New Guy - with question for Teachers

[LWT1960]

Hello All, I'm a NJ school teacher starting my 26th year at age 48. I have always thought about early retirement and was wondering if there were any other teachers who took the "penalty" and got out in years 25-30. My son is 15 so I think I'll work at least 4 more years, but then would love to retire from teaching and do something else and be semi retired. Besides my pension I have about $300k in tax shelters and my house is paid off. Thoughts? Thanks for your time. LWT1960

 

[travelover]

What is the penalty? Would you get health care? - that's a biggie. My DW is hanging on until age 60 to secure that.

 

[madsquopper]

My spouse did just that. Got out after her 30 years and is starting a second "fun" part time career being a statistical consultant. Benefit-wise, it was worth staying until the 30 was up, but YMMV depending on how much of a pain in the ass the parents and administrators are.

Larry

 

[LWT1960]

Penalty is 3% per year till 55 so like 15% at age 50. As of 25 years my health insurance is covered 100% - nice

 

[yakers]

My wife retired @48 w/25 years in the district There was a penalty for being under 60 but she has medical. Her sanity made it worth it, the kids getting older and my stable income made it possible.

 

[militaryman]

Penalty is 3% per year till 55 so like 15% at age 50. As of 25 years my health insurance is covered 100% - nice

When you start your pension (penalty or not) is it adjusted each year for inflation?

 

[LWT1960]

I believe it is adjusted, not sure if every year I'll have to check that out. Any other NJ teachers out there who know the answer??