your pension situation

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

  1. futuremathsprof

    futuremathsprof Comrade

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    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
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  2. futuremathsprof

    futuremathsprof Comrade

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    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)?
     
  3. janlee

    janlee Devotee

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    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.
     
  4. Upsadaisy

    Upsadaisy Moderator

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    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
     
  5. catnfiddle

    catnfiddle Moderator

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    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.
     
  6. AlwaysAttend

    AlwaysAttend Enthusiast

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    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.
     
  7. catnfiddle

    catnfiddle Moderator

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    Aug 12, 2017

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

    AlwaysAttend Enthusiast

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    Aug 12, 2017

    I genuinely don't see anyone on this thread that did that.
     
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  9. teacherintexas

    teacherintexas Maven

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    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.
     

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