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Old 10-23-2016, 11:47 AM
 
26,589 posts, read 52,294,382 times
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Quote:
Originally Posted by 2sleepy View Post
Your property taxes didn't increase 1000% in California prop 13 guarantees that your taxes will never go up more than 2% in a year, so I'm not sure what you are talking about.
StealRabbit's home is in Washington State.

He built his home and his taxes have exploded over the years.

Washington State had it's own version of Prop 13 calle I-747 which enjoyed huge voter support and became law only to later be tossed out by a Judge.

I can relate...

My Washington Prop Tax went up 80% 18 months after I bought and I-747 was tossed... it went from $6800 to $12,000

In California my 700k assessed home has a $11,000 property tax... the previous owner were paying $1200... I have filed formal appeals several time and won all of them... it is at least 150k overvalued but spending time in perpetual appeal gets wearisome too...

11k taxes on a 550k home does not make California a low property tax State in my book because it works out to 2%

That said... Prop 13 is more important to me than ever... I have experienced what happened in Washington when my assessment jumped 80% and can only imagine what my 11k California Prop Tax would be if Prop 13 went away...

Last edited by Ultrarunner; 10-23-2016 at 11:58 AM..
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Old 10-23-2016, 12:00 PM
 
Location: 5,400 feet
2,623 posts, read 2,578,284 times
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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.

The last stats I saw from the DOL is that about 80% of full time workers have access to a 401k, and that about 80% of that number participate. For employers over 500 employees, availability was at 90%.
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Old 10-23-2016, 12:03 PM
 
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We have a 401k but no match... not something to write home about.
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Old 10-23-2016, 12:09 PM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,577 posts, read 39,952,759 times
Reputation: 23707
Quote:
Originally Posted by 2sleepy View Post
Your property taxes didn't increase 1000% in California prop 13 guarantees that your taxes will never go up more than 2% in a year, so I'm not sure what you are talking about.
I'm not in CA.
I was paying <$3/ day in property taxes, now $42/day. Same house, same pillow, same roof, just older, needing repairs.

An inflation protected pension of $50k would make retirement a picnic. Was headed there, but CEO nabbed it and sent 300,000 engineers packing. 34 yrs service, 6 wks prior to retirement. No pension no hc.

Have survived, will survive.
No sympathy for the 'entitled' on the sweat-backs of taxpayers.

As mentioned, roll the 403(b) and get on with your priviledged life, teachers will have 40+ yrs in retirement.
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Old 10-23-2016, 12:33 PM
 
26,589 posts, read 52,294,382 times
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Property Tax is by far my biggest expense and many believe I should be paying more???

Pensions and/or 401K with match continue to allude all members of my family and extended family...

Nothing like Stealth and 34 years being 6 weeks short... but not in the cards through no fault of ours.

Not sure I want to work till I drop as has been family tradition... time will tell.

My answer to retirement plan being bad is "What retirement plan?"
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Old 10-23-2016, 01:01 PM
 
29,781 posts, read 34,867,277 times
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Quote:
Originally Posted by WestieJeff View Post
Now it's the 120k to 200k range? Not the 200k+ you mentioned earlier? Just a slight 80k/year difference, barely noticeable, right?

Teachers, not principals, aren't getting 100k per year pensions unless they are highly specialized and live in an extremely high cost of living area. Even then, I doubt it's many. The teachers in my area top out around 65k/year salary (after 12 years experience and having a masters degree) and their pension is a percentage of that (75% or 80% if I recall). And they don't pay into social security so they don't get that.
Ummmm, Ummmm I was responding to someone who asked who gets 200K pensions. Scroll back and follow the discussion. Mine has been initiated on the couples in the 120k-200K range.
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Old 10-23-2016, 01:21 PM
 
29,781 posts, read 34,867,277 times
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Quote:
Originally Posted by WestieJeff View Post
Now it's the 120k to 200k range? Not the 200k+ you mentioned earlier? Just a slight 80k/year difference, barely noticeable, right?

Teachers, not principals, aren't getting 100k per year pensions unless they are highly specialized and live in an extremely high cost of living area. Even then, I doubt it's many. The teachers in my area top out around 65k/year salary (after 12 years experience and having a masters degree) and their pension is a percentage of that (75% or 80% if I recall). And they don't pay into social security so they don't get that.

Again note I said pensions and SS can get you there especially if both spouses delay SS to 66/70. If they have investments it can get them closer to the upper end of the range I mentioned not one I responded to. I had mentioned the 120-200K range and someone else mentioned who gets that pension. Again I am talking couples and got the NOVA North area and you will find tons of teachers who if they wait and work 35 years who delay SS to 66/70 who are well in that range if not over.

Loudon County Virginia. Top of the scale after 30 years is in the mid 90'sK
http://www.loudoun.k12.va.us/cms/lib...201%202014.pdf

And even better Montgomery County Maryland on the other side of the river. Thirty years over 100K
http://www.montgomeryschoolsmd.org/u...a_7-1-2016.pdf

Those are massive school systems surrounded by other large counties paying almost as much if not more.

That's a lot of folks teaching and probably more than in your area. Only you know as I have no idea where you live or what the quality of life and expectations are there. Might be similar just not paying as much.

Also for you folks in NJ the following will give you the beginning, average and high for all the districts by county in Jersey. A good number top out in the 90's and some over 110K.
http://www.njspotlight.com/stories/1...-dip-slightly/

It's a big wide and very different country depending on where you live and that often shapes the prism we see thing through. I confess it does me.

Last edited by TuborgP; 10-23-2016 at 01:44 PM..
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Old 10-23-2016, 01:43 PM
 
1,824 posts, read 3,211,970 times
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So if you happen to live in one of the highest cost of living and highest teacher paying areas, work past normal retirement age (almost certainly normal retirement is after 30 years), and delay SS to 70 years, you can have a great retirement income!

Just pointing out that there is absolutely nothing average about this scenario.

We can cherry pick stats and get practically any number you want.

Quote:
Originally Posted by TuborgP View Post
Again note I said pensions and SS can get you there especially if both spouses delay SS to 66/70. If they have investments it can get them closer to the upper end of the range I mentioned not one I responded to. I had mentioned the 120-200K range and someone else mentioned who gets that pension. Again I am talking couples and got the NOVA North area and you will find tons of teachers who if they wait and work 35 years who delay SS to 66/70 who are well in that range if not over.
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Old 10-23-2016, 01:46 PM
 
29,781 posts, read 34,867,277 times
Reputation: 11705
Quote:
Originally Posted by WestieJeff View Post
So if you happen to live in one of the highest cost of living and highest teacher paying areas, work past normal retirement age (almost certainly normal retirement is after 30 years), and delay SS to 70 years, you can have a great retirement income!

Just pointing out that there is absolutely nothing average about this scenario.

We can cherry pick stats and get practically any number you want.
Read the post I made just as you were posting this with links and I think we can be on the same page.

Northern Virginia North and that is the world many of us know. Yours is different and so while mine might not be average it is relevant and reality for many of us and thus forms the foundation of our thinking and planning. That ain't cherry picking and is my reality. I will leave you with yours and hopefully you will allow me mine and if you won't hey we don't know each other and I sense your tax dollars aren't paying for any of it.
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Old 10-23-2016, 02:04 PM
 
Location: Albuquerque NM
1,659 posts, read 1,525,009 times
Reputation: 3640
Quote:
Originally Posted by bpollen View Post
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).
It varies. My relative in New Mexico pays about 8-10% of salary towards pension (e.g., rate keeps changing from year to year). The pre-Medicare health insurance is subsidized and is $300 a month for one person. There is also a Medicare supplement available for $150 a month. For Oregon, many state agencies pay the employee's share of the pension - especially the school districts and colleges. However the pre-Medicare health insurance in retirement would be almost $1000 a month for one person. Medicare supplement is about $300 a month. She waited until age 66 to retire. Both paid into social security. The New Mexico plan has some sort of 401k but no matching. Not sure about Oregon - their retirement plan is extremely complicated and I have never been able to understand it. My niece in Texas is so far from retirement that I have not bothered to research it except I know that her school district has chosen to opt out of social security which I think is a mistake for her. Lower income workers will benefit more from social security.

Stealth: I know you are going to bring up the Oregon PERS "Money Match" fiasco but my relative did not benefit from that. Her pension was about half of her final salary or less than $30K.
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