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Old 01-09-2010, 12:15 AM   #1
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Nearly there!

Hi, my names Dan, from Nevada. I work for the Nevada Department of Transportation, at least until July of this year. Then I retire at the ripe old age of 43. I have a couple of teenage sons, so I plan to work part time until they are off to college (pre paying that and making them responsible for the extras). I have been planning this for years, but you can always learn something more.

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Old 01-09-2010, 01:39 AM   #2
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Hi Dan: Welcome, and congratulations on being almost there. And, I'm envious of your location. Beautiful country.

Steve
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Old 01-09-2010, 06:27 AM   #3
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Retiring at 43 - I'm sure we can all learn something from you!
I'd be interested to hear a little more about yourself.
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Old 01-09-2010, 10:07 AM   #4
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Welcome. You've done very well if you're able to retire at only 43. Congratulations!
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Old 01-09-2010, 01:10 PM   #5
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Originally Posted by JoeDreaming View Post
Retiring at 43 - I'm sure we can all learn something from you!
I'd be interested to hear a little more about yourself.
I began working at the State of Nevada at age 18. Then it was just a job in the mail room to pay the bills while I went to college for engineering at night. I then found out that NDOT had an in house engineering in training program and I was already thinking about the opportunity to retire from the state. So I transferred to NDOT, got into the program and because a registered professional engineer without all the expenses of school.

As for the pension, Nevada offers retirement at any age with 30 years service. They also allow you to buy five years. When that was first offered back when I started the formulas were based on age and present salary. I was 23 when I vested and making about $16,000 a year (1990). the formula worked out to $14,000 to buy my five years (not per year, all five). That formula has since been reworked and it would cost significantly more now.

With 30 years service you get 75% of you salary, and since you have been contributing to the retirement system about 11% of your salary you have never seen, your pension take home is really about 82% of your take home pay.

Obviously, that path isn't for everyone (or even available for everyone), but if that's your thing it works out well. Downside is you have the "golden handcuffs" on and can't leave the State or lose that benefit. It's not a bad place to work, but i could have made a lot more money in the private sector, but I'd probably work much longer to retire. But in July the hand cuffs are off and I can do what I want.
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Old 01-10-2010, 01:23 PM   #6
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Hey Dan, I'm Tim from Texas and I work for TXDOT and I"ll be out the door in July also.I am buying two years so I can get out at 47.
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Old 01-10-2010, 01:25 PM   #7
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Welcome to y'all, and congratulations on getting a deal like this. It sure makes me wish I had a do-over coming out of college...
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Old 01-10-2010, 01:47 PM   #8
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Wow. Congrats! That is a helluva package! I assume you get health insurance through the State until 65? I used to work for the municipal government but the earliest retirement possibility was 55. They took that away in 1989 I think after realizing it was too good a deal for the pension to support it.
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Old 01-10-2010, 04:22 PM   #9
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Texas ERS pays your health insurance until your 65.I'm getting 84% of my take home pay.
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Old 01-10-2010, 08:00 PM   #10
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I get health insurance until I die, or until they take it away, but there have been legal challenges to stuff like that and the employees/retirees won. They have threatened to take it away from new hires as a retirement benefit.
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