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Old 06-22-2011, 06:35 PM   #81
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The problem is you have a salary increase of 6% on average over those 5 years.... that probably not going to happen... see salary table...

Texas Education Agency - 2009-2010 Minimum Salary Schedule

The base salary does not increase after 20 years... and take a look at the difference between 19 and 20... only $500...


But, I did say it was the 11% plus the difference in salary... so the difference between mine and what is in your example is the

PS.... various school districts pay more than the minimum...


Good points! I fell into the trap of assuming I knew something about another state just because of what I know about mine!
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Old 06-22-2011, 07:53 PM   #82
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He went through 3 divorces and still the women loved him.
It does not sound like he was happy when he had money, perhaps he can now find some happiness.

Many people land on their feet and end up better off after going through something like this.
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Old 06-23-2011, 05:38 AM   #83
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3 divorces and you can kiss retirement goodbye...
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Old 06-23-2011, 06:32 AM   #84
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3 divorces and you can kiss retirement goodbye...
Here we go again - another "rent or buy" discussion...
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Old 06-23-2011, 06:47 AM   #85
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I'll bet it really chapped you when one of your schoolmates showed up with a new Beemer like this, hot off the a assembly line...
This was my first car, and I was thrilled to have it. No joke. Of course, it needed a little TLC before I could drive it. I have no idea why Dad's tie is hanging off the back door.
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Old 06-23-2011, 07:02 AM   #86
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Speaking as a teacher from Nevada, we are fully informed here about our retirement.

They have sessions once or twice a year, financial advisors come in to sell us products, etc.
Are you truly informed ?

PS: They are not "advisors" - they are nothing but salesmen.
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Old 06-23-2011, 09:05 AM   #87
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Are you truly informed ?

PS: They are not "advisors" - they are nothing but salesmen.
Right, thats why I said they come to sell us things, rather than they come to advise us.
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Old 06-23-2011, 09:14 AM   #88
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At what age can a teacher retire? Is there a minimum age?
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Old 06-23-2011, 09:18 AM   #89
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At what age can a teacher retire? Is there a minimum age?
Depends on the employer and the amount of seniority. But generally, there is a minumum age for collecting pension benefits.
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Old 06-23-2011, 09:25 AM   #90
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At what age can a teacher retire? Is there a minimum age?
I'm sure it depends on the state.

For us here in Nevada it's a pretty good deal, IMO.

Age 65 with < 10 years of service.

60 with 10-29 years of service.

Any age with 30+ years of service.

You need to work at least 5 years to be vested.

You can purchase up to 5 years, so theoretically you can start teaching at age 22 and retire at age 47 (purchasing 5 years) with up to 75% of your preretirement income (where the pension is capped).

All of this is changed and slightly worse for anyone hired after Jan 2011 (or something like that) and forward.

You can retire before you age with a 4%/yr penalty (I.e. Work 10 years so you're eligible at 60, retire at 59 with 94% of your pension).

Our COLA grows from 2% / yr at year 3 to 5% / yr at year 8, and stays at a fixed 5%/yr.

We don't pay anything into SS, and we also don't pay anything into our pension (though this will likely change, due to budget issues). Though we also make very little money.
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Old 06-23-2011, 10:16 AM   #91
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3 divorces and you can kiss retirement goodbye...
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Here we go again - another "rent or buy" discussion...
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Old 06-23-2011, 10:27 AM   #92
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Yes, and notice it's 3 little laughees, too...
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Old 06-23-2011, 11:25 AM   #93
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Originally Posted by arebelspy
Speaking as a teacher from Nevada, we are fully informed here about our retirement.

They have sessions once or twice a year, financial advisors come in to sell us products, etc.

Our pension is 2.67 / yr (5 years minimum to be vested), avg of highest 3. We don't pay into SS.

We also have the option (which the wife and I take advantage of) to contribute to 403bs and/or 457bs.

We also get yearly paperwork from the district stating the avg of our last 3 years, how many years we have baed in the retirement system, etc.
That is an awesome multiplier number! I haven't seen one higher than 2.67! I know you commented in another post that salaries aren't so great though. I read the LV Sun online daily, so I am somewhat familiar with all the cuts going on including education. I haven't came across anything on them attacking your pension system. Maybe they will leave it alone. If memory serves me right your system has a solid fund balance.
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Old 06-23-2011, 12:45 PM   #94
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In Arkansas, it is 28 years of teaching for full benefits. (There is something like 10 years of teaching if you have reached age 60).

For years and years, we were required to sit and listen to retirement fund (403b and maybe some others) spiels; they were part of our back-to-school faculty meetings. I remember hating being held captive for those. But, that is probably why i started contributing to one in 1984. Something was said that caught my attention.

For the past decade or so, that has not been the case. The sales reps will sit in the lounge or conference room. A notice will be posted that the rep from Company X is available. I rarely see anybody sit down and talk to one. I probably would not have done so. You are busy working and always on the way to the next job and think you don't have time to sit and learn about such a thing.
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Old 06-23-2011, 02:15 PM   #95
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.......... The sales reps will sit in the lounge or conference room. A notice will be posted that the rep from Company X is available. I rarely see anybody sit down and talk to one.............
Don't feel sorry for these guys. They are skimming a percentage of every teachers savings that they have pulled into their account, day in and day out, market up or market down. When I met DW, these b@stards had their hands in her pocket. Ended that quickly.
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Old 06-23-2011, 03:06 PM   #96
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Don't feel sorry for these guys. They are skimming a percentage of every teachers savings that they have pulled into their account, day in and day out, market up or market down. When I met DW, these b@stards had their hands in her pocket. Ended that quickly.
Naturally she thought they had HER best interests at heart. To the contrary, they only have their own....
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Old 06-23-2011, 03:43 PM   #97
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Don't feel sorry for these guys. They are skimming a percentage of every teachers savings that they have pulled into their account, day in and day out, market up or market down. When I met DW, these b@stards had their hands in her pocket. Ended that quickly.
Correct me if I'm wrong, but they are a necessary evil to some in education. Outside of the 5k limit on an Ira or Roth , for someone looking for more than that the 403b is about the only way to go if you are looking for investing with initial tax savings. Of course with someone who has a large pension, sheltering taxes may actually hurt you down the road. Shopping around for the best sponsor can save a lot on admin fees, I found out. Most of those sales reps that I encountered had very little knowledge of investing though, outside of spewing the facts that I could already read. Although they frequently sent the eye candy to present the sales pitch which did not offend me!
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Old 06-23-2011, 03:49 PM   #98
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Correct me if I'm wrong, but they are a necessary evil to some in education. Outside of the 5k limit on an Ira or Roth , for someone looking for more than that the 403b is about the only way to go if you are looking for investing with initial tax savings. Of course with someone who has a large pension, sheltering taxes may actually hurt you down the road. Shopping around for the best sponsor can save a lot on admin fees, I found out. Most of those sales reps that I encountered had very little knowledge of investing though, outside of spewing the facts that I could already read. Although they frequently sent the eye candy to present the sales pitch which did not offend me!
My problem with them was the excessive ongoing fees and lousy advice. They had my DW investing in an annuity within a 403(b), which of course had a fat fee for exiting.
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Old 06-23-2011, 03:53 PM   #99
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In my 403b choices fidelity investments self directed mutual fund account was one of the options. I choose that. I could see that someone less knowledge could/ would
buy into the annuity and pay excessive fees etc... But I believe most of these accounts today let you choose your vendor and you DO NOT have to buy the annuity .
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Old 06-23-2011, 04:22 PM   #100
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Right, thats why I said they come to sell us things, rather than they come to advise us.

Having met arebelspy, I can attest that he is wise beyond his years and is fully informed. It seems to me that one of the disadvantages of pension plans, besides the cost to taxpayers, is that allows schools to offer 403B and similar plans filled with lousy choices, and commissioned salesman.

A second thing is that it sheltered teachers from being forced to learn about retirement and savings, and hence makes most of them very unqualified to teach our children financially literacy. Teachers and other state workers, are among the very few who simply don't need to worry about saving for retirement, and even developing an E-fund is less important for them than those with less secure jobs, and worse health care. A teacher who works 30 year retires at 70-80% of his/her salary, they don't get paid all that well so why bother to save.

Years ago, I got quoted in SmartMoney as say one of the more significant changes for me retiring early was that once I retired, investing stopped be a fun game, and instead as my sole source of income became a very serious business. Most of the abstract concept suddenly became very real which focused the mind. Ok don't mean to derail this to another pension rant.
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