When are you going to retire??

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

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  1. TrademarkTer

    TrademarkTer Devotee

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    Chicago, Illinois, That's the home of my boy Scruff!!!
     
  2. geoteacher

    geoteacher Habitué

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    I am hoping for around 60ish. So much depends upon insurance. Right now my district provides teachers who retire after at least 15 years of service (after age 55) with a lump sum to help cover insurance costs until Medicare kicks in, but who knows if that will still be in place?
     
  3. gr3teacher

    gr3teacher Phenom

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    Realistically? Maybe late 60s. That would give me full retirement in Virginia+supplemental county retirement pension, plus another 10 years accrued in another state's retirement system.
     
  4. Master Pre-K

    Master Pre-K Virtuoso

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    "How much does a Teacher Elementary School in Chicago, IL make? The median annual Teacher Elementary School salary in Chicago, IL is $59,926, as of March 29, 2018, with a range usually between $49,089-$71,078 not including bonus and benefit information and other factors that impact base pay. However, the salary for someone with the title Teacher Elementary School may vary depending on a number of factors including industry, company size, location, years of experience and level of education. Our team of Certified Compensation Professionals has analyzed survey data collected from thousands of HR departments at companies of all sizes and industries to present this range of annual salaries for people with the job title Teacher Elementary School in Chicago, IL."

    salary.com
     
  5. blazer

    blazer Connoisseur

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    Apr 4, 2018

    I used to take British school kids there on visits and then host the American kids when they came to Birmingham. Sadly the banking collapse killed all our funding. We were mainly linked with Kelvin Park, Charles Prosser and Walter Payton Highs and Hanson Park elementary.
     
  6. stephenpe

    stephenpe Connoisseur

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    YOU got it.
     
  7. Been There

    Been There Habitué

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    Like others have stated, in California and some other states, SS benefits are reduced (windfall elimination) for those receiving a teacher's pension. After I retired, I learned that I needed a part-time job that would allow me to gain the 6 quarters that I was short in order to collect from SS - requires a minimum of 40 quarters in all. I had contributed 34 quarters to SS before going into teaching. Even though I'll be receiving a reduced amount, it will still cover the cost of my Medicare supplement which is better than nothing at all.
     
  8. YoungTeacherGuy

    YoungTeacherGuy Aficionado

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    Do you mind if I ask at what age you retired?
     
  9. Been There

    Been There Habitué

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    Sure, 63 years young.
     
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  10. Master Pre-K

    Master Pre-K Virtuoso

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    Apr 5, 2018

    Can I borrow that line BeenThere:p???

    I want to retire when I can afford to be comfortable, hopefully 63 years young!
     
  11. kellzy

    kellzy Comrade

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    2040-2041 school year will be my last. I'll have 30 years and be a few months shy of my 52st birthday. How will I be able to do that? I already have 40 quarters, I'll qualify for a full pension, I won't be able to get medicare or social security for a while but I will have my house paid off in 5 years - long story, close family member with a lot of money, so the largest chunk of anyone's paycheck I won't have anymore, so why not?
     
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  12. futuremathsprof

    futuremathsprof Connoisseur

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    You must be very young! And you have a house almost paid off! Why can’t I have a rich relative?! You are already way ahead of me...
     
  13. Been There

    Been There Habitué

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  14. ChildWhisperer

    ChildWhisperer Devotee

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    IL teachers - is there a way to opt out of TRS? I read it's only beneficial if you work in the public schools for at least 5 years. If less, then you don't see/get any of that. And we don't plan on staying in IL for the next 5 years.
     
  15. Been There

    Been There Habitué

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    You'll make it - just think self-preservation every day you're at work! Teachers must learn to think of their own welfare more and not focus so much on their kiddos, otherwise it will be a losing battle against burn-out.
     
  16. futuremathsprof

    futuremathsprof Connoisseur

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    I can’t imagine working in a school that I dread coming to work to every day... I feel sympathy for teachers that have to do that because it must be such a drain on them, but if they have to in order to pay the bills, then they have no other recourse. Yikes!

    I am very lucky that the first school I work at is my dream school...
     
  17. SpecialPreskoo

    SpecialPreskoo Moderator

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    I could retire in 3 years technically but realistically, I've got to get my daughter through college. She's in 6th grade.
     
  18. futuremathsprof

    futuremathsprof Connoisseur

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    At what advanced age do you plan to work to? If your daughter is in 6th grade, that’s SIX years before she goes to college... :eek:
     
    Last edited: Apr 5, 2018
  19. MrsC

    MrsC Multitudinous

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    I'm sure it won't take her nearly that long to get there!
     
  20. ChildWhisperer

    ChildWhisperer Devotee

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    After this year, that's only 6 more years before she goes to college... Not 11-12
     

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