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I'll make this as brief as possible. I'm a Licensed Clinical Social Worker. I currently work for a local government where we have amazing fringe benefits and contribute to both a pension and to Social Security. But I have mediocre pay. A job change would likely be a $15k-$20k raise.
I alternate between finding new work (more pay) or staying (for the benefits). I have about 7.5 years left before I vest in our pension. While the salary does the job for our expenses right now, it would be nice to earn enough to not have to work multiple jobs (other jobs help with savings).
I'm a Licensed Clinical Social Worker.
local government amazing fringe benefits 7.5 years left before I vest in our pension.
But I have mediocre pay. A job change would likely be a $15k-$20k raise.
Advice?
7.5yrs at 25 is different than at 55.
Is the $20K a real number? Net of taxes... how does the math run? (be brutally honest with yourself here)
How many years of the net add'l $$ in another plan does it take to break even on the pension?
(you'll probably need a pro to nail down this number with/for you)
Once you're sorted out on the money and numbers aspect of things...
it becomes how much more than breaking even do you need otherwise?
7.5yrs at 25 is different than at 55.Is the $20K a real number? Net of taxes... how does the math run (be brutally honest with yourself)?
How many years of the net add'l $$ in another plan does it take to break even on the pension?
How much more than breaking even do you need otherwise?
I have been offered other jobs with the $15k-$20k increase, but I declined them as the fringe benefits were awful and/or health insurance did not kick in for 3 months.
Is the $20K a real number? Net of taxes... how does the math run (be brutally honest with yourself)?
How many years of the net add'l $$ in another plan does it take to break even on the pension?
That's what I thought. But the job change sounds more lucrative all round, at least from what is suggested.
What about the quality of work? Would it be a step down to change jobs, i.e. more stressful? Or would it just be the benefits that you're leaving behind?
What about the quality of work? Would it be a step down to change jobs, i.e. more stressful? Or would it just be the benefits that you're leaving behind?
Unfortunately, that would likely not be known until the start of a new job.
Currently, my pension would be almost $2k/month (without factoring in raises), in addition to Social Security
I took a 15k pay cut to get into a Union job that had better bennies and a Pension.....but did it at 42, wish I had done this a little earlier, like 35 would have been perfect, Pension maxes out at 30 years. Need to look at the big picture.....can you cut back on lifestyle a bit. IMO, a Pension is worth the sacrifice.....imagine the extra few grand a month on top of savings, 401k / 403b....SS....it comes in handy.
I took a 15k pay cut to get into a Union job that had better bennies and a Pension.....but did it at 42, wish I had done this a little earlier, like 35 would have been perfect
Yea, I think that's it. I am doing this later in life (too long to discuss why). I could possibly get into the VA but I think it's great to be able to contribute to pension and Social Security as VA only contributes to pension.
Convert pension, benefits, everything into a dollar amount and compare jobs then. How much of a raise would you need to get to break even losing the pension? (How much monthly would you need to invest out of pocket to match it?)
This decision seems like a math problem, to a large extent.
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