In your opinion, which of these organizations do you feel is the most stable for someone looking for a change? (Penn: felons, school)

[FBJ]

Originally Posted by North Beach Person

As I said, you now have to start looking to the future. If you've been paying attention you know I recently more or less retired.

Ok, what does that mean?

That means that if I take another job which is in the State Retirement System I have to work 10 years, until I'm 71, to be vested in the pension plan. That's what I meant for you. We had a first year teacher get hired a couple years ago at 63. He and I, along with a couple other people, were talking one day right before I left. He was saying that he only had 3 more years, until he was 68, to be able to get a pension. No one had told him that the vesting had changed to 10 years. It was unpleasant.

Listen, I know I give you a lot of crap, but this time I'm not. You have a City job now, correct? I don't know what the vesting rules for that is but you need to look at that and take it into consideration if you job hop.

The time from 40 to 60 or so flies by and "next year" is when you plan on doing something.

I just saw your response. Pension benefits really don't start to ramp up in amount until after 20 years. Mine with 31 years is nearly twice that of my wife who has 19 years in the same retirement plan as I'm in.

I don't know if I will want to stay in city employment if I get an opportunity to get a position with Septa or Peco in the next 3 to 4 years. My brother just left his city job because of the pay which is something I may consider doing too but want to reach the 5 year mark before I leave.

[kyb01]

Originally Posted by FBJ

If I am staying at my current place for 5/6 years how is that job hopping? The next place I transition to is going to be the last place which I thought was obvious from the way I started the thread. That's why I said I want to leave one stable situation and transition to another in 3 years.

Well, if you are comfortable with that time table, I suppose, it might work. It depends upon how much risk you can handle.

[kyb01]

Originally Posted by North Beach Person

As I said, you now have to start looking to the future. If you've been paying attention you know I recently more or less retired.

Ok, what does that mean?

That means that if I take another job which is in the State Retirement System I have to work 10 years, until I'm 71, to be vested in the pension plan. That's what I meant for you. We had a first year teacher get hired a couple years ago at 63. He and I, along with a couple other people, were talking one day right before I left. He was saying that he only had 3 more years, until he was 68, to be able to get a pension. No one had told him that the vesting had changed to 10 years. It was unpleasant.

Listen, I know I give you a lot of crap, but this time I'm not. You have a City job now, correct? I don't know what the vesting rules for that is but you need to look at that and take it into consideration if you job hop.

The time from 40 to 60 or so flies by and "next year" is when you plan on doing something.

I just saw your response. Pension benefits really don't start to ramp up in amount until after 20 years. Mine with 31 years is nearly twice that of my wife who has 19 years in the same retirement plan as I'm in.

There's also this. Many pensions are static, right? There's no yearly COLAs, right? Any retirement planning, IMO, needs investment in more than one area if you can afford it.

One of the biggest mistakes I ever made was that I didn't start saving for retirement in my 20s. Even if it's a small amount. I didn't start "voluntarily" until I was 35. I say "voluntarily" because by that age I was close to being fully vested in Penn's automatic pension plan( Penn pays into it with no staff contributions)for certain categories of staff. At 35 I started making contributions to TIAA-CREF, with matching contributions from Penn. I also started an IRA. I never wanted to work past 62 which came true.

[North Beach Person]

I don't know, mine has a COLA. For now. Our recently departed Governor did his best to wreck the system during his 8 years. The Legislature is continuing to try to also, although the new Governor is fighting them on it.

[kyb01]

Originally Posted by FBJ

I don't know if I will want to stay in city employment if I get an opportunity to get a position with Septa or Peco in the next 3 to 4 years. My brother just left his city job because of the pay which is something I may consider doing too but want to reach the 5 year mark before I leave.

Are you getting the points being made about planning for retirement and actually doing something about it regarding any kind employment now or in the future? You're thinking short term. You can't. Even at 38/39 years of age. What are the retirement planning options at Septa or PECO?

Plus you may face age discrimination once you hit 40+. It's illegal but it happens anyway.

[kyb01]

Originally Posted by North Beach Person

I don't know, mine has a COLA. For now. Our recently departed Governor did his best to wreck the system during his 8 years. The Legislature is continuing to try to also, although the new Governor is fighting them on it.

Yes, I have been following all the drama concerning municipal pensions. Corbett was only in for four years. Felt like much longer, I know!

[North Beach Person]

Originally Posted by kyb01

Yes, I have been following all the drama concerning municipal pensions. Corbett was only in for four years. Felt like much longer, I know!

I'm in a different state, Maryland. You guys just elected the PA version of MD's O'Malley.

Welcome to PA. What's in your wallet?

[FBJ]

Originally Posted by kyb01

Are you getting the points being made about planning for retirement and actually doing something about it regarding any kind employment now or in the future? You're thinking short term. You can't. Even at 38/39 years of age. What are the retirement planning options at Septa or PECO?




Plus you may face age discrimination once you hit 40+. It's illegal but it happens anyway.

People get hired over 40 all the time.

[southbound_295]

Originally Posted by FBJ

People get hired over 40 all the time.

Age discrimination is rampant right now. They are now asking for your date of birth &/or date of high school graduation. The US Supreme Court had a ruling a few years ago. Don't kid yourself.

[FBJ]

Originally Posted by southbound_295

Age discrimination is rampant right now. They are now asking for your date of birth &/or date of high school graduation. The US Supreme Court had a ruling a few years ago. Don't kid yourself.

Someone at my job just was hired recently and she is in her 50's so explain that?