Missouri elected to opt out of SS for their public employees years ago, they do have their own retirement system like IPERS, but you do not pay into SS. In Iowa a person does pay into SS and Ipers, so you receive both when you retire.
When will you be able to retire?
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Missouri elected to opt out of SS for their public employees years ago, they do have their own retirement system like IPERS, but you do not pay into SS. In Iowa a person does pay into SS and Ipers, so you receive both when you retire.
Wish Iowa could elect out of SS for all its citizens and do their own thing. Even as harsh as I've been about IPERS, I will say it is light years better than SS. At least you have options and the return is better than SS.
Check how stable the school is. If they have been losing students and they are looking to fill a gap for a year or two, you may be looking for a job elsewhere in a year. I would probably stay put for a year or two and then teach there full time for a year or two and then sub off and on to build a little extra.
Who the hell gave her that advice?
Age level is 55 but I'll likely keep the career for longer.
Most people I know that have retired didn't enjoy it and got at least part-time jobs to keep cash flow, maintain a schedule, etc. and I'll likely do something like that.
Most people I know that have retired didn't enjoy it and got at least part-time jobs to keep cash flow, maintain a schedule, etc. and I'll likely do something like that.
What are you doing, running several hedge funds?
Well in that case I would take the job and the large pay increase if it was me unless you absolutely loved where you were and what youre doing.
Former manager. If I had a time machine I'd punch him right in the face.
Obviously my wife isn't incredibly smart with money. We're making a nice rally, but between living where I live, behind the game with retirement, and one in the oven....
.....I have concerns
At least your kid will still be young and spry enough to care for you in you old age.
The real question...Why retire?
Am sure am in the minority on this issue. Will be able to retire early, but have no desire to do so. Have a great job with plenty of time flexibility. The money varies, but is generally good. My health is good and am focused on keeping it that way with diet and exercise. I can’t find a good reason to walk away from all that? Think I would become terribly bored?
Back to the OP. Does your IPER’s max out at a certain level or continue to go up the longer you stay? If it keeps going up, think it’s a no brainer to stay and to stay and continue to receive relatively good Iowa benefits...
Am sure am in the minority on this issue. Will be able to retire early, but have no desire to do so. Have a great job with plenty of time flexibility. The money varies, but is generally good. My health is good and am focused on keeping it that way with diet and exercise. I can’t find a good reason to walk away from all that? Think I would become terribly bored?
Back to the OP. Does your IPER’s max out at a certain level or continue to go up the longer you stay? If it keeps going up, think it’s a no brainer to stay and to stay and continue to receive relatively good Iowa benefits...
I am a millennial so I am just hoping to have our student loans paid off by the time we are 40 (with my wife going back to school it will be close on hers...thankfully she will be making good money on the other side of this) and we can worry about retirement after that.
Actually recently had a discussion with my dad and he was surprised I wasn't putting anything into retirement.
Me-"We are millenials with kids, car payments, mortgage and student loans. There isn't anything left to put into retirement."
Him-"Oh"
I will be the first to admit that we have made some dumb financial decisions but everyone has IMO. That being said I think our generation is going to be hurting/working longer than any before us.
Off my soap box and back on topic. I would likely stay where you are as you are already set so money really isn't an issue. That being said why is the position open and why did they call you? Do they know you are planning to retire in a few years?
Actually recently had a discussion with my dad and he was surprised I wasn't putting anything into retirement.
Me-"We are millenials with kids, car payments, mortgage and student loans. There isn't anything left to put into retirement."
Him-"Oh"
I will be the first to admit that we have made some dumb financial decisions but everyone has IMO. That being said I think our generation is going to be hurting/working longer than any before us.
Off my soap box and back on topic. I would likely stay where you are as you are already set so money really isn't an issue. That being said why is the position open and why did they call you? Do they know you are planning to retire in a few years?
I'm in my mid 30s so maybe a different perspective than the OP, but I don't really consider ever "retiring" in the traditional sense of the word. I think the work place is changing drastically and will continue to do so going forward. I see myself perhaps shifting my role as I get older, but not really needing to fully retire. Maybe I go to 30 hrs a week so I can keep my benefits. Or maybe I go live wherever I want and work remotely. I won't ever stop working until I die, I might just shift what a given day looks like.
Of course, I work in a field (Civil Engineering) that is starving for talent. Even now, once you get to the senior level, assuming you're a valued employee at a good company, they will do most anything to keep you. You can get a well paying job that is fairly relaxed without too much effort. More and more, the corporate life is changing to "work where you want, when you want, just get your job done."
Back to the OP, I'd be hesitant to make such a change so close to the finish line. As others have said, the grass isn't always greener and you might find that the extra $13,000 a year was not worth the pain of the change. Think of all the political capital you've built up over the past several years, that immediately goes away when you change companies (schools).
Of course, I work in a field (Civil Engineering) that is starving for talent. Even now, once you get to the senior level, assuming you're a valued employee at a good company, they will do most anything to keep you. You can get a well paying job that is fairly relaxed without too much effort. More and more, the corporate life is changing to "work where you want, when you want, just get your job done."
Back to the OP, I'd be hesitant to make such a change so close to the finish line. As others have said, the grass isn't always greener and you might find that the extra $13,000 a year was not worth the pain of the change. Think of all the political capital you've built up over the past several years, that immediately goes away when you change companies (schools).
I left Iowa after 20 years on the law enforcement side of IPERS, but still have a long wait before I can collect. Sounds like you are maxed out with your retirement here. I would go for it, seems like a no brainer to invest that extra $13k for the next 4-5 and have a happy retirement after. If you draw early, you can only earn $30k/year if I remember correctly. TX teachers also do not pay into SS, it will affect me a lot, but 4-5 years should not hurt you too bad.
If I were you, Id pass and stay the course.
For me, assuming things continue on their current path. I might be able to shut it down in 15 years or so in my mid 50s.
Realistically, Ill probably keep working just to stay busy/have something to hate, at least into my 60s. Plus my employer is fairly flexible, and I’ve been turning down raises for extra vacation time. If I can, Ill just stay there and have a lot of PTO.
The goal overall is a paid off house, $1m in 401k and a rental property or two once the next housing crisis hits.
For me, assuming things continue on their current path. I might be able to shut it down in 15 years or so in my mid 50s.
Realistically, Ill probably keep working just to stay busy/have something to hate, at least into my 60s. Plus my employer is fairly flexible, and I’ve been turning down raises for extra vacation time. If I can, Ill just stay there and have a lot of PTO.
The goal overall is a paid off house, $1m in 401k and a rental property or two once the next housing crisis hits.
You know every generation has its challenges. Where there’s is a will, there is a way. That includes saving. My first job out of ISU paid 27K per year and I still managed to put some away for retirement...
