When are you going to retire??

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

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  1. futuremathsprof

    futuremathsprof Fanatic

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    Apr 5, 2018

    Wow, maybe I need to get some reading glasses. I read it as 6 years old, not 6th grade, even though I typed the latter...
     
    Last edited: Apr 5, 2018
  2. creativemonster

    creativemonster Comrade

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    I need to figure out stuff...I feel like a complete idiot but I don't know if my husband will be covered by my insurance after I retire and I know (CA) that I lost my SS, but if I fell down a flight of stairs and my husband collects 50 percent my pension, will he lose HIS SS? These are things that I need to look into and then hope that it doesn't change in the next 8 years, 3 months...cause that's my target. 62 yrs young (I too like that!) when I get freedom to sleep late! Would do better to retire at 63, but we'll see then...I might feel like it's worth it to get out at 62. A lot depends on our health ...and my union's health.
     
  3. Been There

    Been There Habitué

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    You are indeed quite fortunate. I too empathize with those who dread going to work each day. Just thinking about my former colleagues makes me feel so sad - it's very likely that they will never get to experience the utter joy of teaching enthusiastic students without having to deal with behavior problems and incompetent administrators. Fortunately, like you, I was blessed with the opportunity to work in a supportive school for a couple of years before I moved on for career advancement.
     
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  4. Master Pre-K

    Master Pre-K Virtuoso

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    I only saw an option to check 'No' on the sub application. It's not an option for teachers.

    It won't work for me either, because I can't make enough years with my age...The only benefit it will give you experience, thus putting you in a higher salary range, and ability to transfer this time to a state that will give you credit when you are ready to retire.

    If this is a major problem for you, I can only suggest you finish this year, and start looking for a private school, Catholic school, or go back into preschool - not Preschool for All or State Pre-K. Any preschool that is inside and included in a elementary school will be part of TRS. All public school teachers in IL pay into TRS.
     
  5. Master Pre-K

    Master Pre-K Virtuoso

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    If your hubby makes more than you, you are entitled to 1/2 of what he will receive at 62. You can wait until full retirement age and get more. At this point, I don't see a real need to wait. Now, if you file a claim for his half, you can leave yours alone or whatever you had before teaching. If you have nothing, more for you! It won't affect him at all. If you were earning SS and made more than your husband, it works the same way. He can get 1/2 of what you would get.

    My goal is to file at 62 on my ex, and leave mine alone. I can still work part time and earn x amount without going over. At 62, I can get 1/2 of what he will get, which happens to be the same amount that I would get for myself at full retirement age! :) That is, as long as I don't remarry.

    If you get hurt, you get disability insurance - which is almost the same amount except you get it earlier for being disabled. You get ss or ssi, not both. If you both are disabled at 50, you can both get a claim. At 61 1/2, you can apply for Medicare. That's another can of worms, but supposedly free for some things and a whole lot cheaper than every other plan out there. But there's so many supplemental plans you may want, and the alphabet soup ..Part A-D for drugs. My advice is if you can find a class or workshop on this, go for it. Check with AARP.
     
  6. futuremathsprof

    futuremathsprof Fanatic

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    This is why I love working in a private school in California. I don’t have to pay a large portion of my salary into the state pension fund like public schoolteachers and I get to collect social security when I retire.
     
  7. Master Pre-K

    Master Pre-K Virtuoso

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    Exactly...futuremathsprof

    By the time I found out ChildWhisperer, it was too late. I never made tenure, because each school RIFd me. Since I couldn't make 5 years at a school, I was left to sub. I get .10 of time here and there. All I could do was put in a request for a refund, and find a job in Head Start, at a child care center.

    We get caught because it's not nearly the same salary, stability, nor any benefits at all in most day care/child care centers! If you were a regular teacher, you could only hope for $9-12 hr. .

    The Type 04/Master Pre-K position is the one you want. There are some agencies and non-profits such as the YMCA, and Easter Seals to name a few. These companies offer full time benefits. Another option would be corporate child care, such as Northern Trust Bank, hospitals, and other major companies that have on-site child care for employees. The salary won't be as high, but you will have good benefits.
     
  8. SpecialPreskoo

    SpecialPreskoo Moderator

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    I'm just 44 (soon to be 45). I've got plenty of years before I start rotting. :D
     
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  9. FourSquare

    FourSquare Fanatic

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    Yeah, but most private schools (I understand not yours) have much lower salaries overall. Even getting to retire at 62 is not worth the $1400/mo payout I would get in SS. With my public school pension, I'm slated to get more like $6200/mo. Sure, you can make up the difference with a Roth or something, but that's splitting a smaller salary even more.

    Honestly, I think pensions and SS are going to be decimated by the time we're old enough to need them and we're all screwed. o_O
     
  10. futuremathsprof

    futuremathsprof Fanatic

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    Normally, that might be true, but my private school has an excellent benefit and salary package. I currently make $55,000/year as a 4th-year teacher, I am maxed out on our teacher salary schedule (Masters + 15), I receive a $5,000 raise every year (so I will make $60,000 starting next academic school year and I will max out at $100,000 in year 13), my employer covers 100% of my medical care costs (which is excellent coverage) and 95% for dental/vision. Also, I don’t have to contribute to my pension plan like public schoolteachers (which can be a pretty hefty percentage). Instead, I contribute to a Roth IRA and purchase stocks.

    The added benefit is that I will get to collect Social Security when I retire, which will be quite a bit, since I contribute 6.2% of my salary every pay period. Public schoolteachers can’t collect SS in California because they don’t contribute to the SS fund. :)
     
    Last edited: Apr 6, 2018
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  11. futuremathsprof

    futuremathsprof Fanatic

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    Gotcha. I thought maybe you were in your fifties or sixties already... You have time to save up still for your daughter’s college.
     
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  12. jadorelafrance

    jadorelafrance Cohort

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    Apr 6, 2018

    Here in NJ we get SS and pension (i contribute around 7%). And I contribute to another tax shelter, although I’m looking at other options too. I think I’ll be set unless of course SS and pension system go solvent (gotta always have a backup).
    I suppose CA or IL teachers can take the money they don’t contribute to SS and invest it. Makes sense.
     
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  13. Master Pre-K

    Master Pre-K Virtuoso

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    If only.....:(

    I might consider going back to CA. Getting tired dodging ice on ground and cleaning windshield every morning for what seems like 8 months out the year....

    They were paying grocery clerks $15 hr back in the 80’s.

    Just saying.....
     
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  14. kellzy

    kellzy Comrade

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    Apr 6, 2018

    I want to cry reading some of your posts. State pension fund? Which state is that so I never move there? My state pays pensions with just the general tax fund.
    I mean, in my state we don't get paid a lot of money, but our retirement makes it worth it.
     
  15. Master Pre-K

    Master Pre-K Virtuoso

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    AK, CA, CO, CT, some parts of GA, IL, KY, some parts? LA, ME, MA, MO, NV, OH, RI some parts, and TX

    You must have 30 + years of substantial earnings so your ss benefits won’t be reduced. But that would mean you had to be a brain surgeon or rocket scientist once you left high school - then decided to be a teacher...yeah right!
     
  16. ChildWhisperer

    ChildWhisperer Devotee

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    Wow I'm learning so much in this thread!
    I juuuust left Head Start, where I made just over $16/hour, for a Preschool for All job with the district.
    Private schools, here I come :p
     
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  17. futuremathsprof

    futuremathsprof Fanatic

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    Please don’t take this personally, but I’d rather be paid a lot of money and get a lot in retirement, too. Why would I want to live meagerly the majority of my life and then live moderately better when I’m too old to do anything?
     
  18. futuremathsprof

    futuremathsprof Fanatic

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    Pre-school teachers make horrible pay. You want to at least teach K-3.
     
  19. futuremathsprof

    futuremathsprof Fanatic

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    You totally should move back to California! The governor just passed a bill that will provide housing for public schoolteachers in the bay areas like San Francisco and elsewhere where there are high costs of living like L.A. Not to mention, I see job listings ALL the time on EDJOIN for teaching positions and many places are offering huge singing bonuses (e.g. $5,000) for high need areas (ESL, foreign language, math, SPED, science, etc).
     
  20. ChildWhisperer

    ChildWhisperer Devotee

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    That's the plan. I'm getting burnt out in preschool. With the district, if you break it down hourly, it's $24/hour so it's better but is it worth it? Mmm I don't know :confused:
     

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