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I'm 27 now, I make more than my parents ever did so it is easy for me not to spend my money since I'm not used to an expensive life style. I could see myself switching to a more relaxed career when I approach 60 though I don't mind what I do. Who knows how long I'll have to work by the time that comes.
coach wrote:
Flagpole, pensions change everything, which is why I, a teacher, feel teachers should never complain about money. I don't want this to become a bash teachers (or union) thread, but to be retired, have a nest egg and still receive money every month that isn't taxed allows one to retire with less money in the bank and without the need to work part time.
Yeah...MANY (but not all) teachers have a very good situation. I am happy for them and believe they deserve all of that.
Here in Ohio, it is not uncommon for a teacher to be making $100,000 per year when they are set to retire. They can retire 35 years in, so for many of them, that's by age 57. That is an early retirement by today's standards. They then get their average of salary X .77. That's pretty good, especially starting at age 57. 62 is considered early retirement, and they get to do it 5 years earlier than that.
To be fair to them, they DO have to contribute part of their salary for that, and that recently went up to 14%, ALSO, (the internet tells me), as of 2026, they need to be 60 years old minimum to get the full benefit.
61 now. Will probably retire at 65 or 66. Or maybe at 63. If not then perhaps 64. I don't know. I like what I do. I know I won't work past 68......or at least I think I won't.
Retirement? wrote:
61 now. Will probably retire at 65 or 66. Or maybe at 63. If not then perhaps 64. I don't know. I like what I do. I know I won't work past 68......or at least I think I won't.
How do you order food in a restaurant?
Flagpole wrote:
Retirement? wrote:
61 now. Will probably retire at 65 or 66. Or maybe at 63. If not then perhaps 64. I don't know. I like what I do. I know I won't work past 68......or at least I think I won't.
How do you order food in a restaurant?
Yeah, sounds like my wife
Flagpole wrote:
coach wrote:
Flagpole, pensions change everything, which is why I, a teacher, feel teachers should never complain about money. I don't want this to become a bash teachers (or union) thread, but to be retired, have a nest egg and still receive money every month that isn't taxed allows one to retire with less money in the bank and without the need to work part time.
Yeah...MANY (but not all) teachers have a very good situation. I am happy for them and believe they deserve all of that.
Here in Ohio, it is not uncommon for a teacher to be making $100,000 per year when they are set to retire. They can retire 35 years in, so for many of them, that's by age 57. That is an early retirement by today's standards. They then get their average of salary X .77. That's pretty good, especially starting at age 57. 62 is considered early retirement, and they get to do it 5 years earlier than that.
To be fair to them, they DO have to contribute part of their salary for that, and that recently went up to 14%, ALSO, (the internet tells me), as of 2026, they need to be 60 years old minimum to get the full benefit.
Have teacher in house, can confirm.
I posted earlier that I’m 38 and plan to retire at 52 but hopefully be financially secure by age 48-50. But even at 52, I don’t plant to just quit and retire. My plan would be to get fired or negotiate a severance. I think that’s a better exit strategy. Also, I can probably get away doing nothing or minimal work for several months to a year before I’ll get let go. At least that’s my plan now but I’m sure things will change 14 years from now.