When are you going to retire??

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

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  1. stephenpe

    stephenpe Connoisseur

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    Weird. Is it because the pensions in Illinois are so much better for teachers? I can see if you dont pay into SS you would not get any but I thought we all had to pay into SS up until a few years ago.
    I retire in 8 weeks :sunglasses: after 40 years of teaching if Fla. I will receive a pension from FRS. almost 70% of my best 4 years averaged and decent SS. I will make more from those than my salary pays now.
     
  2. ChildWhisperer

    ChildWhisperer Groupie

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    So.. If you work in an IL public school, even for one day, you don't get any SS? Even if you quit teaching? What if you move to another state? Do substitute teachers get pension or some kind of retirement?
    Sorry if I sound dumb. I never worked in a public school until recently/now
     
  3. YoungTeacherGuy

    YoungTeacherGuy Phenom

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    I see so many of my colleagues working well into their 60s. Makes me nervous because I’m 36 and started this gig when I was 23. I enjoy what I do, but can’t see myself in this field (site administratation) when I’m a senior citizen. I started a 403(b) in December and I’m thinking of opening an IRA, too. Stinks that we can’t survive on our pension alone.
     
  4. futuremathsprof

    futuremathsprof Aficionado

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    Wait a minute, a good friend of mine worked as a principal for 36 years here in California and she makes $120,000/year from CalPRS. That’s how much her pension pays. I would think other administrators would make comparable pay??? What do you make now and what does your pension look like? I’m just confused because I thought it was pretty good for you guys...
     
  5. YoungTeacherGuy

    YoungTeacherGuy Phenom

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    CA teachers and administrators who work in public schools are all part of CalSTRS.

    Yes, I make approximately approx 120k as a VP and will make more as I climb the ladder, but I’m still proceeding with caution.
     
  6. stephenpe

    stephenpe Connoisseur

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    WOW..............We have principals that make 70k or less. I make more than the AP at my schools.....(half your salary).............
     
  7. Always__Learning

    Always__Learning Comrade

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    If the rules don't change (which they can), I could retire at 50 - with a significantly reduced pension - or at 55 with a full pension or I could go longer. I think it will really depend on how I feel at 50. I don't need a lot of money to be happy - I live pretty simply and most of my expenses are because I'm tired at the end of a long day - take out, pre-made food, clothes for school, etc. I spend a lot of my salary on convenience. I like doing this stuff for myself when I have time. So with more time I think I could live pretty cheaply. So I'm really just going to wait and see - I'll make the decision that makes me happiest.
     
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  8. whizkid

    whizkid Cohort

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    I'd be happy to sniff half of that.
     
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  9. Master Pre-K

    Master Pre-K Virtuoso

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    Ditto!!! :)
     
  10. Master Pre-K

    Master Pre-K Virtuoso

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    CW....

    The best thing I can say is take a visit to the SS office. They will give you a print out of your earnings (because they stopped mailing them)and tell you exactly what I’m trying to explain. Then call TRS and ask their policy too. If you have 30 years or more of non-educational work, they may reduce or eliminate your SS from this day forward when you sign that TRS form.

    If you sub, IL treats you the same as a teacher. You will get the same TRS form from any district you sub. If you work as an aide, that is IMRF and different, not affecting SS.

    You can take a TRS refund if six months go by and you STOP teaching in public school. Then, you will be eligible again for all your SS.

    Only then will you be able to get your SS check.

    If you move to another state, you better ask up front what their SS and/or pension policy is. About 10-15 states have this dumb rule. Nobody volunteers this info. It’s assumed once you sign your life away with the pension form.

    And....you may not want to get a refund for TRS and keep your credit for teaching in IL if it will take you to the retirement age/years that you need.
     
  11. YoungTeacherGuy

    YoungTeacherGuy Phenom

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    Just a heads up: I'm in no way trying to boast about what I make. I normally never discuss money with anyone. I only mentioned it because he (futuremathsprof) asked...plus, this forum is anonymous (aside from the couple of members I'm friends with on FB).
     
  12. blazer

    blazer Connoisseur

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    Wow! In the UK the pension I got pays 1/80 of my final salary for every full year teaching. I did 26 years and so receive 1/3 of my final salary as a pension. For the UK this is actually a good deal compared to many private company pensions. I could take this pension at 60 (or after 55 with a reduction). In addition I have a smaller pension from employment prior to teaching. All in all my total pension is about £17k pa (my final teaching salary was £44k). I am currently 61. When I reach 66 I qualify for the State (Government) pension which is about another £5k pa. However I pay income tax (20%) on all earnings (including pensions) over £11k. I currently subsidise my pension with subbing work which pulls in another 8 or 9K pa (on which I pay about 32% in taxes). Luckily I also paid into a private pension for most of my teaching career which is invested to give me income and I also converted about £100k of my pension into a tax free lump sum which is also invested. Mrs Blazer also has a small employer's pension which she started collecting in January when she hit 60. She also has a smaller self invested sum giving her income as well. Her total earnings is below the £11k threshold and so she pays no tax. She will also qualify for the State pension when she is 66 and she will get slightly more than me (£6K pa) as she was not a teacher. (Teachers don't qualify for the full state pension) OK, in the UK we get free healthcare (paid for out of taxes) and we own our home (mortgage paid off). We are reasonably comfortable and can afford a decent standard of living and are planning some spectacular vacations.
     
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  13. FourSquare

    FourSquare Fanatic

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    It's not a terrible deal if they actually follow through with what they're promising. Here's the summary:

    Screen Shot 2018-04-03 at 10.18.19 AM.png
     
  14. stephenpe

    stephenpe Connoisseur

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    So what % of your averaged salary do you get for retirement?
    I hear that the system is almost bankrupt or maybe that is just Chicago.
     
  15. stephenpe

    stephenpe Connoisseur

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    Sounds good. Come to fla and I will buy you a Guinness or your favorite libation.............and we can tell war stories
     
    Last edited: Apr 3, 2018
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  16. FourSquare

    FourSquare Fanatic

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    Apr 3, 2018

    75% max.
     
  17. stephenpe

    stephenpe Connoisseur

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    So I am assuming most of you in Illinois make 100k at least when you retire so you get 75k in retirement. That is very good. Our system pays you about 50% of your salary up to 30 years then it goes up incrementally.
    I will get about 69% of my best four years plus SS. I will make a little more in retirement than I make now. The top of our pay scale in our poor rural fla county is 59k. The last 14 years has hammered us in salaries. Insurance sky rocketed and no raises for 10 years. They need to march like those Arkansas teachers did.
     
  18. MissCeliaB

    MissCeliaB Aficionado

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    I'll have 30 years in when I'm 55. That maxes out our retirement. I'm hoping to have saved enough to pay for insurance at that point, or to be able to work part-time to pay for my insurance and retire that year. If not, I'll have to work until I'm 65, or whatever age Medicare starts then...
     
  19. blazer

    blazer Connoisseur

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    My favourite American tipple is Goose Island IPA.
     
  20. blazer

    blazer Connoisseur

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    Not sure how much they make in Chicago but I was offered $90k to go and teach there in 2005. Somethimes I wish I had taken it up.
     
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  21. TrademarkTer

    TrademarkTer Groupie

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    Chicago, Illinois, That's the home of my boy Scruff!!!
     
  22. geoteacher

    geoteacher Habitué

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    I am hoping for around 60ish. So much depends upon insurance. Right now my district provides teachers who retire after at least 15 years of service (after age 55) with a lump sum to help cover insurance costs until Medicare kicks in, but who knows if that will still be in place?
     
  23. gr3teacher

    gr3teacher Phenom

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    Realistically? Maybe late 60s. That would give me full retirement in Virginia+supplemental county retirement pension, plus another 10 years accrued in another state's retirement system.
     
  24. Master Pre-K

    Master Pre-K Virtuoso

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    "How much does a Teacher Elementary School in Chicago, IL make? The median annual Teacher Elementary School salary in Chicago, IL is $59,926, as of March 29, 2018, with a range usually between $49,089-$71,078 not including bonus and benefit information and other factors that impact base pay. However, the salary for someone with the title Teacher Elementary School may vary depending on a number of factors including industry, company size, location, years of experience and level of education. Our team of Certified Compensation Professionals has analyzed survey data collected from thousands of HR departments at companies of all sizes and industries to present this range of annual salaries for people with the job title Teacher Elementary School in Chicago, IL."

    salary.com
     
  25. blazer

    blazer Connoisseur

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    I used to take British school kids there on visits and then host the American kids when they came to Birmingham. Sadly the banking collapse killed all our funding. We were mainly linked with Kelvin Park, Charles Prosser and Walter Payton Highs and Hanson Park elementary.
     
  26. stephenpe

    stephenpe Connoisseur

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    YOU got it.
     
  27. Been There

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    Like others have stated, in California and some other states, SS benefits are reduced (windfall elimination) for those receiving a teacher's pension. After I retired, I learned that I needed a part-time job that would allow me to gain the 6 quarters that I was short in order to collect from SS - requires a minimum of 40 quarters in all. I had contributed 34 quarters to SS before going into teaching. Even though I'll be receiving a reduced amount, it will still cover the cost of my Medicare supplement which is better than nothing at all.
     
  28. YoungTeacherGuy

    YoungTeacherGuy Phenom

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    Do you mind if I ask at what age you retired?
     
  29. Been There

    Been There Habitué

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    Sure, 63 years young.
     
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  30. Master Pre-K

    Master Pre-K Virtuoso

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    Can I borrow that line BeenThere:p???

    I want to retire when I can afford to be comfortable, hopefully 63 years young!
     
  31. kellzy

    kellzy Comrade

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    2040-2041 school year will be my last. I'll have 30 years and be a few months shy of my 52st birthday. How will I be able to do that? I already have 40 quarters, I'll qualify for a full pension, I won't be able to get medicare or social security for a while but I will have my house paid off in 5 years - long story, close family member with a lot of money, so the largest chunk of anyone's paycheck I won't have anymore, so why not?
     
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  32. futuremathsprof

    futuremathsprof Aficionado

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    You must be very young! And you have a house almost paid off! Why can’t I have a rich relative?! You are already way ahead of me...
     
  33. Been There

    Been There Habitué

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  34. ChildWhisperer

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    IL teachers - is there a way to opt out of TRS? I read it's only beneficial if you work in the public schools for at least 5 years. If less, then you don't see/get any of that. And we don't plan on staying in IL for the next 5 years.
     
  35. Been There

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    You'll make it - just think self-preservation every day you're at work! Teachers must learn to think of their own welfare more and not focus so much on their kiddos, otherwise it will be a losing battle against burn-out.
     
  36. futuremathsprof

    futuremathsprof Aficionado

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    I can’t imagine working in a school that I dread coming to work to every day... I feel sympathy for teachers that have to do that because it must be such a drain on them, but if they have to in order to pay the bills, then they have no other recourse. Yikes!

    I am very lucky that the first school I work at is my dream school...
     
  37. SpecialPreskoo

    SpecialPreskoo Moderator

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    I could retire in 3 years technically but realistically, I've got to get my daughter through college. She's in 6th grade.
     
  38. futuremathsprof

    futuremathsprof Aficionado

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    At what advanced age do you plan to work to? If your daughter is in 6th grade, that’s SIX years before she goes to college... :eek:
     
    Last edited: Apr 5, 2018
  39. MrsC

    MrsC Multitudinous

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    I'm sure it won't take her nearly that long to get there!
     
  40. ChildWhisperer

    ChildWhisperer Groupie

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    After this year, that's only 6 more years before she goes to college... Not 11-12
     

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