When are you going to retire??

Discussion in 'General Education' started by Master Pre-K, Apr 1, 2018.

Tags:
  1. whizkid

    whizkid Companion

    Joined:
    Aug 13, 2016
    Messages:
    225
    Likes Received:
    70

    Apr 1, 2018

    The way benefit laws are written and the fact that benefits could be reduced depending on public or private sector. That's just ridiculous.
     
    futuremathsprof likes this.
  2. MrsC

    MrsC Multitudinous

    Joined:
    Aug 8, 2005
    Messages:
    13,597
    Likes Received:
    1,427

    Apr 1, 2018

    Our teachers' federation and our school board both offer retirement planning workshops; I'm signed up to attend one later this month. Although I'm a few years away, I need to know what I'm in for.
     
  3. blazer

    blazer Connoisseur

    Joined:
    Feb 18, 2009
    Messages:
    1,515
    Likes Received:
    268

    Apr 1, 2018

    I retired before 60 because if I chose to carry on teaching aftertaking the pension there is a cap on the amount of money I could earn if i'd retired at or after 60.
     
  4. catnfiddle

    catnfiddle Moderator

    Joined:
    May 8, 2008
    Messages:
    8,171
    Likes Received:
    1,320

    Apr 1, 2018

    If I want to put in the full 30 years of teaching for retirement, I have to hang in until I'm 66. This would have been easy at my last school since it was online and I wouldn't have to worry as much about if my body were to slow down. Now I'm in a school where I'm running around three floors of a building on an hourly basis. We'll see if this improves my physical health and lets me keep going or if I'll eventually need to make another change.
     
  5. Ima Teacher

    Ima Teacher Phenom

    Joined:
    Oct 25, 2005
    Messages:
    4,951
    Likes Received:
    557

    Apr 1, 2018

    My DH and I are seeing how things go with the current pension "reform" before we decide for sure.

    We went to the teacher retirement office last summer and had them run our numbers for retiring at 27 years, 30 years, and at age 55. ( We do not pay into SS, and we are not eligible to collect it from a spouse or a second job either.) I'd originally planned to stay until I was 55, but now I'm not so sure. School is called off tomorrow so that we can go to the capitol to rally for education. It's a mess right now. Pension changes attached to SEWER bills to force them through. Budgets that cut so many necessary items.

    This is my 25th year with my district, but I'm 23.7 years for retirement purposes. My DH is at 24 in a different district.
     
    Master Pre-K likes this.
  6. Master Pre-K

    Master Pre-K Virtuoso

    Joined:
    May 18, 2007
    Messages:
    6,237
    Likes Received:
    258

    Apr 1, 2018

    Yes, all valid points. Childwhisperer, this IS the sad state of affairs in IL. I lived in CA also and they had state disability insurance. If you got a paper cut or have a baby - can’t work - you could stay home & get a check!

    You really need to understand how this works. Catholic schools, private schools are not included. Church/state thing.

    My para certificate expires this year. Why pay $50 to renew it? Well, as long as my teaching certificate is current, I can be a teacher
    a sub or an aide. But if it expires, I have to start all over again... uh no. Maybe renew aide certificate and let teaching credential lapse! I hope to retire by then...as you can see in my other thread!

    Nobody tells you this stuff in college.

    Btw...minimum wage is going up to $11 an hour by July, and scheduled to go to $15 in 3 years. Go figure! :cool:
     
    Last edited: Apr 1, 2018
  7. FourSquare

    FourSquare Fanatic

    Joined:
    Aug 4, 2009
    Messages:
    2,800
    Likes Received:
    279

    Apr 1, 2018

    Retirement? What's that? :rofl:
    I'll be 70+ if I ever even retire. Thanks, Illinois.
    To be fair, I also tend to fall into a bad way if I'm not kept occupied, so I might work just to stay busy. I could see myself retiring, getting dementia, and wandering off a cliff or something. I definitely won't remain in my current position forever, but I'll do SOMETHING in a school.
     
  8. Master Pre-K

    Master Pre-K Virtuoso

    Joined:
    May 18, 2007
    Messages:
    6,237
    Likes Received:
    258

    Apr 1, 2018

    See...another fellow friend from the Land of Lincoln!

    Care to elaborate on the SS vs. STRS for us??
     
  9. ChildWhisperer

    ChildWhisperer Devotee

    Joined:
    Jun 25, 2015
    Messages:
    1,107
    Likes Received:
    346

    Apr 1, 2018

    Yeah, I'd like more details/info
     
  10. pausebutton

    pausebutton Rookie

    Joined:
    Mar 27, 2018
    Messages:
    18
    Likes Received:
    8

    Apr 1, 2018

    I started teaching in public school right out of college. I'm in my 30s now. I plan to retire in my 60s. In my state, I will collect both SS and my pension.
     
  11. Master Pre-K

    Master Pre-K Virtuoso

    Joined:
    May 18, 2007
    Messages:
    6,237
    Likes Received:
    258

    Apr 1, 2018

    Sooo many ways to say....that really stinks! :rolleyes:
     
    futuremathsprof likes this.
  12. futuremathsprof

    futuremathsprof Fanatic

    Joined:
    Jun 27, 2014
    Messages:
    2,519
    Likes Received:
    679

    Apr 1, 2018

    Pfft, lol. You could say their funding scheme is quite crappy.
     
  13. Ima Teacher

    Ima Teacher Phenom

    Joined:
    Oct 25, 2005
    Messages:
    4,951
    Likes Received:
    557

    Apr 1, 2018

    It's allowed for many clever protest signs, though. :p
     
    futuremathsprof likes this.
  14. Master Pre-K

    Master Pre-K Virtuoso

    Joined:
    May 18, 2007
    Messages:
    6,237
    Likes Received:
    258

    Apr 1, 2018

    "Issue: Illinois teachers are not, and never have been, participants in Social Security. And even if TRS members do pay into Social Security through other employment and build up credit in the system, the resulting Social Security benefit in retirement is reduced because the member is receiving a TRS pension.

    Until the mid-1980s, teachers were allowed to receive both TRS benefits and full Social Security benefits earned from other employment. TRS members whose primary employment was as an educator not covered by Social Security had their Social Security benefits calculated as if they were long-term, low-wage workers.

    Congress, however, saw these Social Security collections as a “windfall,” and passed the Windfall Elimination Provision in 1986. The WEP automatically lowers Social Security benefits for most retired TRS members unless the member accumulated 30 years of “substantial earnings” in other employment — essentially holding a second full-time job while being a full-time teacher."

    There's more hogwash mixed in there about taxes being higher and teachers earned more with social security. Left to my own devices, I'd make more at McDonald's at this point.
    https://www.trsil.org/news-and-events/pension-issues/illinois-teachers-and-social-security
     
  15. futuremathsprof

    futuremathsprof Fanatic

    Joined:
    Jun 27, 2014
    Messages:
    2,519
    Likes Received:
    679

    Apr 1, 2018

    Okay, now you’ve gotta tell me yours. Pretty please? Haha!
     
  16. FourSquare

    FourSquare Fanatic

    Joined:
    Aug 4, 2009
    Messages:
    2,800
    Likes Received:
    279

    Apr 1, 2018

    Elaborate on the system? It is what it is. I went into teaching in my early 20s, so it's not like I had a ton built up into SS. I'm more mad I missed Tier 1 benefits by ONE year. I could have been out at 55.
     
  17. Master Pre-K

    Master Pre-K Virtuoso

    Joined:
    May 18, 2007
    Messages:
    6,237
    Likes Received:
    258

    Apr 1, 2018

    Also concerned about the TRS losing funding, like everything else in the state. It's all about the state budget. I think at some point, all day kindergarten will expand to State Pre-K, and Pre-K for All. Soon, more public schools will expand to include Pre-K. The neighborhood day centers will suffer. The Kindercares and multiple site programs will thrive. Non-profits will be fighting for enrollment. Parents will still need infant and toddler care, but there may be little or no incentive to use 3-5 year old programs if there's no child care subsidy for low/middle income parents.
     
  18. Ima Teacher

    Ima Teacher Phenom

    Joined:
    Oct 25, 2005
    Messages:
    4,951
    Likes Received:
    557

    Apr 2, 2018

    I went another route. "Laettner for Governor"

    Kentucky basketball fans will get it.
     
  19. futuremathsprof

    futuremathsprof Fanatic

    Joined:
    Jun 27, 2014
    Messages:
    2,519
    Likes Received:
    679

    Apr 2, 2018

    I would be furious. Didn’t your teachers union explain this to you?
     
  20. FourSquare

    FourSquare Fanatic

    Joined:
    Aug 4, 2009
    Messages:
    2,800
    Likes Received:
    279

    Apr 2, 2018

    Yeah. It's been a talking point around pensions because so many people think we get SS and we don't.
     

Share This Page

Members Online Now

  1. Ima Teacher,
  2. Mrs.DLC,
  3. miss-m,
  4. jadorelafrance
Total: 295 (members: 9, guests: 259, robots: 27)
test