When are you going to retire??

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

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  1. Master Pre-K

    Master Pre-K Virtuoso

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    Apr 6, 2018

    Except for those of us who are Master Teachers, and Type 04 Head Start teachers.

    I make a nice salary--equal to what I made as an elementary teacher.
     
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  2. futuremathsprof

    futuremathsprof Connoisseur

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    Apr 7, 2018

    Nice! Then more people should get your credential. Why, they don’t, I have no idea.
     
  3. teacherintexas

    teacherintexas Maven

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    When I started, I was planning on retiring a few weeks after I turned 52 as I was 21 when I first started teaching. The retirement structure has changed so I won’t be able to retire until I have been in the classroom 44 years.
     
  4. blazer

    blazer Connoisseur

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    Apr 7, 2018

    How do pensions work in the US? In the UK your employer stops a percentage of your salary and has to add a percentage of their own to it. That money is then invested. If you leave the company you then have options of freezing the pension or transferring it to the scheme of your next employer. You get tax relief on the contributions you make up to a certain level (I think it is 19% of salary). Recent changes in legislation means that most occupational pensions are now contribution based rather than benefits based (It is cheaper for the employer). Last year the Government passed a law to make pensions compulsory for everyone so now all employers have to offer one to their employees.
     
  5. Ima Teacher

    Ima Teacher Phenom

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    We pay into the state teacher retirement system. When we retire, we get a pension for life. We do not qualify to pay into Social Security or get payments from social security. We are in a current battle with the legislature to fund our pension system (that was borrowed from by them without repayment). It would severely affect new teachers. It would make some changes to those of us close to retiring, but not as much as originally thought. It's still a mess.

    Last summer my DH and I met with the retirement system people to see the differences in retirement from retiring at 27 years, 30 years, and at age 55. There wasn't much difference with 27 & 30, but a decent difference waiting until 55. That was due to getting a difference between averaging the high 5 or high 3 of salary. Our unused sick days counted on our last year's salary, but they are freezing those at the end of this year, which stinks for us. We could accumulate a lot more sick leave in another 6-8 years.
     
  6. Master Pre-K

    Master Pre-K Virtuoso

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    Apr 7, 2018

    You will gain new sprouts....:p
     
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  7. Master Pre-K

    Master Pre-K Virtuoso

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    I don't know how that's possible CW...

    The average salary for Head Start teachers is $40-60k. How could a federally funded program not offer you more than $16 an hr??? :eek:
     
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  8. Master Pre-K

    Master Pre-K Virtuoso

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    You must have been talking to my sister.... She wants me to move back with her. :rolleyes:

    I have ESL too:cool:
     
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  9. futuremathsprof

    futuremathsprof Connoisseur

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    You should do it! And you’ll be with family. It’s a win-win situation. Seriously, districts are desperate for teachers with an ESL certification. Think about it!
     
  10. Master Pre-K

    Master Pre-K Virtuoso

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    1-800, I -FLY SWA.... LOL...
     
  11. ChildWhisperer

    ChildWhisperer Devotee

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    I don't know, but we're all hourly here. Assistants make about $13/hour. We did get full benefits, but it did suck being hourly. We had to work summers just sitting around if we wanted to get paid since we didn't have kids. I felt like I was wasting my master's degree :rolleyes:
    The position is advertised with $14-18/hour starting pay on Indeed
     
  12. Master Pre-K

    Master Pre-K Virtuoso

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    I don’t know if your area is exempt from certain policies regarding income or what.

    But I tell you, if you checked Indeed, CareerBuilder and/or Simply Hired right now, I am certain you will see Type 04 and Head Start jobs starting at $17 hr or $40k min. starting salary.

    If you want to share your location or PM me, I would be glad to help you look into this.
     
  13. Master Pre-K

    Master Pre-K Virtuoso

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    In the summer, the rate is lower and most of us don’t work. You really should earn more.

    Another thought is temporary work. On call long term assignments. Good pay, no TRS because it’s a regular company that assigns you to different schools!
     
  14. ChildWhisperer

    ChildWhisperer Devotee

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    Well I already quit that job, do you still want to see the posting?
     
  15. Master Pre-K

    Master Pre-K Virtuoso

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    Apr 7, 2018

    I was offering to help you job search in your area...You don't have to be specific...you could say Champaign/Urbana area or Kane County, etc.

    If the posting is for the job you had, that wouldn't matter much now. If you're still interested in Head Start/Master Teacher jobs, I could help point you to the jobs that should pay more.
     
  16. ChildWhisperer

    ChildWhisperer Devotee

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    Oh okay, thank you, but I don't want to teach Head Start anymore!
    I AM in Central Illinois, about an hour & half from Champaign/Urbana.
    I do miss teaching in the Chicago suburbs.. but I'm stuck here for now due to my H's job.
    I do creep on the private schools here and theyre rarely hiring due to these teachers never leaving :( the public schools here are terrible.
    I'm currently LTS-ing for the district
     
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  17. Master Pre-K

    Master Pre-K Virtuoso

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    Ok. I have a good friend in Normal/McLean Dist 5. I’ve been following your posts...you have the advanced Pre-k class that just opened 2nd semester- right? I think if you finish the year, you can weigh your options. Now that you know, talk it over with hubby, and a good financial planner and decide if TRS will make a difference for your future job choices.

    We should move to FL...They don’t have state mandatory teacher retirement programs and no state income tax! :rolleyes:
     
    Last edited: Apr 7, 2018
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  18. ChildWhisperer

    ChildWhisperer Devotee

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    So he read you don't see benefits from TRS until you've been in the public school system for 5 years but we don't plan on staying in Illinois for that long. Hoping I can opt out of TRS even though I think I already opted in when I signed papers, not realizing the details.
    Normal is 45 minutes from me
     
  19. Master Pre-K

    Master Pre-K Virtuoso

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    Apr 7, 2018

    https://www.trsil.org

    "If you have terminated your teaching duties with a TRS employer, you may apply for a refund of the retirement contributions. If you are on sick leave, a sabbatical leave, or an unpaid leave of absence, or have accepted TRS employment service with a new employer, you are not considered to have terminated service and are not eligible for a refund."

    Application Procedure
    A refund of your TRS contributions can be requested via email at members@trsil.org.

    Please include: your full name, current address, contact phone number, the last four digits of your Social Security number, last employer(s) and the month and year you last worked in a TRS position (or expected if still working).

    TRS will send you the application by regular mail. The application can be returned any time after you have formally resigned from your TRS-covered position. We will process your refund and forward it to the Office of the Comptroller for payment when four months have passed since your final day of teaching."


    You can apply for a refund, and then you are out. But don't take another public school job, or even sub job, because then they will make you to sign back up.
     
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  20. Master Pre-K

    Master Pre-K Virtuoso

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    Apr 8, 2018

    Only15 states do this...the others allow you to get both social security and a pension. The way I see it, those 15 states felt like they were protecting teachers, because they would not earn enough in public jobs. It seems unfair IMO, because all of us didn’t choose to teach right after college. You could work from age 15 to 45 and then decide to become a teacher. Those 30 yrs of income credits mean nothing unless you had a very high salary.
     

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