This forum where I should have been hanging out for the last few years!!!!!!!!
My DW and I have just submitted our retirement papers to the state retirement system and have received their confirmation of our direct deposit account numbers. We started teaching later in life so only had 22 years in the occupation and hence will be drawing a total of just over $41,000. between the two of us. This retirement begins to receive a COLA once we reach 62 but it is pegged at ½ of the cost of living increase and does not have a “catch up” for the years between now and 62. The good news is that our medical is subsidized at an 80% level until Medicaid time for my wife and even later for me. The calculators show each of us in line for ~ $14,000 ($28,000 total) in social security at age 62 with no additional work from now until then.
During our teaching years we both contributed to 403-Bs and the current values of those despite significant losses in 2008 totals over $310,000. We also have investments through Morgan Stanley a bit over $430,000. including a Roth IRA for each of us.
Our Morgan Stanley broker is hot for us to roll over our 403-Bs into an IRA through of course Morgan Stanley. After following his urgent advice to stay with our position throughout the whole 2008 debacle I have lost a significant amount of faith in his judgment. In retrospect, if we had followed the advice of the folks managing our 403-B we would be substantially ahead right now.
I’m really looking for advice in regards to ensuring a safe revenue stream from now both of us head out on the last great adventure. We have one child and we would love to pass on a nest egg to her. We currently have no debt, own our own home and a few acres in the country and live pretty frugally. (Probably need ~$55,000 per year to live well)
Hopefully it’s never too late to learn. At least that’s what I’ve been telling students for the last 22 years.
Thanks for any feedback.
Hugh
My DW and I have just submitted our retirement papers to the state retirement system and have received their confirmation of our direct deposit account numbers. We started teaching later in life so only had 22 years in the occupation and hence will be drawing a total of just over $41,000. between the two of us. This retirement begins to receive a COLA once we reach 62 but it is pegged at ½ of the cost of living increase and does not have a “catch up” for the years between now and 62. The good news is that our medical is subsidized at an 80% level until Medicaid time for my wife and even later for me. The calculators show each of us in line for ~ $14,000 ($28,000 total) in social security at age 62 with no additional work from now until then.
During our teaching years we both contributed to 403-Bs and the current values of those despite significant losses in 2008 totals over $310,000. We also have investments through Morgan Stanley a bit over $430,000. including a Roth IRA for each of us.
Our Morgan Stanley broker is hot for us to roll over our 403-Bs into an IRA through of course Morgan Stanley. After following his urgent advice to stay with our position throughout the whole 2008 debacle I have lost a significant amount of faith in his judgment. In retrospect, if we had followed the advice of the folks managing our 403-B we would be substantially ahead right now.
I’m really looking for advice in regards to ensuring a safe revenue stream from now both of us head out on the last great adventure. We have one child and we would love to pass on a nest egg to her. We currently have no debt, own our own home and a few acres in the country and live pretty frugally. (Probably need ~$55,000 per year to live well)
Hopefully it’s never too late to learn. At least that’s what I’ve been telling students for the last 22 years.
Thanks for any feedback.
Hugh
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