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I got a notice from my retirement program around year 19. But it wasn't saying that I could retire right then. It meant that I now had enough years of service, that if I didn't participate in that program another day, at the retirement age of 62, I would have the requirement met with my age plus years of service.
The amount I would get would change based on my years of service, though. It's basically years of service times 2.3% times the average of X amount of salaries. So, 20 years of service would get me less than half of my yearly salary. I think I figured out that 43 years of service was about as close to 100% you could get without going over.
I suppose it depends on where you live. My wife taught for 26 years and her state retirement is less than half her working salary. However, she gets social security, so the two total more than half her working salary. It's still less than a third of my retirement (after 43 years with the federal government).
And health care is far from free. It's much cheaper for me to add her as a dependent on my insurance than it would have been for her to keep her own.
I got a notice from my retirement program around year 19. But it wasn't saying that I could retire right then. It meant that I now had enough years of service, that if I didn't participate in that program another day, at the retirement age of 62, I would have the requirement met with my age plus years of service.
The amount I would get would change based on my years of service, though. It's basically years of service times 2.3% times the average of X amount of salaries. So, 20 years of service would get me less than half of my yearly salary. I think I figured out that 43 years of service was about as close to 100% you could get without going over.
My federal retirement was like that, and I had 43 years of employment. But retirement is limited to 80% of your working salary, regardless of the number of years. One little caveat is that you can use unusued sick leave to add to your service and go slightly over 80%. I suspect that teaching has similar limitations.
When I was in elementary school, all my teachers seemed OLD! They must've been teaching for 60 years or so.
I suppose it depends on where you live. My wife taught for 26 years and her state retirement is less than half her working salary. However, she gets social security, so the two total more than half her working salary. It's still less than a third of my retirement (after 43 years with the federal government).
And health care is far from free. It's much cheaper for me to add her as a dependent on my insurance than it would have been for her to keep her own.
Exactly. I don't know of anyone who gets "free" healthcare, but maybe somewhere they do. Some people seem to have gotten that idea from somewhere.
IF I make it to 25 years and 62 to get full retirement I will get $18000 per year and have to pay for my own health insurance. I put in 6% of my salary to fund said retirement. What you describe would be pretty sweet! Teachers hired after me won’t even get access to the state health insurance.
IF I make it to 25 years and 62 to get full retirement I will get $18000 per year and have to pay for my own health insurance. I put in 6% of my salary to fund said retirement. What you describe would be pretty sweet! Teachers hired after me won’t even get access to the state health insurance.
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.
Exactly. I don't know of anyone who gets "free" healthcare, but maybe somewhere they do. Some people seem to have gotten that idea from somewhere.
There's a guy here in Southern Maryland who participates on a Forum that's specific to this area.
Anyway, he was going on one time about how teacher pensions and health insurance both being "free". Then I showed him the stats that teacher pensions here are less than private industry with a higher contribution and that private industry and education both have about the same employer paid portion (actually teachers paid 2% more).
He didn't say much after that. His original complaint was that the schools were still remote and teachers wanted to keep it that way so they could screw around at home instead of teach.
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