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It looks like you're from North Carolina. You have a REALLY crappy retirement plan for teachers there. Definitely worse than most. It's got to be better if you crossed over a border north, south or west. (I guess east won't work) That sucks.
Yep! Thankfully I am grandfathered in for my Masters or my pay would be even worse.
Certification shouldn't matter. WEP only applies if you are receiving a govt. pension and SS.
If you withdraw your contributions to the pension program, you should not be affected by WEP regardless of any certifications.
Until around 1990, Ca. teachers didn't earn Medicare either. Many of us had to have secondary jobs to qualify.
You misunderstood my post. I was referring to the fact that I never taught in Nevada. I only got certified because the process was easy back then and I thought that we might be relocating. I never earned a penny in that state, nor established any sort of residency. However, I did work in a "regular" job for several years where I did contribute to SS outside of Nevada, as well as the possibility of being penalized from future spousal SS benefits.
Less than half. Edit to add we also don’t get step raises from years 15 to (I believe) 25.
I've been looking into whether I can retire as early as 2023 with 30 years of service. After running the estimates on the state pension site, I see $52,860 if I retire at that point, or $58,524 if I wait until 33 years of service and age 55. That's for the basic benefit, without opting for any survivor benefit % or the level lifetime option.
I have to be at least 55 years of age to get our district's supplemental pension at an unreduced amount. At age 52 it would be a reduced payment.
That’s really not a bad deal at all. So then you can pursue another career and say you earn $50K in that new field you love doing, combined with defined benefit pension you earn 6 figures plus if your spouse is like an MBA or financial analyst you have $250K safety net a year
So why don’t teachers consider this option more? It’s usually 10 years I think a vested defined benefit pension. In NYC I think it’s $60K a year for life right ?
CA here. Can't even retire until age 55, but won't. I get 2% of my final salary for every year I worked. So if I only worked 20 years, I would get 40% of my final salary, which would be pretty far below $55,000. It's a little more complicated than that, as they take age into account as well, but the point is still the same... that you're just wrong.
I taught school in Texas for 29 years and retired at age 51. My pension is roughly 55% of my my final year salary (10 years ago). My health insurance is a flat $200/month. That will change when I reach 65.
I had to reach the “rule of 80” to retire.
In the 10 years since I retired, we’ve not received any raise, but have received an extra paycheck a few times.
CA here. Can't even retire until age 55, but won't. I get 2% of my final salary for every year I worked. So if I only worked 20 years, I would get 40% of my final salary, which would be pretty far below $55,000. It's a little more complicated than that, as they take age into account as well, but the point is still the same... that you're just wrong.
If you retire at 55, the current formula is 1.16% times your number of years. If you were hired in 2013 or later, the new formula is 2% at age 62.
That’s really not a bad deal at all. So then you can pursue another career and say you earn $50K in that new field you love doing, combined with defined benefit pension you earn 6 figures plus if your spouse is like an MBA or financial analyst you have $250K safety net a year
So why don’t teachers consider this option more? It’s usually 10 years I think a vested defined benefit pension. In NYC I think it’s $60K a year for life right ?
It varies by state—there is no rule of thumb and I think you are falling into the trap that is set about how teaching is such an easy profession, summers off, paid holidays—a lot of bunk that people in education would never spread…
I taught school in Texas for 29 years and retired at age 51. My pension is roughly 55% of my my final year salary (10 years ago). My health insurance is a flat $200/month. That will change when I reach 65.
I had to reach the “rule of 80” to retire.
In the 10 years since I retired, we’ve not received any raise, but have received an extra paycheck a few times.
But if you had dependent children or a spouse your insurance would run higher
Once you get Medicare age you transition into a Medicare Advantage plan based on your area—
I am retired Texas teacher
I retired at 55 the last year you could use the “workaround” to protect your spousal SS pension from being reduced by your teacher’s pension—
Most teachers are females married to non-teaching spouses…they expected to get a spousal portion of their husband’s SS pension and were often very surprised to find that there is provision to deduct from the SS spousal portion a certain amount depending on what your teacher’s pension was—
Some people also went into teaching after earning money in the business world—and had paid into their own SS account enough to draw a SS pension in their name—that is also reduced when you draw a teacher’s pension in TX
So I never applied for my personal SS pension because it would have been so reduced—
Just did the workaround to protect my spousal benefit because my husband has high SS pension
I know people who retired about the time I did and were not able to find a place to work for a day or even half a day in education that paid into TRS and SS—DISD did—
I worked there half a day earned about $70 but it was enough to make a .03 difference in my teacher pension and by paying into SS it protected my spousal portion—
Very grateful for that…
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