future. See if there are ways to pad your salary by taking on extra duties, tutoring, teaching summer school, etc. This will increase the average of your final salaries and increase your pension. Look carefully at the pay scale for your district. I discovered that when a teacher reaches the top of the pay scale, they do not receive across the board raises as other teachers do, but receive a fraction of those raises. �� Continuing to teach made less $ense pension wise for me. Go to any seminars offered by the pension system or watch videos on the pension site. Call the system with any questions. I found the counsellors were extremely helpful. Ask questions on this site. The members here have a wealth of information and are very willing to share. Good luck!
__________________
healthyandfun is offline   Reply With Quote
Old 10-04-2015, 03:28 PM   #9
Confused about dryer sheets
 
Join Date: Oct 2015
Posts: 4
Quote:
Originally Posted by healthyandfun View Post
Welcome!! Am a former educator and enjoying retirement immensely. My suggestion would be to look carefully at all aspects of your pension to discover what is most advantageous for you and your situation. Each state system has its peculiarities, strengths, and weaknesses. Talk with retired teachers and ask lots of questions. Ask them for advice, evaluate their gripes and see what they might have done differently. Healthcare should be a top concern. (My state charges according to a tier system of years worked with 30+ years of service paying the least). Find out if your pension has a COLA, cost of living adjustment. Mine does not and consequently I have set aside money to cover costs when inflation erodes the purchasing power of the pension in the future. See if there are ways to pad your salary by taking on extra duties, tutoring, teaching summer school, etc. This will increase the average of your final salaries and increase your pension. Look carefully at the pay scale for your district. I discovered that when a teacher reaches the top of the pay scale, they do not receive across the board raises as other teachers do, but receive a fraction of those raises. �� Continuing to teach made less $ense pension wise for me. Go to any seminars offered by the pension system or watch videos on the pension site. Call the system with any questions. I found the counsellors were extremely helpful. Ask questions on this site. The members here have a wealth of information and are very willing to share. Good luck!
I have maxed out my earning capabilities. I also drive a bus and that is calculated into my retirement using the highest 3 salary average. Currently health insurance is affordable for teachers retiring in my state (150 monthly).

The only holdback is that I have the opportunity to bulk up my savings via a DROP plan. Financially it would make lot of sense to keep teaching. We have a manageable mortgage and a car payment. I already have a part time job in place when I retire that will make up the difference in retirement net and current income net. I have choices and options.
__________________
Arkgolfer is offline   Reply With Quote
Old 10-04-2015, 07:40 PM   #10
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: May 2005
Posts: 13,254
Quote:
Originally Posted by Arkgolfer View Post
I have maxed out my earning capabilities. I also drive a bus and that is calculated into my retirement using the highest 3 salary average. Currently health insurance is affordable for teachers retiring in my state (150 monthly).

The only holdback is that I have the opportunity to bulk up my savings via a DROP plan. Financially it would make lot of sense to keep teaching. We have a manageable mortgage and a car payment. I already have a part time job in place when I retire that will make up the difference in retirement net and current income net. I have choices and options.

Not sure about your plan, but when I looked into it for my sister, it was not worth it.... the extra year payment on a pension had a better NPV....

But, if you do not have much in current savings, it is a way to get some...
__________________
Texas Proud is offline   Reply With Quote
Old 10-05-2015, 10:31 AM   #11
Confused about dryer sheets
 
Join Date: Oct 2015
Posts: 4
Quote:
Originally Posted by Texas Proud View Post
Not sure about your plan, but when I looked into it for my sister, it was not worth it.... the extra year payment on a pension had a better NPV....

But, if you do not have much in current savings, it is a way to get some...
The drop plan would be worth it. If I went with just teaching longer, the payout would increase my monthly net about 100 bucks monthly for every year I taught. The drop would gain me 25k a year plus 2% to 6%, while I'm teaching for ten years. If the plan would gain a 4% percent average I could nest away just over 300k if I wanted to continue teaching. My current savings is not massive, it is enough to cover the kids college. I am invested in a few high dividend stocks, not a lot of growth but slow and steady.

After the ten years I could roll it over into an IRA and draw it out at 59.5 or I could roll it over into a CBA and start drawing at 55.
__________________

__________________
Arkgolfer is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Hello, 26 year old American expat teaching in Abu Dhabi, UAE! thatgirlmjl Hi, I am... 47 05-16-2012 03:45 PM
Teaching English Overseas. Maximillion Other topics 32 07-07-2010 01:39 AM
Q: If you retired Wednesday June 27th................... Meadbh Other topics 2 06-28-2007 07:16 PM
Question on teaching kids streamjp Hi, I am... 14 08-25-2005 01:51 PM

 

 
All times are GMT -6. The time now is 09:05 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.