U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 10-22-2016, 10:01 PM
 
6,212 posts, read 4,718,283 times
Reputation: 12710

Advertisements

Over the years I have had 401k and 403b plans through various employers. There was no difference that I could see. The investment choices and fees and providing financial institutions were similar if not identical. When I retired, I rolled them over into a combined account. Some of the smaller accounts I have rolled over before my retirement.
Reply With Quote Quick reply to this message

 
Old 10-22-2016, 11:33 PM
 
Location: Living rent free in your head
30,989 posts, read 13,564,601 times
Reputation: 22078
Quote:
Originally Posted by tnff View Post
Really? Who is getting $200K pensions with full medical? Got a cite? Would love to read that.
Sounds crazy to me too. California teachers get 2% @ 60 or 62 depending on when they were hired. Assuming they worked 30 years and their pay at retirement was 68k (mid-range salary for elementary school teacher, medium size district) Their pension annually would be 48k and they don't pay into or receive Social Security. Their is no guarantee to health insurance at retirement, that is up to the individual school district
Reply With Quote Quick reply to this message
 
Old 10-23-2016, 12:29 AM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,537 posts, read 39,914,033 times
Reputation: 23634
Quote:
Originally Posted by tnff View Post
Really? Who is getting $200K pensions with full medical? Got a cite? Would love to read that.
As I mentioned, this was for retired teacher Couples, DPs. Many ER teachers hitch up together and live overseas on double pensions near and exceeding $200k. There are many RT housing co-ops / associations and travel groups. It has also been on PBS (10+ yrs ago) as well as local metro paper and newscast that was following teacher retirees around the world. We have had many in our guest home and stayed with over 30 on our RTW last yr.

Sweet gig, good payoff for sitting under pathetic administrators (often failed teachers promoted to admin), bosses are so great to leave behind when we walk out the door! I know of ZERO 403(b) participants that don't roll. I'm sure there are a few somewhere.
Reply With Quote Quick reply to this message
 
Old 10-23-2016, 05:33 AM
 
Location: Central Massachusetts
4,800 posts, read 4,843,254 times
Reputation: 6377
Quote:
Originally Posted by StealthRabbit View Post
As I mentioned, this was for retired teacher Couples, DPs. Many ER teachers hitch up together and live overseas on double pensions near and exceeding $200k. There are many RT housing co-ops / associations and travel groups. It has also been on PBS (10+ yrs ago) as well as local metro paper and newscast that was following teacher retirees around the world. We have had many in our guest home and stayed with over 30 on our RTW last yr.

Sweet gig, good payoff for sitting under pathetic administrators (often failed teachers promoted to admin), bosses are so great to leave behind when we walk out the door! I know of ZERO 403(b) participants that don't roll. I'm sure there are a few somewhere.

You could cast that to anyone too. Hooking up and becoming expats is not as uncommon as it might seem. As always two people can live more cheaply than 1. I know our plan (we're not teachers and we've been married a very long time) is to become traveling expats. So many great places to live and see. MSN travel section puts places to visit or live on the site so often it is almost a virtual tour in itself. But they talk also about the Americans that move to this or that location in a lot of those articles. They also put them in the Lifestyle section as well.
Reply With Quote Quick reply to this message
 
Old 10-23-2016, 05:50 AM
 
Location: Mount Airy, Maryland
10,459 posts, read 5,920,270 times
Reputation: 16141
The title of the thread read "Think Your Retirement Is Bad...". So naturally we will point out that most of our retirement plans don't include a pension. So yeah a teacher's retirement plan isn't so bad when compared to the rest of us.
Reply With Quote Quick reply to this message
 
Old 10-23-2016, 06:24 AM
 
12,289 posts, read 15,184,803 times
Reputation: 8100
Still beats most private sector employees. Many only get Social Security. 401k plans are great, but not available to most. Even fewer have a company match. You'll also see private sector retirees move overseas to countries where it's possible to live well on SS.
Reply With Quote Quick reply to this message
 
Old 10-23-2016, 06:54 AM
 
Location: Central Massachusetts
4,800 posts, read 4,843,254 times
Reputation: 6377
Quote:
Originally Posted by pvande55 View Post
Still beats most private sector employees. Many only get Social Security. 401k plans are great, but not available to most. Even fewer have a company match. You'll also see private sector retirees move overseas to countries where it's possible to live well on SS.
I completely agree. I advocate a more portable system and also advocate one that only includes index funds and not managed funds. A lot of companies that start in on these get caught up in the sales pitch of the fund management company and find that the only funds that are available come at a high cost. This is especially true in 401k accounts where the money should be invest and forget. I don't actually mean forget it but really mean leave it in throughout the cycles of the market.
Reply With Quote Quick reply to this message
 
Old 10-23-2016, 07:11 AM
 
6,604 posts, read 3,738,816 times
Reputation: 13655
Don't forget that they get reduced insurance, don't they? My teacher sister retired early on her pension, with a much lower ins. premium than I could ever get. By contrast, I had to save a LOT of my $$ in a 401k, with employer contributions, and fully pay for Obamacare (or qualify for a partial subsidy) at a much higher premium rate. I had to live a good % beneath my income level, in order to save for retirement. I don't think my sister did.

What are the fees in the teacher pensions? The 401k fees were really high....and hidden. That supposedly has now been changed, but too late for me.

When my sister and I retired, she got a fixed income. I didn't. I rely on myself to manage things so that I get some sort of income (paying a financial manager would cost too much and would mean I couldn't retire).
Reply With Quote Quick reply to this message
 
Old 10-23-2016, 07:31 AM
 
6,838 posts, read 3,708,603 times
Reputation: 18073
Quote:
Originally Posted by StealthRabbit View Post
As I mentioned, this was for retired teacher Couples, DPs. Many ER teachers hitch up together and live overseas on double pensions near and exceeding $200k. There are many RT housing co-ops / associations and travel groups. It has also been on PBS (10+ yrs ago) as well as local metro paper and newscast that was following teacher retirees around the world. We have had many in our guest home and stayed with over 30 on our RTW last yr.

Sweet gig, good payoff for sitting under pathetic administrators (often failed teachers promoted to admin), bosses are so great to leave behind when we walk out the door! I know of ZERO 403(b) participants that don't roll. I'm sure there are a few somewhere.
First, I'd still love to read the cite if you could point to it please. The second question concerns the fact you are talking about couples. So, if both members of a couple work, should not both have their pensions? Reason I ask this is I have seen people argue, on a different board, that for some reason two earner couples should only get one pension.
Reply With Quote Quick reply to this message
 
Old 10-23-2016, 08:03 AM
 
Location: Virginia
8,113 posts, read 12,679,374 times
Reputation: 3770
Quote:
Originally Posted by tnff View Post
Really? Who is getting $200K pensions with full medical? Got a cite? Would love to read that.
Somebody somewhere might get that, so that's some people will focus on.

Our state pension provides about 51% of the yearly (highest avg over three years). The retiree pays all but about $100 of the monthly healthcare premium.

I'm not complaining, but it's not even close to the numbers mentioned earlier.

Last edited by tgbwc; 10-23-2016 at 08:24 AM..
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top