Am I crazy or does this make sense?

[dex]

Quote:

Originally Posted by newguy88 I hate to say this but WE have allowed the private corporations to do this to us! We have let unions fall into disrepair we thought the company would do right by us, but in fact when they saw how dumb the american worker was they pushed the 401K onto the worker a program that was an additional PERK FOR THE HIGHER MANAGEMENT TYPES when pensions were the norm. Look I feel for every guy who has busted his or her rear for 25 30 35+ years for a company and then the SOBs take away what was promised, Hey the republicans have done you all up the %$^**!

Let's face it: working for corp Americian companies is the new sweat shop. The lighting, chairs and hours (for some) are better but as others have noted we do not have a pension and we will get less in the future. If the people in silicon valley began to unionize there might be some hope.

I worked for one company for 20 years and will get a pension of about $12K/year in 10 years.

In the current company I for for I only have a 401K and it took 5 years to be fully vested. It will be difficult for the young to build up enough retirement money with only a 401k.

If I knew how great government pensions were when I started out I may have chosen a differnt path in life.

My family thought it was better to get a white collar job - we were an imigrant family.

[dumpster56]

Quote:

Originally Posted by Rob As a high school teacher myself, I can really relate to everything you are saying about retiring. Although I teach at an American international school in Singapore, the stress of teaching full days can still get you to a point where you need to make a change. I am 58 years old, single, and have been teaching for 30+ years now. I just informed my school last week that I was resigning at the end of the year (June 2006). I was so happy for a few days, and then a sad feeling set in. I would be entering a more uncertain time of my life without that steady paycheck coming in. I actually am very depressed now because I am around all my mostly younger colleagues who happen to think that making this very high salary that we do here in a school that seems to pour money into its facilities is the best place to be in the world. However, I'm tired and need a change. I'm sometimes in awe of teachers that want to teach until they are in their mid-60's. I'm not sure if you run into them, but I wonder what makes them want to continue and guys like me say "enough is enough". I sometimes feel that I should be like them. Like you, I will continue to teach/work part-time, but only in the afternoon. I want my mornings free to do what I want to do. I worry about retirement funds and constantly wonder to myself if this is enough. I've even posted a message on this site a year ago, and I got sort of a mixed response. I own no home, and I will opt to get 2/3 of my pension from TIAA-CREF (a pension plan that professors, researchers, and teachers etc participate in the US). That would give me about $43,000/year. I'll get Social Security at 62, but it is only $400/month. However, if I remain in Singapore, at 62 I also start using my retirement funds from the Singapore government, which also amounts to about the equivalent of $400/month. I will use the other third of my retirment pension when I am 65 or 66, and then that should add about $16-20,000 more per year. With all the social security added in, my total pension should be conservatively about $60,000/year. Insurance in any country in the world is cheaper than it is in the US. In Singapore and with no deductable, I can get locally insured for about US$1,800 per year, and the hospital care here is excellent. Amazing, isn't it? There are also several excellent international insurance companies like BUPA (from Britain) that cost about US$3,500/year world wide, but if you use this insurance in the United States, it is double or triple. I have more or less decided to stay out of the US until I am 65, but only because I am concerned about the high cost of insurance. As a Singapore permanent resident (similar to a green card holder in the US), I can stay here and have to work, but you know something? I miss the States. The problem is I have no attachments there, but when I am in the Maine/Vermont/upstate NY area, I feel very calm and relaxed. I might move there when I am in my 60's. Anyway- I thought I'd share my feelings about retirement to a fellow teacher. I totally relate to how you feel. However, I sometime wish I could persevere more and make more money where I was teaching. However, once you resign, and all your colleagues come up to you and wish you the best, your know it's too late to turn back. One final note, I hate it when my colleagues come up to me and say "congratulations on your retirement". My attitude is I am not retiring. I'm just entering a different phase of my life. After reading this, I might just post this on my own message and hope to hear from some of you. Rob

I have ended up in an inner city school district now pushing 20 years. Newark, NJ.

The stress of working in a crime filled city and having 9 students killed over the past 4 years and having two of my old students after they graduated arrested for Murder does not help.

We hear how bad american public schools are, well I would have to say the school is a mirror image of the community.

It is bad. America 2005 you would think we would be able to get rid of the guns and drugs in the neighborhood. Inyersesting, But americans who vote would not accept this stuff in the SUBURBS!!

Anyway, For me turning 50 in April, the state of NJ saying they will give me a pension of 31,000 and full medical bennies for my wife in addition to myself, a cost of living increase in 24 months then every year, We will be able to move to the north carolina area, buy a house for cash, no debt and a part time job selling kayaks, running shoes bikes etc, Is well VERY doable.

4 years ago I watched from my classroom window the destruction of the World Trade Center, I am done with this area. My adult children are married and successful.

Time to do something for myself.

If I make 15,000 dollars a year part time, the wife will be getting a small pension in two years and yes in 10 she gets her social security and me in 13 years , It would seem to me as I have said before, I am not really gonna retire but Rewire, doing the things I want to do.

I have watched some teach well into their 60s and quite frankly I think they have no real lives.

I have always worked to live, not Lived to Work!!

Now with that pension that is offered me now will WORK FOR ME!

[Retire Soon]

newguy88,

You're situation is very similiar to mine, just a different geographical area.* I am teacher also, who will be retiring in June and selling my San Diego home.* We'll probably put our house on the market in April, unless our real estate agent advises us otherwise.

I am 55 and could work another five years, and increase my pension substantionally, but for what?* We will have enough to live on comfortably in our paid for home in Oregon.* We're only going to make this journey through life once, so why make such a big deal out of a few extra dollars.* Why should I sell five years of my life for more money?

I am also a little disturbed about education in America. The "No Child Left Behind Act" is a pathetic joke.* It could only have been dreamed up by politicians who have never set foot in an inner city classroom.


I too, wonder about teachers in our district who teach well into their 60's.* I agree with you that they don't have a life.*

Retire Soon

[AltaRed]

I suspect that while some of those 60s types do not have a life and therefore continue to teach, there are others who see the despair around them and actually believe they are making a difference giving at least some of those children some hope in their future lives. Let's not sell that latter group short.

[dumpster56]

Quote:

Originally Posted by AltaRed I suspect that while some of those 60s types do not have a life and therefore continue to teach, there are others who see the despair around them and actually believe they are making a difference giving at least some of those children some hope in their future lives. Let's not sell that latter group short.

I have tried to give these people the benefit of the doubt BUT almost everyone of these old GEEZERS are hanging on for a few more dollars. In fact the 66 YO women in our department still teaches like it is the 1960s and not one student wants to be in her class, along with some history and english teachers in our place who sorry to say are as the students say, JUST PICKING UP A PAY CHECK!

I gotta get out of that place!

Yea no child left behind!!Whata joke!

[jug]

Quote:

Originally Posted by newguy88 I have tried to give these people the benefit of the doubt BUT almost everyone of these old GEEZERS are hanging on for a few more dollars. In fact the 66 YO women in our department still teaches like it is the 1960s and not one student wants to be in her class, along with some history and english teachers in our place who sorry to say are as the students say, JUST PICKING UP A PAY CHECK! I gotta get out of that place! Yea no child left behind!!Whata joke!

There is a game that is played by many civil "serpent" its called, "lets max out the pension" . They basically are anal in that they are looking at every freakin penny they can suck out of the system. In most cases their lives are very boring and this is the biggest kick they get.

I dont blame them for this, just make the observation. Most people where I am RUN at retirement age, they get fed up, they want to pursue other things, they dont want to commute.

Those who opt out usually do very well, I can see it on their faces when they come back to visit. They look healthier and happier. My plan is to simply walk out, and move to the other side of the country, with reduced pension, and make like Ive never been there.


jug

[jug]

There is another thing I am starting to notice on this board, and about life in general, there iis alot of misinformation.

Firstly, we are told that we will not have enough, but yet most old timers on fixed incomes, with no much in the bank, seem to be puttering along fine.

My father says Im crazy for giving up 20K more a year to "buy" 4 more years of lilfe.

I look at him, he is 74, scared **** of the world, limps around with a bad leg that he wont have looked at by a doctor, is obsessed with cursing his landlord, among other people every day, has been talking about running to the other side of the country for year, but has never stepped out of Brooklyn and is just a mean miserable person.

Despite his BS, he has the money to move to a nicer apartment anywhere in the country, but he languishes in his own misery. So he thinks Im crazy for leaving 4 years earlier.

What I look at is that I have the "balls" to pick up and leave a situation that IM just fed up with. Its a calculated risk, a reduced pension supplemented by bank interest bringing my 50 K a year, with a paid up house in vegas, To him its the "principle" of losing the 20K to the State.

Someone on this board mentioned the "pension chain", whereby everything revolves around having enough pension.

You have to look at your everyday life, and if you can afford to take the risk to possibly change that life for the better, then go for it.

If you have expensive habits and cant do without the freakin Lattes and gourmet diners, then stick it out longer, if you can trim down and live on oatmeal, salads and veggies each day, the go for it.

The financial services industry always shows you pictures of people dressed well, on trips, on sail boats, stuff that most of us do not do everyday, and have no desire to do each day.

To me, a good life is without worry or anxiety, about not having some bumbling fool on my back, about walking in the street, living spontaneously, and having enough money to cover my basics and once in while a vacation.

Each person on this board has their own set of circumstances and factors to ER, but keep this in mind, all of your good thought out plans can change on a dime, this is important.

Half of us make it to 80 or so, and the other half dont. and those that do make it, most are in iff y health. This is the reality, not what the financial people tell you or what the insurance/annuity people tell you. If you are over 50, the time is NOW.

Real life is all around, growing old is all around, not on the TV.
jug

[Retire Soon]

The "principal" of the 20k loss in pension is insignificant in terms of giving up 4 years of your life that you'll never, ever get back.* Once you're gone, you'll be gone for a long, long time. When you're on your death bed, the money or toys you've accumulated* will be insignificant, but the relationships you've nurtured and the good deeds you've done to help other people will be foremost in your final thoughts.

[dumpster56]

My father says Im crazy for giving up 20K more a year to "buy" 4 more years of lilfe.

I look at him, he is 74, scared **** of the world, limps around with a bad leg that he wont have looked at by a doctor, is obsessed with cursing his landlord, among other people every day, has been talking about running to the other side of the country for year, but has never stepped out of Brooklyn and is just a mean miserable person.*

Despite his BS, he has the money to move to a nicer apartment anywhere in the country, but he languishes in his own misery.* So he thinks Im crazy for leaving 4 years earlier.


Jug

Funny , my father 76 with all kinds of health problems says to me RUN and TAKE the early retirement pension and go and get out of this rat race and commute!

He is very supportive of my decision.

And the wife is really on board, she gets to go back to her southern roots in Carolina.

Me a Bronx born NYC , NJ guy will do just fine down south.

I may have to keep my left wing mouth shut, but hey Its all GOOD!

[MRGALT2U]

Quote:

Originally Posted by jug Firstly, we are told that we will not have enough, but yet most old timers on fixed incomes, with no much in the bank, seem to be puttering along fine. Quote: This reminds me of the article I read a while ago (MONEY?) about folks who were living on nothing but their SS. Good article. They all seemed pretty content. Lowered expectations? JG

[dumpster56]

Called the realtor today,

Listing will be near 530,000

Owe less than 200,000

Home in the area same model sold for 535,000 last week.

No turning back!

Big Xmas party in our house sunday, Monday the 26th we take down the tree and put the for sale sign in the window!

I am so ready to get out of the inner city high school I work in !!

I am gonna buy a house for cash no mortgage and sell kayaks at REI in north Carolina and write and paint and run and LIVE!

[Sheryl]

Woo Hoo!! You go, dude!!

[MRGALT2U]

Quote:

Originally Posted by newguy88 Called the realtor today, Listing will be near 530,000 Owe less than 200,000 Home in the area same model sold for 535,000 last week. No turning back! Big Xmas party in our house sunday, Monday the 26th we take down the tree and put the for sale sign in the window! I am so ready to get out of the inner city high school I work in !! I am gonna buy a house for cash no mortgage and sell kayaks at REI in north Carolina and write and paint and run and LIVE!

Good for you, and never forget....................if you take a wrong turn
or make a mistake...............we'll all be dead soon enough.
In the big scheme of things it's no big deal.

JG

[Retire Soon]

MRGALT2U,

I can really relate to what you're doing, as we plan to put our house on the market in April. I think you're timing is perfect. My brother lives in a log home outside of Blue Ridge, GA only about 20 miles from the Tennesse/North Carolina borders.* We've seen some of North Carolina and liked the foliage, open space , and the generally slower pace of life.* Hope you're happy there.

RS

[califdreamer]

Congrats newguy.

I think you're going to enjoy life in Carolina. Thanks for your perspective on making the most of home equity.

[dumpster56]

Quote:

Originally Posted by califdreamer Congrats newguy. I think you're going to enjoy life in Carolina.* Thanks for your perspective on making the most of home equity.

Yes my son the PHD in Physical chemistry said too me not bad old man 100% +profit on the 9 year old house.

We purchased it new for 239,000 in april of 1996.

We never took out HOME EQUITY LOANS like MOST americans do, Kinda always thought that when you did that you were in FINANCIAL TROUBLE!!

In addition my 3.5% adjustable mortgage will re adjust in july of 06 to 5.5% for another 3 years BUT I will not have to make those increased payments!!

Hope the baby SELLS in the early spring!! The realtor says oh yes the house is in Tip Top condition, looks great from the road and the inside immaculate!

Off to the raleigh area and purchase a house for CASH!! with the Equity!!

How many americans are looking at home equity loans in the 75 to 100,000 range?? TOO MANY!!

[joedil]

I think it all makes sense, and you are on the road to a rich and early retirement.* The only thing I would caution is the medical/health benefits that NJ says it will provide.* The fact that the provider in this case is a government makes me feel a little more comfortable that these will be provided, but even that gives me a little pause for concern.* There was an article recently about a city government - I think in Iowa - who got around to figuring out the cost of free medical benefits for its retirees, and it found out that it was simply not sustainable.....I think other providers of these benefits will soon come to realize this -- even governments and public pension funds -- and look to get out of these obligations somehow.....so my recommendation is to have a back-up plan if this becomes true -- Joe

[dumpster56]

Quote:

Originally Posted by joedil I think it all makes sense, and you are on the road to a rich and early retirement.* The only thing I would caution is the medical/health benefits that NJ says it will provide.* The fact that the provider in this case is a government makes me feel a little more comfortable that these will be provided, but even that gives me a little pause for concern.* There was an article recently about a city government - I think in Iowa - who got around to figuring out the cost of free medical benefits for its retirees, and it found out that it was simply not sustainable.....I think other providers of these benefits will soon come to realize this -- even governments and public pension funds -- and look to get out of these obligations somehow.....so my recommendation is to have a back-up plan if this becomes true -- Joe

Yes I do have that thought on the health bennies. In fact they changed the prescription copayments just yesterday now 1,000 out of pocket max.

If the bennies go up in smoke I will just work more.

No mortgage for the rest of my life and low real estate taxes , no car payments a COLA every 12 months, and starting off with about 31Grand a year and I have an additional 5 Grand a year in savings to tap the wife gets a small 300 dollar a month pension in 3 years and then she gets her SS in 10 I get it in 12.

Hey I will work at jobs to make extra cash but jobs I want with NO STRESS, like selling Kayaks, Running shoes, Wine, heck I can tend bar at many places.

I will MAKE THIS MOVE WORK!!

[dumpster56]

Quote:

Originally Posted by WhodaThunkit NewGuy -- if my memory is correct, you are the person who commutes 110 miles daily to teach in Newark, NJ. In my opinion, your life will be a lot better after you move to NC, even if you were to need to go back to some kind of easy-going full-time work at some point to get health bennies. I'm not completely sold on ER for myself (agnostic?), but in your case I think that it's a slam-dunk. Stay with the plan!!!

Yes that is me!!

I was leaving Newark today and at a traffic light bullets were flying from gang bangers.

I gotta say the neighborhood my school is in is another reason to get out of that place.

I am not afraid of anything but I gotta say the gang issues and crime and that AWFUL daily commute , well

I gotta just do it and not look back.

The wife is all for it and heck even my son says pop you will make over 100% profit in 9 years on the house.

He says I can buy a new place for cash at 50 years of age and never have a mortgage again

Rambling again. I am sorry.....

[haha]

Quote:

Originally Posted by newguy88 Yes that is me!! I was leaving Newark today and at a traffic light bullets were flying from gang bangers.

Damn, that sucks! Did you return fire?

Ha