When are you going to retire??

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

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  1. futuremathsprof

    futuremathsprof Aficionado

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    Apr 6, 2018

    Gotcha. I thought maybe you were in your fifties or sixties already... You have time to save up still for your daughter’s college.
     
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  2. jadorelafrance

    jadorelafrance Cohort

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    Apr 6, 2018

    Here in NJ we get SS and pension (i contribute around 7%). And I contribute to another tax shelter, although I’m looking at other options too. I think I’ll be set unless of course SS and pension system go solvent (gotta always have a backup).
    I suppose CA or IL teachers can take the money they don’t contribute to SS and invest it. Makes sense.
     
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  3. Master Pre-K

    Master Pre-K Virtuoso

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    If only.....:(

    I might consider going back to CA. Getting tired dodging ice on ground and cleaning windshield every morning for what seems like 8 months out the year....

    They were paying grocery clerks $15 hr back in the 80’s.

    Just saying.....
     
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  4. kellzy

    kellzy Comrade

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    I want to cry reading some of your posts. State pension fund? Which state is that so I never move there? My state pays pensions with just the general tax fund.
    I mean, in my state we don't get paid a lot of money, but our retirement makes it worth it.
     
  5. Master Pre-K

    Master Pre-K Virtuoso

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    AK, CA, CO, CT, some parts of GA, IL, KY, some parts? LA, ME, MA, MO, NV, OH, RI some parts, and TX

    You must have 30 + years of substantial earnings so your ss benefits won’t be reduced. But that would mean you had to be a brain surgeon or rocket scientist once you left high school - then decided to be a teacher...yeah right!
     
  6. ChildWhisperer

    ChildWhisperer Devotee

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    Wow I'm learning so much in this thread!
    I juuuust left Head Start, where I made just over $16/hour, for a Preschool for All job with the district.
    Private schools, here I come :p
     
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  7. futuremathsprof

    futuremathsprof Aficionado

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    Please don’t take this personally, but I’d rather be paid a lot of money and get a lot in retirement, too. Why would I want to live meagerly the majority of my life and then live moderately better when I’m too old to do anything?
     
  8. futuremathsprof

    futuremathsprof Aficionado

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    Pre-school teachers make horrible pay. You want to at least teach K-3.
     
  9. futuremathsprof

    futuremathsprof Aficionado

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    You totally should move back to California! The governor just passed a bill that will provide housing for public schoolteachers in the bay areas like San Francisco and elsewhere where there are high costs of living like L.A. Not to mention, I see job listings ALL the time on EDJOIN for teaching positions and many places are offering huge singing bonuses (e.g. $5,000) for high need areas (ESL, foreign language, math, SPED, science, etc).
     
  10. ChildWhisperer

    ChildWhisperer Devotee

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    That's the plan. I'm getting burnt out in preschool. With the district, if you break it down hourly, it's $24/hour so it's better but is it worth it? Mmm I don't know :confused:
     
  11. Master Pre-K

    Master Pre-K Virtuoso

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    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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  12. futuremathsprof

    futuremathsprof Aficionado

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    Apr 7, 2018

    Nice! Then more people should get your credential. Why, they don’t, I have no idea.
     
  13. 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.
     
  14. blazer

    blazer Connoisseur

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    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.
     
  15. Ima Teacher

    Ima Teacher Maven

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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.
     

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