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MoeMoney

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Is your pension calculated on your 3 (or 5?) last years of salary as is usually the case? If so, what effect does having a year of much lower salary have on your pension payout? 

Even if the lower salary lowers your pension, it might be worth it to stay teaching in case the situation changes and you are able to return to your fields at full pay? That's assuming you really do want to teach at least another year. I've often thought that the problem with having choices, is that it forces you to make decisions, one way or another! Arrrggg!

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On the other hand, it turns out the difference between 16 years of service credit and 17 years is $230 for the year in pension benefits, I kid you not. I think I'm going to throw in the towel. If I'm not going to make it until 20, why bother, other than the income. It's too risky to count on getting a year of service from year to year. I think I'm ready to re-create myself and my husband is ready to move onto the next chapter. 

Thanks for listening to me vacillate and for sharing perspectives. I'll keep you posted.

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On 3/31/2019 at 7:24 PM, MoeMoney said:

Ed, are you sure you're not a financial therapist? I think you could define the job. What financial advisor would ask those kinds of questions? Not too many I'd guess. I could be wrong though. 

I didn't know financial therapist was a job until now. Maybe I need to get into it?

I was first drawn to financial issues because understanding people is complicated by the fact that talk is so cheap---people lie constantly to both themselves and to each other. In a lot of ways, finances forces people to quantify what they truly value and to what degree.

I'm also fascinated with the American relationship to money, which I generally regard as unhealthy. In my view, we don't treat money as a way to maximize happiness. Instead, we treat money as if it were happiness and end up treating human beings (and ourselves) as if we were objects and a means to acquire money.

The psychology behind money is endlessly interesting to me.

On 4/7/2019 at 8:57 PM, MoeMoney said:

I think I'm ready to re-create myself and my husband is ready to move onto the next chapter. 

Thanks for listening to me vacillate and for sharing perspectives. I'll keep you posted.

 I for one am interested to see what direction you choose and why! Take your time, there is no rush. During my most recent job switch, I went through quite a range of emotions and thoughts about what I'd do before things settled into place for me...it took maybe 4 weeks for the mental volatility to settle down.

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On 4/14/2019 at 5:01 PM, EdLaFave said:
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I didn't know financial therapist was a job until now. Maybe I need to get into it?

I didn't either, but you brought it to the surface!

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I was first drawn to financial issues because understanding people is complicated by the fact that talk is so cheap---people lie constantly to both themselves and to each other. In a lot of ways, finances forces people to quantify what they truly value and to what degree.

That is why I begin the Fin Lit unit identifying and ranking values.

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The psychology behind money is endlessly interesting to me.

Yes, behavioral economics is a relatively new field of study. Captivating to me too.

 

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I for one am interested to see what direction you choose and why! Take your time, there is no rush. During my most recent job switch, I went through quite a range of emotions and thoughts about what I'd do before things settled into place for me...it took maybe 4 weeks for the mental volatility to settle down.

 

 

And that is why I've been MIA for a while! I am a fan of letting things percolate after gathering as much information as possible, asking questions and exposing every possible scenario. I've sought guidance from several valued mentors and have done research, read and created. And physical workouts are always therapeutic for me.

I am almost finished writing a PD to present to teachers on the state of 403(b)'s which includes the basics of financial literacy in language they understand, not in salesman language. I will be proposing it in June to the PD committee and pushing to present it a couple of weeks later. I'll collect data and market it to area schools and seek approval for CTLE credits for attendees. Looking ahead, I will seek sponsorships. What's the worst that will happen? I'll help a teacher and do a lot of volunteer work.

I also have a teacher interview in May and today I had a Skype interview for an international teaching position! It would be easier for me to discard scenarios early but I usually don't do that.

How did you manage during your mental volatility between job switches? Are you happy with your move?

 

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1 hour ago, MoeMoney said:

How did you manage during your mental volatility between job switches? Are you happy with your move?

I’m pretty sure that as part of my employment termination package, I had to sign an NDA. So let’s just say I continue to hold the opinion that US corporations believe they’re in a zero sum game against their employees.

At the time my portfolio was in the very lowest range where retirement could be contemplated. I was certainly emotional, but my reasoning was still entirely sound. I had an intense desire to say goodbye to US work culture forever. A couple business days later I was lucky enough to get a great job offer that would require me to start working within a few weeks.

I just relaxed as much as possible and let things take their natural course and during that time my emotions subsided. For a variety of reasons I decided I didn’t want to retire just yet, and I’m happy I didn’t miss out on my current job because of an early decision influenced by emotion.

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UPDATE:

After considerable thought, my husband and I just decided I will retire instead. A huge part of that decision is based on health insurance. If I leave now, I'll pay 18% for the rest of my life. If I retire as a .5, I'll pay 69%. My husband has lifetime insurance for both of us, but if I'm the one widowed, I'd have no secondary insurance, and buying into his plan at that time would be quite costly. It is a risk I don't think is necessary.

Had it not been for this forum - for teachers like Dan, Steve, krow, and you Tony, and contributors like Ed and others - I would not have made significant changes and contributions to my 403b and 457 and would have little to fall back on. 

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