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What did they use for health insurance if they were under 65? That is why I am so envious of teachers, since they can retire at 55 and still get health insurance.
What did they use for health insurance if they were under 65? That is why I am so envious of teachers, since they can retire at 55 and still get health insurance.
No clue. Maybe they have spouses who works, maybe they found other jobs, maybe they bought their own policies.
What did they use for health insurance if they were under 65? That is why I am so envious of teachers, since they can retire at 55 and still get health insurance.
I'd like to know what state they can do that? In Oregon you have to be 59.5 with 30 years to start collecting the pension. Otherwise you wait until you hit 65 with at least 20 years of service or 30 years after age 59.5, whichever comes first. If you retire with <20 years or before 65, you get a vastly reduced payment which is kind of a stipend.
(Police and firemen can retire at 53 if they have 30 years of service)
In reality, especially with the downgraded pension after 2003, it is designed to work in tandem with social security and medicare and would not be enough to live on its own. Or at least not live well.
But the only people I know who have taken retirement as early as 55 are people with spouses who also have decent retirement or they have pre-existing money. E.g.: one of my colleagues husband was a doctor, she didn't need the extra money. Some of the long term military veterans had 20 year retirement from that service so they could retire quite early, or in one case a business instructor I worked with had previously worked at some relatively high level for AT&T and his severance was a nice amount of their stock. So with the dividend payments he made about 50-60k a year off that alone.
The 59.5-65 year olds have to buy health insurance on their own. They can buy a Kaiser or United plan from the retirement system at a discount which would cost them about $450-800 a month depending if they choose the HMO or high deductible plans. And the retirement system plans do NOT cover a spouse or children. It's quite possible Obamacare plans are a better deal.
Last edited by redguard57; 07-09-2021 at 05:53 PM..
I'd like to know what state they can do that? In Oregon you have to be 59.5 with 30 years to start collecting the pension. Otherwise you wait until you hit 65 with at least 20 years of service or 30 years after age 59.5, whichever comes first. If you retire with <20 years or before 65, you get a vastly reduced payment which is kind of a stipend.
(Police and firemen can retire at 53 if they have 30 years of service)
In reality, especially with the downgraded pension after 2003, it is designed to work in tandem with social security and medicare and would not be enough to live on its own. Or at least not live well.
But the only people I know who have taken retirement as early as 55 are people with spouses who also have decent retirement or they have pre-existing money. E.g.: one of my colleagues husband was a doctor, she didn't need the extra money. Some of the long term military veterans had 20 year retirement from that service so they could retire quite early, or in one case a business instructor I worked with had previously worked at some relatively high level for AT&T and his severance was a nice amount of their stock. So with the dividend payments he made about 50-60k a year off that alone.
The 59.5-65 year olds have to buy health insurance on their own. They can buy a Kaiser or United plan from the retirement system at a discount which would cost them about $450-800 a month depending if they choose the HMO or high deductible plans. And the retirement system plans do NOT cover a spouse or children. It's quite possible Obamacare plans are a better deal.
Here in Colorado if you went directly into public service you could technically start collecting at 50... Assuming you were hired 2 decades ago. Not that it would actually be enough to retire on.
Here in Colorado if you went directly into public service you could technically start collecting at 50... Assuming you were hired 2 decades ago. Not that it would actually be enough to retire on.
Sounds better.
It's like that in OR for what they call "tier one" which is hires <1996. It was a lot of those people who decided to call it quits when the pandemic buyouts were offered. I'd hazard a guess that my school has fewer than 15% of faculty and staff left that were hired 1995 or prior. There is one guy who was hired in 1981 and he soldiers on, lol. I think he will die in his office.
Their retirement is considerably better, by a factor of about 60%. Their retirement age is 58.They not only get a higher percentage of their final salary, but they get a higher calculation for each year of service. Plus they have TWO different lump sum accounts they get paid out on (<2003 only gets one), and for them it includes a payout of their unused sick days and vacation days. So if all the stars align, they have the potential to earn within about 80% or more of their final salary AND retire as early as maybe 56 if they had a ton of vacation time racked up. Which most teachers do because they rarely take vacation.
It's somewhat worse for the 1996-2002 group.
For those of us hired after the 2003 reforms it's not even half that good, and for post-2016 it's even worse.
I'd like to know what state they can do that? In Oregon you have to be 59.5 with 30 years to start collecting the pension. Otherwise you wait until you hit 65 with at least 20 years of service or 30 years after age 59.5, whichever comes first. If you retire with <20 years or before 65, you get a vastly reduced payment which is kind of a stipend.
(Police and firemen can retire at 53 if they have 30 years of service)
In reality, especially with the downgraded pension after 2003, it is designed to work in tandem with social security and medicare and would not be enough to live on its own. Or at least not live well.
But the only people I know who have taken retirement as early as 55 are people with spouses who also have decent retirement or they have pre-existing money. E.g.: one of my colleagues husband was a doctor, she didn't need the extra money. Some of the long term military veterans had 20 year retirement from that service so they could retire quite early, or in one case a business instructor I worked with had previously worked at some relatively high level for AT&T and his severance was a nice amount of their stock. So with the dividend payments he made about 50-60k a year off that alone.
The 59.5-65 year olds have to buy health insurance on their own. They can buy a Kaiser or United plan from the retirement system at a discount which would cost them about $450-800 a month depending if they choose the HMO or high deductible plans. And the retirement system plans do NOT cover a spouse or children. It's quite possible Obamacare plans are a better deal.
Pretty much the system in Virginia. And as a reminder to some here -- every month funds toward my retirement pension and my health insurance were taken out of my pay. Today in retirement, my school system covers me with health insurance, but a big chunk of the cost comes out of my monthly retirement check.
And just to be clear, it isn't out of generosity. It's very similar to private industry where different companies offer good benefits to lure candidates.
In Oregon you have to be 59.5 with 30 years to start collecting the pension. Otherwise you wait until you hit 65 with at least 20 years of service or 30 years after age 59.5, whichever comes first. If you retire with <20 years or before 65, you get a vastly reduced payment which is kind of a stipend.
But those of us in the private sector don’t have the option of 30 years and age 59.5 to get health insurance.
Quote:
(Police and firemen can retire at 53 if they have 30 years of service)
In reality, especially with the downgraded pension after 2003, it is designed to work in tandem with social security and medicare and would not be enough to live on its own. Or at least not live well.
My former teachers who retired at age 55 are living quite well.
Quote:
But the only people I know who have taken retirement as early as 55 are people with spouses who also have decent retirement or they have pre-existing money. E.g.: one of my colleagues husband was a doctor, she didn't need the extra money. Some of the long term military veterans had 20 year retirement from that service so they could retire quite early, or in one case a business instructor I worked with had previously worked at some relatively high level for AT&T and his severance was a nice amount of their stock. So with the dividend payments he made about 50-60k a year off that alone.
Some of the teachers I know who retired at 55 had working spouses, some did not.
Quote:
The 59.5-65 year olds have to buy health insurance on their own. They can buy a Kaiser or United plan from the retirement system at a discount which would cost them about $450-800 a month depending if they choose the HMO or high deductible plans.
And that is not an option for those of us in the private sector.
Quote:
And the retirement system plans do NOT cover a spouse or children.
The teachers who I know who graduated at 55 have health insurance that covers a spouse and children.
Quote:
It's quite possible Obamacare plans are a better deal.
No, Obamacare is not a better deal.
Quote:
Originally Posted by redguard57
Sounds better.
It's like that in OR for what they call "tier one" which is hires <1996. It was a lot of those people who decided to call it quits when the pandemic buyouts were offered. I'd hazard a guess that my school has fewer than 15% of faculty and staff left that were hired 1995 or prior.
Somebody who was hired in 1994, assuming they were 22 at the time, was 48 in 2020. Nobody in the private sector can retire at 48, pandemic or not.
Quote:
There is one guy who was hired in 1981 and he soldiers on, lol. I think he will die in his office.
Their retirement is considerably better, by a factor of about 60%. Their retirement age is 58.They not only get a higher percentage of their final salary, but they get a higher calculation for each year of service. Plus they have TWO different lump sum accounts they get paid out on (<2003 only gets one), and for them it includes a payout of their unused sick days and vacation days. So if all the stars align, they have the potential to earn within about 80% or more of their final salary AND retire as early as maybe 56 if they had a ton of vacation time racked up. Which most teachers do because they rarely take vacation.
Because they only work 180 days a year out of 365, so no need for extra vacation. And that retirement at 58 or 56 is not an option for those of us in the private sector.
Quote:
It's somewhat worse for the 1996-2002 group.
For those of us hired after the 2003 reforms it's not even half that good, and for post-2016 it's even worse.
Lately I’ve seen a lot of teachers retire at 57 rather than 55. Still far earlier than those of us in the private sector.
Quote:
Originally Posted by phetaroi
Pretty much the system in Virginia. And as a reminder to some here -- every month funds toward my retirement pension and my health insurance were taken out of my pay. Today in retirement, my school system covers me with health insurance, but a big chunk of the cost comes out of my monthly retirement check.
But that is still not an option for those of us in the private sector. And, you retired at 55. You outed yourself a while back, so you cannot deny that you retired at 55. And, even if you have to pay, you are paying for options that those of us in the private sector can’t get for any price.
Quote:
And just to be clear, it isn't out of generosity. It's very similar to private industry where different companies offer good benefits to lure candidates.
But it has the opposite effect. The effect is that it attracts teachers who want to retire young and want to slack off in their career and hide behind tenure. In the private sector, they don’t use benefits to lure us, knowing that our only other alternative is unemployment. And before some of you try to claim that I get paid more in the private sector: I make less money than teachers do, and I make less money than my public sector counterparts make.
But those of us in the private sector don’t have the option of 30 years and age 59.5 to get health insurance.
My former teachers who retired at age 55 are living quite well.
Some of the teachers I know who retired at 55 had working spouses, some did not.
And that is not an option for those of us in the private sector.
The teachers who I know who graduated at 55 have health insurance that covers a spouse and children.
No, Obamacare is not a better deal.
Somebody who was hired in 1994, assuming they were 22 at the time, was 48 in 2020. Nobody in the private sector can retire at 48, pandemic or not.
Because they only work 180 days a year out of 365, so no need for extra vacation. And that retirement at 58 or 56 is not an option for those of us in the private sector.
Lately I’ve seen a lot of teachers retire at 57 rather than 55. Still far earlier than those of us in the private sector.
But that is still not an option for those of us in the private sector. And, you retired at 55. You outed yourself a while back, so you cannot deny that you retired at 55. And, even if you have to pay, you are paying for options that those of us in the private sector can’t get for any price.
But it has the opposite effect. The effect is that it attracts teachers who want to retire young and want to slack off in their career and hide behind tenure. In the private sector, they don’t use benefits to lure us, knowing that our only other alternative is unemployment. And before some of you try to claim that I get paid more in the private sector: I make less money than teachers do, and I make less money than my public sector counterparts make.
1. Your teachers are old, that isn't all true for those of us working now and it varies a ton by state. Maybe don't paint the whole profession with your New York in the 90s brush.
2. Nothing is preventing you from becoming a teacher if you want the summers off and a pension. I'm sure you can get an alt-cert as STEM (engineering) teachers are in high demand.
1. Your teachers are old, that isn't all true for those of us working now and it varies a ton by state. Maybe don't paint the whole profession with your New York in the 90s brush.
2. Nothing is preventing you from becoming a teacher if you want the summers off and a pension. I'm sure you can get an alt-cert as STEM (engineering) teachers are in high demand.
Where I live, since teaching is a plum job, it’s very hard to get a job as a teacher. And, they are going to hire people with education degrees straight out of college, not a mid-career burnout from another profession.
Where I live, since teaching is a plum job, it’s very hard to get a job as a teacher. And, they are going to hire people with education degrees straight out of college, not a mid-career burnout from another profession.
Have you tried? I think you might be surprised. Plus there is a whole country put there, most of that country is facing a teacher shortage.
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