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Old 02-05-2015, 05:53 PM
 
Location: Jamestown, NY
7,841 posts, read 7,323,056 times
Reputation: 13779

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Quote:
Originally Posted by NaleyRocks View Post
SS- as in social security?? Wow, that's a gamble I wouldn't want to take.
Yep. She just happened on that. I think they were talking to a financial advisor about retirement when it came up. There are some other states that do that with public employees as well. This isn't something that just happened because of the recent recession, either. They moved to Florida back the year before the 4 hurricanes hit. That was 2005 I think.
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Old 02-08-2015, 08:07 PM
 
Location: Los Angeles area
14,018 posts, read 17,723,738 times
Reputation: 32304
Quote:
Originally Posted by Linda_d View Post
This is very true, especially if you're moving to a different state. Different states have very different rules about all kinds of things for teachers/public employees. For example, my cousin's wife went back to school and got her teaching degree and planned on teaching in her home state of Massachusetts, only to find that MA exempts teachers from SS. Now, maybe that's good for a 20-something just starting out if he/she salts away that extra 8% into retirement accounts, but it's not so good for a 40-something beginning a new career. They moved to Florida where teachers are covered by SS.
Good that you pointed out the whole Social Security business. Quite a few states exempt teachers from SS. In Calif., I had 8% deducted from my salary to support the pension and the employer (school district) paid a like amount. That means I was paying a bit more than the SS taxes would have been, but that is not a complaint because my pension is more than the SS retirement benefit would have been after the same number of years (34 in my case). I also qualified for a very minimal SS benefit because of part-time jobs while in college and summer jobs and moonlighting jobs while teaching full time. That SS benefit is a VERY important thing for me, not for the money, but for the fact that it qualified me for Medicare.
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Old 02-08-2015, 11:12 PM
 
Location: Approximately 50 miles from Missoula MT/38 yrs full time after 4 yrs part time
2,294 posts, read 3,338,641 times
Reputation: 4824
Quote:
Originally Posted by NaleyRocks View Post
.....SNIP.>>>>>>When my daughter is in her 20s I will definitely be nagging her to start retirement planning then.
..

......Your sentence above is IMHO, the smartest and most important thing you could do for your daughter!!!!!!!!!!!!!!
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Old 02-09-2015, 12:08 AM
 
Location: Silicon Valley
18,081 posts, read 22,914,959 times
Reputation: 35196
If I understand you correctly, you are talking about living for 10 years beyond the next 7 - 10 years until your daughter goes to college, in a place you hate, so you'll have more money when you're 20 years older than you are now.

So, staying somewhere you don't like living for the next 20 years.

I cannot fathom that at all. This life is it -at least this time around, depending on what your beliefs are.

So, your daughter is now around 11 years old? Why do you have to stay in NY until she graduates from high school?

I think you all should move now. There's plenty of time for you to get vested somewhere else. Your daughter is young enough to transition to another state.

Sorry, but I think this is madness. Go now. Imagine the life you can have somewhere with great weather year round.

I think it's wise to think ahead to retirement, but that doesn't mean you have to stay where you are for the next 20 years, when you don't like it.

There are no guarantees that things will work out between now and when you'd retire. Any number of things can happen between now and then. I just picture you saying to yourself, "Why didn't we just move?"

FWIW, my opinion is that you guys should start looking for jobs where you want to live now. Move somewhere warm and be happy. Readjust your savings and lifestyle finances as needed. But, who says you can't get vested somewhere else, where it's warm? And who says you can't have a nice retirement without being vested?

You see, I'd rather adjust the budget to be tighter if necessary, and live somewhere I enjoyed.
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Old 02-09-2015, 12:28 AM
 
10,812 posts, read 8,054,817 times
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Quote:
Originally Posted by NoMoreSnowForMe View Post
I think you all should move now. There's plenty of time for you to get vested somewhere else. Your daughter is young enough to transition to another state.

Sorry, but I think this is madness. Go now. Imagine the life you can have somewhere with great weather year round.

I think it's wise to think ahead to retirement, but that doesn't mean you have to stay where you are for the next 20 years, when you don't like it.

There are no guarantees that things will work out between now and when you'd retire. Any number of things can happen between now and then. I just picture you saying to yourself, "Why didn't we just move?"

FWIW, my opinion is that you guys should start looking for jobs where you want to live now. Move somewhere warm and be happy. Readjust your savings and lifestyle finances as needed. But, who says you can't get vested somewhere else, where it's warm? And who says you can't have a nice retirement without being vested?

You see, I'd rather adjust the budget to be tighter if necessary, and live somewhere I enjoyed.
I agree. In today's economy there's no way to know what the next 20 years will bring, in terms of pensions in any state or field.
If the OP was within 10-15 years out from retirement, it would be a different scenario.
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Old 02-09-2015, 10:55 AM
 
Location: Jamestown, NY
7,841 posts, read 7,323,056 times
Reputation: 13779
Quote:
Originally Posted by biscuitmom View Post
I agree. In today's economy there's no way to know what the next 20 years will bring, in terms of pensions in any state or field.
If the OP was within 10-15 years out from retirement, it would be a different scenario.
NYS public employee pensions have two protections that many other public pensions do not have: they are protected by the state constitution, which is much, much harder to amend than any regular law, and it is significantly better funded than almost all other state/local pension funds. I think, although I'm not sure, that it's considered fully funded. The OP also has tenure in her school district, which is major job protection for all teachers, which is why politicians are so eager to go after it.

The OP is within 7 years I think of being eligible to retire with 20 years in the system. That will net her 40% of her average last 3 years' salary. If she stays to 25 years (12 years), her pension will go up to 50% of her average last 3 years' salary, which is 25% more. If she stays to 30 years (17 years more), she'll qualify for a 60% pension (50% greater than at 20 years).

Plus, over the next 17 years, her salary should increase with negotiated pay raises and step raises at least by 2% a year, so her salary might be a third higher in 17 years than it is today. New York also pays its teachers very well and tenured special ed teachers are virtually immune from layoffs. It's unlikely that the OP will get as good a salary/security/pension combo in any other state.

You do what you have to do for your future, and that's especially true for women who may have only worked part time for stretches or have taken time off for children. I spent 11 years living in Albany, NY, which was okay but just not a place I liked all that well, to secure my pension before getting the opportunity to move back to Western New York while bringing my pension with me. I suppose I would have stayed the full 30 there if I had not gotten this position.

Furthermore, the OP does not hate where she lives so much as she hates winter. Well, last winter, and now this one, have been enough to make anybody but die-hard snowmobilers and skiers consider moving to milder weather -- and it's been truly awful in some places in NY this winter (as in eastern NY is getting pounded again as I write this).
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