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 1, 2018

    Hello Again...

    A midnight ramble for you...

    When are you going to retire, and how do you plan to do so?

    Do you have a set age, amount saved, special accomplishment you want to achieve?

    I've seen some people leave earlier than expected, and others who look like they can't take another day.... I say, I don't want to be sitting on the floor singing, "The Wheels on The Bus" when I'm 68 years old.
    I might add, IL is one of those strange states that does not allow you to collect Social Security and teacher's pension. I would have to work 10 years, and be tenured in order to collect a teacher's pension. So I am hesitant to go back to public school, because if I work one more day, I won't see a penny of my Social Security. Makes no sense to me. That's why I'm working for a non-profit, Head Start/Preschool program.

    So what are your plans. I need some ideas!
     
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  3. futuremathsprof

    futuremathsprof Aficionado

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    I plan to retire at age 65. I’m 25 so I have a LONG way to go... I might retire sooner if I have the necessary funds. I plan to retire using funds from savings, my Roth IRA, Social Security, and stocks.

    I have already paid off all of my student loan debt, I self-financed my Masters degree so I have zero debt there, which helps, and I am working on paying off all of my consumer debt. I already paid off all, but one credit card, and am chipping away at my car loan. Concerning the latter, I bought a $27,000 Honda Civic with all the upgrades last year in May and I currently owe only $9,800 on it. I don’t ever pay minimum payments on anything. That is a sure-fire way to burn money on interest.
    As soon as my car is paid off I will start adding more into savings. Speaking of which, I have $25,000 in my housing fund and $5,000 in a separate savings account for incidentals like car repair, surprise medical bills, etc. The balance in my checking account never dips below $1,000 because I don’t feel comfortable having anything less than that in it.

    Also, I recently started using the Robinhood app and have already invested about $2,600 in stocks. My plan is to buy blue chip stocks every month. This month alone, I bought one stock of Google, 1 Alibaba, 2 Facebook, 10 Dropbox, 1 Berkshire Hathaway B, 3 VISA, 2 Goldman Sachs, 2 Intel, 1 Netflix, and several pharmaceutical penny stocks.

    Because I work at a private school, I pay into Social Security every month, twice a month, and so I will be able to collect SS when I retire. Yay!

    Make sure that you invest. I am going to do so every single month from here on out and will have a massive fortune by my 60s! :D

    Make sure that you do side hustles and generate disposable income. I have a ton every month (from tutoring) and I save/invest the vast majority of it.
     
    Last edited: Apr 1, 2018
  4. MrsC

    MrsC Multitudinous

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    I'm eligible to retire after 4 more school years; I'll turn 62 that year. I'm not sure if I'll go then. A recent separation, and forthcoming divorce will hit my pension hard and I may choose to work another few years.
     
  5. Pi-R-Squared

    Pi-R-Squared Groupie

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    I'm 42 and started my teaching career at 38. I'm in my 5th year of teaching. Retirement is a LONG way from now. My current thinking is to make it to 10 years so I become vested into the pension. After that, another 15 years would make me 63 and eligible to retire after 25 years of service. Also, many young people are being dissuaded from entering the field especially in my state. For example, if you enter the teaching force now at 23, you can't retire and collect full pension until reaching 62.
     
  6. 2ndTimeAround

    2ndTimeAround Phenom

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    I plan on retiring at 60ish. I can get SS and my retirement check but of course will have to wait for a few years before SS kicks in. I have some stocks and another small retirement check that will arrive at 62.5.
     
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  7. Mrs. K.

    Mrs. K. Enthusiast

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    June 8! I’m 64 and have been teaching 16 years. We are moving to an active adult community, where we look forward to making new friends, trying new activities, and traveling unconstrained by the school year calendar. :smile:
     
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  8. Master Pre-K

    Master Pre-K Virtuoso

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    Very interesting....how some states allow both SS and pension.

    At 62, I can claim my ex’s half of SS, which will equal the total amount of mine if I wait until the full retirement age. That is, as long as I don’t remarry. :oops: That stinks because I know my guy has not earned half as much. Because he is younger, if we got married, I would have to wait even longer to claim his. At this point, that wouldn’t work because I earn more and he could actual claim half of mine, which would be more than his amount at the full retirement age. Sigh!

    I plan to work part time until 65. I’m building up my IRA, and investments too. Moving some things around. Getting some good feedback and suggestions here :)
     
  9. ChildWhisperer

    ChildWhisperer Groupie

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    Hm. I'm in IL as well and just recently left Head Start for public school
     
  10. Master Pre-K

    Master Pre-K Virtuoso

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    ChildWhisperer,

    IL public school teachers do not pay in or recieve any benefits from SS. Any benefits you have earned while working in private or non-teaching jobs (your entire life) will be reduced by State Teachers Retirement System pension. You can’t get both. If you worked as an aide, you build benefits in the Illinois Municipal Retirement Fund, or any other school system out of state, these credits can be bought or transferred to STRS if you are short years to retire.

    If you don’t make tenure and stay in a district 10+ years, you can’t get that money back anyway. As a public school teacher, you will now pay union dues; and will never get that back.

    If I subbed one day in the public schools, I would no longer be eligible for my SS benefits. I would have to find a job as a teacher, work 10 years, be over 50 then eligible for that teachers pension. But nothing from SS since working at age 17 would count.
     
  11. ChildWhisperer

    ChildWhisperer Groupie

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    So... I pretty much kissed my SS goodbye?!
     
  12. blazer

    blazer Connoisseur

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    I retired in 2016 at 59 1/2 years old. Took my pensions. Signed up to a subbing agency who find me a bit of work to pay for vacations. Currently on a 1 semester stint doing maternity cover for the girl they gave my job to! LOL
     
  13. blazer

    blazer Connoisseur

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    The only advice I can give you if you are approaching retirement is get advice. In the UK each of our unions is linked to an financial company that then will give members free advice . I thought I would be in the job until I was 65 until I spoke with them. Suddenly, after crunching the numbers with them I realised I didn't have to stay in the job. If your unions do not provide this service then get some independent advice. However I would approach your union first, you never know.
     
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  14. 2ndTimeAround

    2ndTimeAround Phenom

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    I pay into both SS and pension in NC. States that don't allow both - do you pay into both? I thought teachers in states that don't only pay into the state retirement system.
     
  15. dgpiaffeteach

    dgpiaffeteach Aficionado

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    I plan to retire between 55-60. I may not be able to pull my full pension depending on when I retire, so it will really depend on how our other retirement accounts look and what we're doing. This may all change if I decide to take any time off with kids or not. My dad is retiring this year at 62!
     
  16. dgpiaffeteach

    dgpiaffeteach Aficionado

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    We don't pay into SS where I am, just the state system.
     
  17. whizkid

    whizkid Cohort

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    The plan is to retire at 59 1/2 so that I can draw from my Roth IRA and my pension. I planned on previously retiring at 58, but at 59 1/2 I can get both. I'm taking SS early because 67 is not guaranteed (probably be 70 by then).
     
  18. futuremathsprof

    futuremathsprof Aficionado

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    This is poo-poo. And this is why public school teachers don’t have to pay into Social Security in California since it is not fair for them to pay into their pensions AND SS and not be able to draw from the SS fund, too.
     
  19. whizkid

    whizkid Cohort

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    I'm reading a lot of screwjobs on this thread.
     
  20. futuremathsprof

    futuremathsprof Aficionado

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    Screwjobs? What are those? Sorry, slang is one of my weakest subjects.
     
  21. TrademarkTer

    TrademarkTer Groupie

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    I'm the type of person who feels like I'll never want to retire. Granted I'm only 29 now, and that may change at some point, but right now I don't think I'll want to go.
     
  22. whizkid

    whizkid Cohort

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    The way benefit laws are written and the fact that benefits could be reduced depending on public or private sector. That's just ridiculous.
     
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  23. MrsC

    MrsC Multitudinous

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    Our teachers' federation and our school board both offer retirement planning workshops; I'm signed up to attend one later this month. Although I'm a few years away, I need to know what I'm in for.
     
  24. blazer

    blazer Connoisseur

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    I retired before 60 because if I chose to carry on teaching aftertaking the pension there is a cap on the amount of money I could earn if i'd retired at or after 60.
     
  25. catnfiddle

    catnfiddle Moderator

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    If I want to put in the full 30 years of teaching for retirement, I have to hang in until I'm 66. This would have been easy at my last school since it was online and I wouldn't have to worry as much about if my body were to slow down. Now I'm in a school where I'm running around three floors of a building on an hourly basis. We'll see if this improves my physical health and lets me keep going or if I'll eventually need to make another change.
     
  26. Ima Teacher

    Ima Teacher Maven

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    My DH and I are seeing how things go with the current pension "reform" before we decide for sure.

    We went to the teacher retirement office last summer and had them run our numbers for retiring at 27 years, 30 years, and at age 55. ( We do not pay into SS, and we are not eligible to collect it from a spouse or a second job either.) I'd originally planned to stay until I was 55, but now I'm not so sure. School is called off tomorrow so that we can go to the capitol to rally for education. It's a mess right now. Pension changes attached to SEWER bills to force them through. Budgets that cut so many necessary items.

    This is my 25th year with my district, but I'm 23.7 years for retirement purposes. My DH is at 24 in a different district.
     
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  27. Master Pre-K

    Master Pre-K Virtuoso

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    Yes, all valid points. Childwhisperer, this IS the sad state of affairs in IL. I lived in CA also and they had state disability insurance. If you got a paper cut or have a baby - can’t work - you could stay home & get a check!

    You really need to understand how this works. Catholic schools, private schools are not included. Church/state thing.

    My para certificate expires this year. Why pay $50 to renew it? Well, as long as my teaching certificate is current, I can be a teacher
    a sub or an aide. But if it expires, I have to start all over again... uh no. Maybe renew aide certificate and let teaching credential lapse! I hope to retire by then...as you can see in my other thread!

    Nobody tells you this stuff in college.

    Btw...minimum wage is going up to $11 an hour by July, and scheduled to go to $15 in 3 years. Go figure! :cool:
     
    Last edited: Apr 1, 2018
  28. FourSquare

    FourSquare Fanatic

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    Retirement? What's that? :rofl:
    I'll be 70+ if I ever even retire. Thanks, Illinois.
    To be fair, I also tend to fall into a bad way if I'm not kept occupied, so I might work just to stay busy. I could see myself retiring, getting dementia, and wandering off a cliff or something. I definitely won't remain in my current position forever, but I'll do SOMETHING in a school.
     
  29. Master Pre-K

    Master Pre-K Virtuoso

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    See...another fellow friend from the Land of Lincoln!

    Care to elaborate on the SS vs. STRS for us??
     
  30. ChildWhisperer

    ChildWhisperer Groupie

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    Yeah, I'd like more details/info
     
  31. pausebutton

    pausebutton Rookie

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    I started teaching in public school right out of college. I'm in my 30s now. I plan to retire in my 60s. In my state, I will collect both SS and my pension.
     
  32. Master Pre-K

    Master Pre-K Virtuoso

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    Sooo many ways to say....that really stinks! :rolleyes:
     
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  33. futuremathsprof

    futuremathsprof Aficionado

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    Pfft, lol. You could say their funding scheme is quite crappy.
     
  34. Ima Teacher

    Ima Teacher Maven

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    It's allowed for many clever protest signs, though. :p
     
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  35. Master Pre-K

    Master Pre-K Virtuoso

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    "Issue: Illinois teachers are not, and never have been, participants in Social Security. And even if TRS members do pay into Social Security through other employment and build up credit in the system, the resulting Social Security benefit in retirement is reduced because the member is receiving a TRS pension.

    Until the mid-1980s, teachers were allowed to receive both TRS benefits and full Social Security benefits earned from other employment. TRS members whose primary employment was as an educator not covered by Social Security had their Social Security benefits calculated as if they were long-term, low-wage workers.

    Congress, however, saw these Social Security collections as a “windfall,” and passed the Windfall Elimination Provision in 1986. The WEP automatically lowers Social Security benefits for most retired TRS members unless the member accumulated 30 years of “substantial earnings” in other employment — essentially holding a second full-time job while being a full-time teacher."

    There's more hogwash mixed in there about taxes being higher and teachers earned more with social security. Left to my own devices, I'd make more at McDonald's at this point.
    https://www.trsil.org/news-and-events/pension-issues/illinois-teachers-and-social-security
     
  36. futuremathsprof

    futuremathsprof Aficionado

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    Okay, now you’ve gotta tell me yours. Pretty please? Haha!
     
  37. FourSquare

    FourSquare Fanatic

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    Elaborate on the system? It is what it is. I went into teaching in my early 20s, so it's not like I had a ton built up into SS. I'm more mad I missed Tier 1 benefits by ONE year. I could have been out at 55.
     
  38. Master Pre-K

    Master Pre-K Virtuoso

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    Also concerned about the TRS losing funding, like everything else in the state. It's all about the state budget. I think at some point, all day kindergarten will expand to State Pre-K, and Pre-K for All. Soon, more public schools will expand to include Pre-K. The neighborhood day centers will suffer. The Kindercares and multiple site programs will thrive. Non-profits will be fighting for enrollment. Parents will still need infant and toddler care, but there may be little or no incentive to use 3-5 year old programs if there's no child care subsidy for low/middle income parents.
     
  39. Ima Teacher

    Ima Teacher Maven

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    I went another route. "Laettner for Governor"

    Kentucky basketball fans will get it.
     
  40. futuremathsprof

    futuremathsprof Aficionado

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    I would be furious. Didn’t your teachers union explain this to you?
     
  41. FourSquare

    FourSquare Fanatic

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    Yeah. It's been a talking point around pensions because so many people think we get SS and we don't.
     

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