Teams
Forum List
Toggle sidebar

When will you be able to retire?

SEIOWA CLONE

SEIOWA CLONE

Well-Known Member
Dec 19, 2018
6,355
6,469
113
63
Need a little help here, my question is basically simple, at what age do you plan to retire. I reached my 30 years in IPERS this year, and I can hit my rule of 88 in November. Looking at my last IPERS statement I will bring in $2,830 a month being retired after I hit my rule of 88.
I love my current job and plan to work another 4 years, today I received a call about an interview for a teaching job in Missouri for next year. The pay would be a lot less than what I currently receive, but if I can retire in Iowa, and get the job in Missouri, I would be clearing roughly $13,000 more per year.

My wife and daughter are totally against me switching jobs, they keep telling me stay in the job you love and ride it out there for another four years and then retire. I keep looking at the difference in pay and if the job is offered, to move and take the chance. I need to get my ducks in a row, and will be calling IPERS tomorrow.

Basically what are peoples opinion one way or another?
 
Last edited:
SEIOWA CLONE said:
Need a little help here, my question is basically simple, at what age do you plan to retire. I reached my 30 years in IPERS this year, and I can hit my rule of 88 in November. Looking at my last IPERS statement I will bring in $2,830 a month being retired after I hit my rule of 88.
I love my current job and plan to work another 4 years, today I received a call about an interview for a teaching job in Missouri for next year. The pay would be a lot less than what I currently receive, but if I can retire in Iowa, and get the job in Missouri, I would be clearing roughly $13,000 more per year.

My wife and daughter are totally against the move, they keep telling me stay in the job you love and ride it out there for anther four years and then retire. I keep looking at the difference in pay and if the job is offered, to move and take the chance. I need to get my ducks in a row, and will be calling IPERS tomorrow.

Basically what are peoples opinion one way or another?
Click to expand...
The biggest impediment to retiring early is the loss of health care coverage for many people, or a significant increase in the amount they pay for coverage if they can keep their coverage. Remember to factor that into your expenses/income.
 
  • Agree
  • Winner
  • Informative
Reactions: cygrads, 1100011CS, oldman and 15 others
SEIOWA CLONE said:
Need a little help here, my question is basically simple, at what age do you plan to retire. I reached my 30 years in IPERS this year, and I can hit my rule of 88 in November. Looking at my last IPERS statement I will bring in $2,830 a month being retired after I hit my rule of 88.
I love my current job and plan to work another 4 years, today I received a call about an interview for a teaching job in Missouri for next year. The pay would be a lot less than what I currently receive, but if I can retire in Iowa, and get the job in Missouri, I would be clearing roughly $13,000 more per year.

My wife and daughter are totally against the move, they keep telling me stay in the job you love and ride it out there for anther four years and then retire. I keep looking at the difference in pay and if the job is offered, to move and take the chance. I need to get my ducks in a row, and will be calling IPERS tomorrow.

Basically what are peoples opinion one way or another?
Click to expand...
Hypothetically where do you want to live in retirement? If it's in Iowa, why would you go thru that hassle of moving and selling a house just to come back?
 
Last edited:
  • Agree
Reactions: CYdTracked, cowgirl836, jdcyclone19 and 1 other person
JP4CY said:
Hypothetically where do you want to live in retirement? If it's in Iowa, why would you go thru that hassle of moving a land selling a house just to come back?
Click to expand...

I would not be moving, I currently drive 42 miles each way to my job, the new job would be only 31 miles each way. So its a closer drive than what I am currently making.
 
  • Informative
Reactions: cowgirl836 and JP4CY
That's a tough one.

Like @ImJustKCClone noted, be sure to take a good, hard look at the health insurance side.

If you have IPERS and can continue the insurance, you should be in great shape. My folks both retired from IPERS and have great health insurance.

Another question to ponder- how many years though would you clear 13K extra?

Check out your estimated SS amount too. If you stay at the higher paying job, you'll get a higher SS amount.
 
  • Agree
Reactions: 4theCYcle
diaclone said:
That's a tough one.

Like @ImJustKCClone noted, be sure to take a good, hard look at the health insurance side.

If you have IPERS and can continue the insurance, you should be in great shape. My folks both retired from IPERS and have great health insurance.

Another question to ponder- how many years though would you clear 13K extra?

Check out your estimated SS amount too. If you stay at the higher paying job, you'll get a higher SS amount.
Click to expand...

I never thought about how it would effect my SS, Missouri does not pay into SS for teachers, and I would not be able to collect a retirement from there, do not plan on staying more that 4 or 5 years until I can collect SS. But you can draw back everything you have paid into their retirement account when you retire, so that would be roughly 12 grand total for 4 years.

I would be making the extra 13 grand or more each year I continue to teach, so for another 4 years.
 
Last edited:
Most people say I’m basically retired now. Don’t care for the town I live in so I’ve actually found more work to get out of town more. Also with a kid attending college next year, figure the extra work will pay for his college.
 
If the new job is offered and is stable for the future and with decent health coverage I'd vote for the combo of....

tumblr_mz78r3TYyN1rqd0kpo1_400.gif
 
  • Like
Reactions: SEIOWA CLONE
Do you have the opportunity to counter their offer? How much are you currently making? Is the extra 13k pre or post tax? And most importantly, how confident are you that you will get the same level of satisfaction if you switch jobs?
 
SEIOWA CLONE said:
I never thought about how it would effect my SS, Missouri does not pay into SS for teachers, and I would not be able to collect a retirement from there, do not plan on staying more that 4 or 5 years until I can collect SS. But you can draw back everything you have paid into their retirement account when you retire, so that would be roughly 12 grand total for 4 years.

I would be making the extra 13 grand or more each year I continue to teach, so for another 4 years.
Click to expand...

Does Missouri consider teachers to be independent contractors? I don’t think it would hold if fully investigated. Or do they just not hold the SS out?
 
SEIOWA CLONE said:
Need a little help here, my question is basically simple, at what age do you plan to retire. I reached my 30 years in IPERS this year, and I can hit my rule of 88 in November. Looking at my last IPERS statement I will bring in $2,830 a month being retired after I hit my rule of 88.
I love my current job and plan to work another 4 years, today I received a call about an interview for a teaching job in Missouri for next year. The pay would be a lot less than what I currently receive, but if I can retire in Iowa, and get the job in Missouri, I would be clearing roughly $13,000 more per year.

My wife and daughter are totally against the move, they keep telling me stay in the job you love and ride it out there for anther four years and then retire. I keep looking at the difference in pay and if the job is offered, to move and take the chance. I need to get my ducks in a row, and will be calling IPERS tomorrow.

Basically what are peoples opinion one way or another?
Click to expand...

I hit all my numbers in 16 days and can retire at 55 with a reduced pension. I plan on taking a lump sum. Wife is 50 and wants to work (maybe she feels she HAS to). I don't feel the need to remain in the workforce.

My decision is mental and trying to get my arms around what retirement looks like. For me, MORE money is not important as we've ensured we have ENOUGH money to maintain and actually increase our lifestyle (which we have zero plans on doing).

If you feel you need more money, chase the money. If you have enough money, remember why you became a teacher and devote your passion to it.

Humbly submitted from a guy who's looking to make a graceful and early exit from the workforce.
 
  • Like
  • Winner
  • Agree
Reactions: Prone2Clone, VTXCyRyD, SayMyName and 3 others
One thing to consider is a lot of teacher health insurance plans are for in-network doctors only and the job in Missouri may not cover Iowa doctors.
 
At 33 I'm not really counting down to retirement or have a goal in mind yet. I will say this much, thank God my wife is a smart woman that's motivated us to max out Roth contributions every year. Those accounts really build momentum over the long term and it's fun to watch.

Between us both having ipers and extra retirement accounts I can sleep easy knowing I'll have a decent retirement someday, even if that day is way off in the distance. Quite the difference from not long ago when I couldn't afford to save for retirement at all. Never too late to start.
 
  • Friendly
  • Like
Reactions: SEIOWA CLONE and FBFAN
You must log in or register to reply here.

Help Support Us

Become a patron
Top Bottom