Jobs retirement package

[herofan]

Thanks for all the replies. I guess I'm just influenced by how I was raised. I was raised in a family of savers, but I'm sure they didn't have the amount most feel one would need. I know of a lot of older people who retired and lived off Social Security and some small savings, and they survived quite well; therefore, I guess I thought I was doing rather well. I guess i need to rethink things. I will say, however, that cost of living where I am is really cheap compared to other places.

I was planning to retire at age 55. I may work now until age 80 so i can save more. I'm not even sure if I should continue teaching. I may quit, draw out my money, and put it in a 401k since that is a sure thing.

 

[Jogeephus]

I don't think you can beat a government retirement. I know some people who retired early from the government and they are drawing more each month than they would have had they kept working. That said, I think a lot of it is built on a pyramid deal because these high payouts just are not sustainable so they are tightening the belt so to speak but this belt tightening is only affecting the new hired employees.

I don't know if there is any sure bet with anything other than diversification and with your land, cattle and your teacher's retirement it sounds like you are pretty well diversified but you might consider putting some eggs in some more baskets just to be safe.

 

[fitz]

Thanks for the replies. I do save money; that's my nature.

My retirement is what is called a Defined Benefit plan based on a set formula of employer/employee match which guarantees a lifetime benefit that is not dependent on personal contributions or market fluctuations such as with a 401k type plan; it includes medical insurance, and a cost of living increase yearly for life. This plan has been in place for employees since 1938. One can retire at any age with 27 years service, 5 years at age 60, 10 years at age 55, or wait until age 55 beyond 27 years for the best benefit amount. Amount is based on highest 5 years salary before age 55 and highest 3 years salary at age 55. We get 10 sick days each year that roll over to the next year. We can get a check for those unused days when we retire, or have their worth calculated into our yearly salary. Our retirement representative said that amount averages $10,000-$30,000 among most retirees. It can add up to $400 to you check monthly.

I didn't want to give the impression I blew all my money. I guess I just don't focus on it like some. I figure if I have $100,000 when I retire, even if it's just in a savings account, plus a check the rest of my life, I think I will make it. I was just curious if a lot of businesses don't have a retirement plan.

I'm in a defined benefit plan also, Took an early out at 55.
The health of the plan is determined by current employee contributions and investments. If everything were to go south (market crash/plan assets go into arrears) my monthly government gaurantee wouldn't be enough to buy gas to go
pick up the food stamps.

fitz

 

[Bigfoot]

I think the Ky teacher retirement is not controlled by the state. I'm not sure about the ins and outs. Not sure what all they invest the money in either. Only Ky and one other state have retirement that is similar. The retiree gets a set income, with a decent raise every year, and insurance. I know that they will never qualify for social security. Always wondered why that is.

 

[Caustic Burno]

I think the Ky teacher retirement is not controlled by the state. I'm not sure about the ins and outs. Not sure what all they invest the money in either. Only Ky and one other state have retirement that is similar. The retiree gets a set income, with a decent raise every year, and insurance. I know that they will never qualify for social security. Always wondered why that is.

Texas teacher's have a simular plan as well and can not draw SS. ( Wifes plan)
The plan is held by a company that is a subsidary of AIG, remember their little dilemma.
It is still a state plan controlled by the state legislature.
You are betting on something or praying it is there when you get ready and hoping it will last the rest of your life. You are placing all of your bet's on something at a time in your life that they don't want you back in the workforce.
IMO there is no such thing as saving enough.

 

[HDRider]

KY is #43, 57% funded.

http://www.ai-cio.com/channel/NEWSMAKER ... _List.html

 

[Caustic Burno]

KY is #43, 57% funded.

http://www.ai-cio.com/channel/NEWSMAKER ... _List.html

O crap that is a train at risk of jumping the track's with the boomer's hitting the roles in record numbers.

 

[Jogeephus]

KY is #43, 57% funded.

http://www.ai-cio.com/channel/NEWSMAKER ... _List.html

O crap that is a train at risk of jumping the track's with the boomer's hitting the roles in record numbers.

Not really CB. All they gotta do is form bigger government and with more government employees paying in it will fix itself.

 

[HDRider]

Believe it or not, Detroit pensions are better funded, (much better than some) than many teacher's pensions...

Using government assumptions – an 8 percent annual return on assets – to value plan liabilities, Detroit's two main pension plans – the General Retirement System (GRS) and the Police and Firefighters Retirement System (PFRS) – are in good condition with a total unfunded liability of $634 million. The GRS has a funded ratio of 83 percent, and the PFRS a funded ratio of 99 percent.

 

[cross_7]

You have the wrong idea as long as you are working and paying in you're an asset, when you quit working and quit paying in but drawing out you're a liability.
As long as you are healthy and can pay in your ok
If for some you cannot continue to work and pay in, like health, old age, injury, our new health program will take care of the problem, I mean take care of you ;-)

 

[TexasBred]

I think the Ky teacher retirement is not controlled by the state. I'm not sure about the ins and outs. Not sure what all they invest the money in either. Only Ky and one other state have retirement that is similar. The retiree gets a set income, with a decent raise every year, and insurance. I know that they will never qualify for social security. Always wondered why that is.

Theu don't pay anything into fica

 

[HDRider]

I think the Ky teacher retirement is not controlled by the state. I'm not sure about the ins and outs. Not sure what all they invest the money in either. Only Ky and one other state have retirement that is similar. The retiree gets a set income, with a decent raise every year, and insurance. I know that they will never qualify for social security. Always wondered why that is.

Theu don't pay anything into fica

My father retired from the Corp of Engineers and they did not pay SS taxes, and don't draw from it either. He also retired from the Army. Between those two pensions and health care, Mom and him do OK. My Dad was not a saver.

He was a hard worker though. Before he quite farming, he farmed till 3 and went to work at the factory at 3:30 till midnight.

My FIL worked even harder, and he didn't save or get anything more than SS. All the kids family pitched in and provided for them. Luckily (?) he had a pretty big family, though a couple are somewhat disfuners.

 

[3waycross]

I think the Ky teacher retirement is not controlled by the state. I'm not sure about the ins and outs. Not sure what all they invest the money in either. Only Ky and one other state have retirement that is similar. The retiree gets a set income, with a decent raise every year, and insurance. I know that they will never qualify for social security. Always wondered why that is.

Theu don't pay anything into fica

My father retired from the Corp of Engineers and they did not pay SS taxes, and don't draw from it either. He also retired from the Army. Between those two pensions and health care, Mom and him do OK. My Dad was not a saver.

He was a hard worker though. Before he quite farming, he farmed till 3 and went to work at the factory at 3:30 till midnight.

My FIL worked even harder, and he didn't save or get anything more than SS. All the kids family pitched in and provided for them. Luckily (?) he had a pretty big family, though a couple are somewhat disfuners.[/quote]


Being a knowledger and all I thought i knew all of the english language but that is a new one for me. Please translate!

 

[HDRider]

I did not want to say dysfunctional in case my wife saw this.

 

[Stocker Steve]

I don't know if there is any sure bet with anything other than diversification and with your land, cattle and your teacher's retirement it sounds like you are pretty well diversified but you might consider putting some eggs in some more baskets just to be safe.

Standard investment advise is to develop a "stool" with at least 3 or 4 legs. Each leg is a different source of income. There is a growing industry called Wealth Management that will help you with this for an annual percentage.

Other option is to be what we call a "go getter". Bring your wife to work each morning and then go get her after you are done with fishing or hunting... ;-)

 

[3waycross]

I don't know if there is any sure bet with anything other than diversification and with your land, cattle and your teacher's retirement it sounds like you are pretty well diversified but you might consider putting some eggs in some more baskets just to be safe.

Standard investment advise is to develop a "stool" with at least 3 or 4 legs. Each leg is a different source of income. There is a growing industry called Wealth Management that will help you with this for an annual percentage.

Other option is to be what we call a "go getter". Bring your wife to work each morning and then go get her after you are done with fishing or hunting... ;-)

All of the above for me! :cowboy:

 

[Stocker Steve]

I don't know if there is any sure bet with anything other than diversification and with your land, cattle and your teacher's retirement it sounds like you are pretty well diversified but you might consider putting some eggs in some more baskets just to be safe.

Standard investment advise is to develop a "stool" with at least 3 or 4 legs. Each leg is a different source of income. There is a growing industry called Wealth Management that will help you with this for an annual percentage.

Other option is to be what we call a "go getter". Bring your wife to work each morning and then go get her after you are done with fishing or hunting... ;-)

All of the above for me! :cowboy:

Nothing wrong with allowing the wife doing her part. I would just not hook up the boat until after bringing her to work!

 

[3waycross]

Nothing wrong with allowing the wife doing her part. I would just not hook up the boat until after bringing her to work![/quote]


That's what i like about you minnysota fellas. Yer always thinkin! I will have to remember that!