Got some WONDERFUL news today about retirement!

@NJChicaa (35696)
United States
February 8, 2018 5:31pm CST
In New Jersey as a teacher in order to get full medical benefits for life for you and your spouse you need to work for 25 years and be 55 in order to collect your pension. The numbers I've heard repeated over and over hundreds of times were "25 and 55". For all of these years I've been thinking that I had to work UNTIL I was 55 in order to collect my full pension. That would be 15 more years. I even did the math and figured that if I retired after I had worked just 25 years (which would mean only 8 more to go), I would take a loss of 20% on my pension. That did it. My husband was like "no freaking way! You are working until you are 55!" Today I was talking to a veteran teacher who knows everything about these things. She told me that I was mistaken. Once I work my 25 years, I am entitled to my FULL pension. I just can't collect it until I'm 55. If I wanted to start taking it earlier than that, then I would get the 20% penalty. I didn't even know that drawing it early was an option so that thought never crossed my mind. I always assumed I'd just retire at 48 and then go get a job doing something else until I was 55. Guess who only has 8 more years of teaching to go?
8 people like this
5 responses
@Plethos (9051)
• United States
9 Feb
i think in california the age is 65 and same on 25 years of service. but if you retire and go back to work in a similar line of work, i think you lose the full pension and only collect a part, until your fully retired again. its weird to me, but i think it was either explained wrong to me or i just totally misunderstood.
2 people like this
@Plethos (9051)
• United States
9 Feb
@NJChicaa - may as well, classroom and animal shelter are the same. youll be fine.
@just4him (106619)
• Green Bay, Wisconsin
8 Feb
Good for you. I'm very happy for you.
1 person likes this
@NJChicaa (35696)
• United States
9 Feb
Thanks! I was so relieved to discover this, especially after the day that I had today. I may go on for a couple of years after that because, at that point, why give up a $90K job to scan cans at ShopRite? But it will be nice to know that I have the option to go at any time.
2 people like this
@just4him (106619)
• Green Bay, Wisconsin
9 Feb
@NJChicaa That is a good option.
1 person likes this
@NJChicaa (35696)
• United States
9 Feb
@just4him Who knows how it will play out. If we are all still here and myLot still exists, you willl! I'll just be happy to make it through 8 more years. Like, at that point, I feel like I deserve some kind of teaching gold medal. Plus extra stars for Chris Christie attacks!
1 person likes this
@shaggin (35594)
• United States
9 Feb
You seem so young to retire. It's will sure be nice for you to get that pension and relax!
1 person likes this
@NJChicaa (35696)
• United States
9 Feb
I'll get another job. Just not teaching.
1 person likes this
@shaggin (35594)
• United States
9 Feb
Something less stressful!
@Tina30219 (31202)
• Onaway, Michigan
9 Feb
Retired life. I know you are excited then you will have to figure something out to do so you don’t get bored.
1 person likes this
@NJChicaa (35696)
• United States
9 Feb
I will volunteer with shelter animals! and get a job scanning cans at ShopRite! Cashier has to be the easist job ever!
@JohnRoberts (49020)
• Los Angeles, California
9 Feb
Then you can devote yourself to more quality kettlebell time!
1 person likes this
@NJChicaa (35696)
• United States
9 Feb
that sounds awesome!
1 person likes this