Agree. What is scary is the reverse mortgage industry, and how it is growing.
When will you be able to retire?
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Agree. What is scary is the reverse mortgage industry, and how it is growing.
Disagree on that one....Certainly can sell the house, move into a condo, keep the difference or start renting. It is an asset.
True, but I think it is more a cautionary tale about people counting the entire value of their home as an asset when calculating how much they have for retirement.
My advice would be to plan for NO inheritance, as this is out of your control. If you plan to get money from an inheritance and your parents (or whoever you were expecting to give the inheritance) decide to give it to charity or distribute it unevenly between their children, or they actually spend a bunch of it on late-in-life medical expenses, or any number of other situations that cause it to not happen or at least be much less than expected, it can create financial strife, and it can cause a lot of relationship problems within the family.
If you keep the mindset that you will take care of your own future, and any inheritance is "gravy", then it shouldn't be something that you stress over.
I have "a friend" whose father put almost all of his property / money into a trust. He set it up so that when he passed, the trust provided income to his wife (my "friend's" stepmother). Although "my friend" and his siblings are expected to get control of the trust upon the stepmother's passing, there was no money / inheritance on his death. Some of "my friend's" siblings seem to resent the arrangement.
So, don't count on someone else giving you something - this is advice I would give not only wrt inheritances, but employment, and other things in life.
I have seen this myth repeated a lot about teachers, "they all make the same," along with its twin, "they can never be fired." Both of these are nothing more than right wing myths.
Teachers are paid according to two factors 1. years of experience and 2. level of education.
A school salary scale works like any other scale, the top line is a minimum salary for that district, that would vary by district, but lets us $30,000 as a beginning number. A first year teacher starts on that box 1 year, BA. The next line below it would be step 2, so they would get one step around $500 increase the second year. The lanes going across are based on education. BA, BA 15, BA 30, MA, MA 15, MA 30. Moving in this direction generally sees an increase in pay around $500 for each step.
Most districts allow you to bring in a set amount of years into the job, but they can give as many years as they want to give. Example, I was given 20 years experience on the scale when I moved to my current job 2 years ago. If you teach in an area of need, like Math, Science, Shop, Music, Band, Home Ec, they will start you further down on the scale. A 3rd grade position, I doubt it. Its supply and demand. Lots of elementary ed. majors few math and science majors.
The second part used to be true, but not now. When you get a teaching license you get a temp. for 2 years, after that time, if the district approves you are issued you full license. On the 3rd year contract was when you became tenured. That is no longer true, my district can fire me any time, Now there are rules that they have to follow but its not impossible.
Teaching is just like any other job, the skill level is bell shaped, I have taught with a few great teachers, a few horrible ones, and most are average. Poor teachers general do not last long in a district and are forced out. Not always, some slide through the cracks, but that happens everywhere. The poor teachers tend to be young educators, if it continues most leave the profession on the own or are forced out. Hell, one of the worst teachers I have ever seen was a decent BB coach, and now he is the Supt. in a growing district on the edge of Waukee.
Large schools pay more than small schools, and that is why its harder for smaller schools to keep good teachers, the difference between being at a 1A school to a 3A school is 10 to 15 K difference, doing the same job.
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Thanks - I love these types of calculators. But the problem I have is every model I run says I can go and be very comfortable. What I want is the calculator that scares the $hit outta me because when I hit 55 in a few weeks I might just walk in and say F it!
The hardest part is trusting the work I've already done over the last 30-40 years will get us through the next 30-40 years. Actually the hardest part is getting my WIFE to trust the work we've done and let me gracefully go into that senior sun-set at 55. I guess I can always count on SS to be there for me...
I'm utility industry and am lucky enough to have a 6% company match 401(k) along with my defined benefit plan. After reading many posts here I need to remind myself I've been very, very lucky.
Moose don't eat meat but are always horny. You'll make a lovely couple.
A decade plus ago I somehow said I needed $2mm to retire with no real basis. As I run models and work with professionals and chart everything out it was a great guess to get into the ball park.
time-redd posted a neat little calculator where you can dial in a number, your guess of spending and a timeframe. Another back-of-napkin is to take your annual spending and multiply by 25 for "the number". And/but as you noted there are lots of variables that need to be thought about. At the end of the day, you make your plans, you save then you need to trust your work and the magic of the markets.
If all else fails, multi-level marketing is the key to financial success and a great way to get rid of friends.
I'm like you (handsome and well-liked) in that I'm an over-saver and will have a hard time indulging in retirement. We'll maintain a simple life-style but do know we'll travel LOTS more. But I AIN'T paying for 1st class, I AIN'T paying you a friggin' $1 to carry my bag, and I AIN'T paying to park my Honda CRV Touring edition!
Money can't buy happiness but you can afford to self medicate the pain away LOTS easier.
I’m looking at retiring somewhere between 2 and 12 years from now. The difference is whether I want to retire and work a 20hr a week job for a little extra spending money or retire and have zero obligations. That crossover point looks to be around 7 yrs from now. Gonna be an interesting next few years.
BTW...I think the number is $3M to retire comfortably and be able to leave something of substance for your children.
BTW...I think the number is $3M to retire comfortably and be able to leave something of substance for your children.
It was directed to the question about raises. The schools around here negotiate the percent increase to the scale, so they all get the same percentage raise, outside lateral or horizontal movement on the scale.
Seeings how you say that is a myth, then it's good that you can go in and negotiate your wages individually, it's good that your district allows that. Has to be a lot for the administration. Guessing that means you guys don't have a teachers union in your school since it's done individually. not much need for one. Just don't come to North Central Iowa because they still do collective bargaining for that schools that I know of here, and I have seen most of the scales for neighboring schools since my wife has been the head of the bargaining team many times and had to go through mediation a couple times. Her and the teachers union board liked to bounce things off me since I always worked the other side of the table. Also, very few had the +30 lines.
