I might of if I had been on PERS1... on that plan I could retire after 30 years of service and be any age and draw 60% of my salary. I'm on PERS2.... I can also retire at 30 years and any age, but if I draw that retirement before I turn 65, then there's a 3% reduction for each year I'm under 65... so I could retire at age 53... so that's 12 years under 65, so that's 36% reduction... so instead of getting 60%, I'd only be getting 38%. But, for each year that I continue working under PERS2, I earn an additional 2% for each year... so if I worked until I was say 60... I'd have 38 years in... so I'd be starting with 76%, but I'd still 5 years under 65, so there'd be a 15% reduction... so I'd be getting 65%.. that's bit more tolerable... Then there's the deferred comp program.. similar to a 401k)... So I've been investing in that... have put in about $23,000 and it's worth about $80,000. That's gonna be my house or whatever I decide to move into when I retire or die. lol
oh. Well I just got schooled!!! technically I was a state employee when I taught at skagit valley. You know they tried to teach me about insurance (life, term, ect.) and retirement. But since then I've learned so many things.... I'm gonna shoot for a 2 retirement working career.. *fingers crossed* So long as I don't pull some stunt like contracting in iraq or something. Currently its 9,000 a month for medics in iraq, or 90,000 a year for fire fighters.
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I'm on PERS2.... I can also retire at 30 years and any age, but if I draw that retirement before I turn 65, then there's a 3% reduction for each year I'm under 65... so I could retire at age 53... so that's 12 years under 65, so that's 36% reduction...
so instead of getting 60%, I'd only be getting 38%.
But, for each year that I continue working under PERS2, I earn an additional 2% for each year...
so if I worked until I was say 60... I'd have 38 years in... so I'd be starting with 76%, but I'd still 5 years under 65, so there'd be a 15% reduction... so I'd be getting 65%.. that's bit more tolerable...
Then there's the deferred comp program.. similar to a 401k)... So I've been investing in that... have put in about $23,000 and it's worth about $80,000. That's gonna be my house or whatever I decide to move into when I retire or die. lol
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