your pension situation

Discussion in 'General Education' started by FourSquare, Aug 9, 2017.

  1. AlwaysAttend

    AlwaysAttend Enthusiast

    Joined:
    Apr 24, 2012
    Messages:
    2,242
    Likes Received:
    426

    Aug 9, 2017

    What happens when you don't pay your fire bill so the fire department lets your house burn down?
     
    futuremathsprof likes this.
  2. Teacherhere

    Teacherhere Companion

    Joined:
    Jun 15, 2017
    Messages:
    199
    Likes Received:
    109

    Aug 10, 2017

    So sad! they didn't pay 21 cents/day to have fire protection. The poverty in this country. Can't afford 21 cents/day but can afford an iPhone. Absolutely compelling! You make my point. We need to make rules and stick by them. Let the house burn to the ground.
     
  3. TeacherNY

    TeacherNY Aficionado

    Joined:
    Apr 29, 2008
    Messages:
    3,600
    Likes Received:
    487

    Aug 10, 2017

    I'm in a private school too but my school contributes to a 403b plan (I think that's what it is).
     
  4. Upsadaisy

    Upsadaisy Moderator

    Joined:
    Aug 2, 2002
    Messages:
    18,598
    Likes Received:
    475

    Aug 10, 2017

    That is a great thing, TeacherNY. I'm glad for you.
     
  5. FourSquare

    FourSquare Fanatic

    Joined:
    Aug 4, 2009
    Messages:
    2,699
    Likes Received:
    191

    Aug 10, 2017

    SIDE QUESTION - So this "roll over" business....does the money from your IL accounts literally just get put in your new account? Is it taxed or does the exact amount roll over? Does this happen in every state? I'm just wondering in case I ever move.
     
  6. bella84

    bella84 Fanatic

    Joined:
    Jul 20, 2012
    Messages:
    2,669
    Likes Received:
    784

    Aug 10, 2017

    As long as you roll it over directly into the new IRA, you don't get taxed. The exact amount rolls over. If you have the funds sent to you first and then deposit them into the IRA yourself, you do get taxed. So, it's best to just let the pension system send the check directly to the IRA. I took mine out of the CTPF (and TRS and IMRF) and rolled it over into an account that wasn't based in any particular state (I opened an account with Vanguard). Since I assume you'd also be rolling over CTPF funds, it should work the same for you, no matter what IRA account you roll it over into. Regardless, I think it's the same for all pension systems, but I don't want to promise that.
     
  7. 2ndTimeAround

    2ndTimeAround Phenom

    Joined:
    Aug 10, 2010
    Messages:
    4,115
    Likes Received:
    334

    Aug 10, 2017

    That is an absolute shame.

    But I have to comment - the idea that "it will never happen to me" bugs me to no end. What makes you so damn special?

    I am assuming that the fireman were sure that all lives were accounted for before they watched. But it does sound like hands were tied on this one.
     
    AlwaysAttend likes this.
  8. TeacherNY

    TeacherNY Aficionado

    Joined:
    Apr 29, 2008
    Messages:
    3,600
    Likes Received:
    487

    Aug 11, 2017

    I also contribute a % of my paycheck. I really should put in more though.I think I'm at 3% but they recommend 5%. Maybe when I get my next raise I'll change it.
     
  9. Upsadaisy

    Upsadaisy Moderator

    Joined:
    Aug 2, 2002
    Messages:
    18,598
    Likes Received:
    475

    Aug 11, 2017

    You will be very glad you did one day.
     
  10. futuremathsprof

    futuremathsprof Companion

    Joined:
    Jun 27, 2014
    Messages:
    214
    Likes Received:
    63

    Aug 11, 2017

    You want to get a Roth IRA. I am 25, work in a private school, make $55,000 (this will go up once I clear my credential), and have a Vanguard. All you have to do is contribute $5,500/12 or $458.33 per month, which is VERY affordable. (BTW, The maximum annual IRA contribution is $5,500.) Vanguard is awesome because they have very low fees, but they require you have $1,000 to start. Mine already has $16,000 and is steadily growing! :)
     
    Last edited: Aug 11, 2017
    AlwaysAttend likes this.
  11. futuremathsprof

    futuremathsprof Companion

    Joined:
    Jun 27, 2014
    Messages:
    214
    Likes Received:
    63

    Aug 11, 2017

    Well done! Your story is very inspirational and I hope to be in your shoes one day. I am just getting started, but I will be there eventually, haha!

    Do you have any recommendations in terms of stocks or other retirement options (private)?
     
  12. janlee

    janlee Devotee

    Joined:
    Aug 22, 2003
    Messages:
    1,153
    Likes Received:
    7

    Aug 11, 2017

    I suggest you find a financial advisor. He or she can guide you in the direction in which you want to go. Money for my 403B account was added each time I got paid so I never missed the money. My pension was based on years taught, age, and tier level. The sooner you start the better off you will be.Good luck.
     
  13. Upsadaisy

    Upsadaisy Moderator

    Joined:
    Aug 2, 2002
    Messages:
    18,598
    Likes Received:
    475

    Aug 12, 2017

    Good advice here. I admire all of you forward-thinking teachers. I thought my life situation would always continue as it was .... a foolish mistake. My husband passed away fairly young and suddenly I was responsible for much more than I had planned for. My kids were teens who fell apart. Anyway, I don't contribute to my savings anymore; I've been living off them for years
     
  14. catnfiddle

    catnfiddle Moderator

    Joined:
    May 8, 2008
    Messages:
    7,841
    Likes Received:
    1,049

    Aug 12, 2017

    A gentle reminder that it would behoove us all to keep the political rhetoric out of the discussion. This is an interesting topic that affects many of us, but turning it into what one party does or doesn't believe or do tends to become inflammatory.

    Thanks in advance!

    As for me, the state of Ohio's public school teachers have our Social Security payments diverted to the State Teachers Retirement Services. I didn't start teaching in Ohio until a decade ago, so I'll have a little of both. REALLY need to get a Roth IRA open and into some decently balanced funds.
     
  15. AlwaysAttend

    AlwaysAttend Enthusiast

    Joined:
    Apr 24, 2012
    Messages:
    2,242
    Likes Received:
    426

    Aug 12, 2017

    In this particular case, I don't think it's possible to discuss pensions situations which are directly related to government policies without mentioning the government. It's like trying to explain how to cook a roast without mentioning the temperature of the oven or how long to cook it.

    Point noted though and I appreciate your position.
     
  16. catnfiddle

    catnfiddle Moderator

    Joined:
    May 8, 2008
    Messages:
    7,841
    Likes Received:
    1,049

    Aug 12, 2017

    There is a HUGE difference between discussing government programs and getting partisan about it.
     
  17. AlwaysAttend

    AlwaysAttend Enthusiast

    Joined:
    Apr 24, 2012
    Messages:
    2,242
    Likes Received:
    426

    Aug 12, 2017

    I genuinely don't see anyone on this thread that did that.
     
    futuremathsprof and bella84 like this.
  18. teacherintexas

    teacherintexas Phenom

    Joined:
    Jul 7, 2005
    Messages:
    4,994
    Likes Received:
    568

    Aug 13, 2017

    Very few districts pay into SS in Texas because even if you are vested in SS, you don't get much if any of it back due to our annuities being considered a windfall. I've remarried so this no longer applies, but I would have only gotten about 75 dollars of my late husband's widow benefits. My mom worked in banking before teaching for over thirty years and she won't get a penny from SS.
     

Share This Page

Members Online Now

  1. MrsC,
  2. GemStone,
  3. Caesar753,
  4. Backroads,
  5. Rockguykev,
  6. AlwaysAttend
Total: 703 (members: 8, guests: 574, robots: 121)
test