189 new cases 6 more deaths
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Coronavirus Coronavirus: In-Iowa General Discussion (Not Limited)
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But what is the cost of doing so? My wife is looking to retire in the next calendar year, she currently has herself and our special needs daughter on her plan, she figured just the two of them would be $800 to $1,000 dollars a month to stay on the city plan that she currently has. I have already asked, but have not heard back from the school, what it would cost to put both of them on my plan.
Doesn't the school give you lists of their costs? My wife's school pays 750 or so for their insurance, that includes individual health, dental and vision. The individual plan is about 675/month. Then the family plan is around 1900-2000/month total. So you just subtract the individual from the family amount and that gives the cost you would pay above and beyond. It is also the cost if the wife would retire and we would pay the family plan at the school. My plan is a 3500 deductible that is a little over a grand a month. So I just see if we don't max it and we save money.
My dad taught for 33 years. He had same deal - insurance was a b!tch for a couple years. Mom even went back to work for a year or so.
He makes significantly more in retirement drawing SS and IPERS than he ever made teaching...
Sorry, but this post isn't about school...
I was just wondering if I'm correct that the tool to update your direct deposit information isn't available yet. This is for someone who normally files taxes. Am I just missing something?
I was just wondering if I'm correct that the tool to update your direct deposit information isn't available yet. This is for someone who normally files taxes. Am I just missing something?
Correct. Mid-April for the direct deposit application. I believe Mnuchin said end of this week.
No, that will take many weeks. So yes fill that out on Friday when it's available.
Yes, they said they will give the cost break down, but that will change July 1st, so we are waiting till the next school year. Since she is retiring that would be considered a "life altering decision" and can be added starting Jan. 1 2021.
What I was asking was does the district pay any of the insurance package for your wife after she retires, or is it, she can stay on the package and is responsible for paying all of it. Many schools are that way, they no longer kick in their share after you retire, my wife's plan is that way.
I have spoken to many retired Iowa teachers that are in the same boat. Teach until you are around 62, then retire, drawing both SS and IPERS, and hopefully the school buyout allows you to pay for their insurance until you reach 65 and can go on Medicare.
All that hit their rule of 88, are making more retired, then when they were teaching fulltime.
IHME model update reduces Iowa deaths by August from 743 to 618.
https://covid19.healthdata.org/united-states-of-america/iowa
https://covid19.healthdata.org/united-states-of-america/iowa
Oh, sorry about the misundertanding. No, the wife's school only pays for those that are employed at the school. When you retire, you can buy in but you pay the cost.
Wife just got her IPERS statement. Oh boy, it sucks. Says it estimates she will get a 3.5% pay bump each year (she hasn't gotten that for awhile). By the time she hits Ipers retirement age of 55-56 she would be eligible for about 2000/month (which means it will be 1700 or so since it has tumbled about 300 in the last 3-4 years of estimates). About a third of her salary. I'm curious what the cashout option is. May be the option that the wife goes (she always defers to me on financial stuff). Why I wish she could have just kept her portion of the money and not been in Ipers.
The Ipers early retirement (pre 65) changed in 2012 area. They basically doubled the pre 65 retirement penalty for the years after that versus before that.
Boy that seems low if she hits her rule of 88, years of service + age = 88. You are penalized for retiring before you hit your rule of 88. So say you only taught 25 years but want to retire at 55, the earliest you can under IPERS, then she would pay a penalty for those years that she was under 30 years. You can log on to the IPERS website and it will show you how much penalty it is for each year. I think it was around 6.0% per year under 30.
They also have a rule of 20 + 62 = a full pension.
There should be a total buyout listed on the top of the 3rd page I think it was.
My statement said if had retired in May, I would be at 89, and would receive right at $2890 a month,.If I chose option one. I have 31 years in and I am 58. The most I ever made teaching was right at 60K for a year.
https://www.ipers.org/about-us/ipers-law-legislative-information/ipers-pension-reform
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