General Discussion

demtenjeep

(31,997 posts) Fri Jan 24, 2020, 11:57 PM Jan 2020

Tonight I went to a retirement seminar. Found out I can buy my 2 years service in different state

and I can retire with full benefits in 2023.

That is totally do-able.

But...I don't have too. I like being in this position.

Personally, I think I will retire but then find a job in a book store, or something in Human Resources part time!

I see the light at the end of the tunnel coming even closer

9 replies

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Tonight I went to a retirement seminar. Found out I can buy my 2 years service in different state (Original Post) demtenjeep Jan 2020 OP

What kind of service? Military? Rollo Jan 2020 #1

Wonderful, glad you have options 😊 MLAA Jan 2020 #2

Great for you Sherman A1 Jan 2020 #3

I did that. Laurian Jan 2020 #4

you are so correct My hubby is younger and we have always used his insurance. That is key. demtenjeep Jan 2020 #5

I bought several years of service from a previous job in another state eleny Jan 2020 #6

I hadn't even thought of that till the presentation demtenjeep Jan 2020 #7

I wish you all the joys that your anticipation is dreaming about! eleny Jan 2020 #9

Hey, don't really know about your area but our area, La Crosse, Wi...... a kennedy Jan 2020 #8

Rollo

(2,559 posts)

1. What kind of service? Military?

Reply to demtenjeep (Original post)

Sat Jan 25, 2020, 12:03 AM

Jan 2020

MLAA

(17,289 posts)

2. Wonderful, glad you have options 😊

Reply to demtenjeep (Original post)

Sat Jan 25, 2020, 12:24 AM

Jan 2020

Sherman A1

(38,958 posts)

3. Great for you

Reply to demtenjeep (Original post)

Sat Jan 25, 2020, 05:57 AM

Jan 2020

it is good to have options, so vey many folks do not.

Laurian

(2,593 posts)

4. I did that.

Reply to demtenjeep (Original post)

Sat Jan 25, 2020, 08:47 AM

Jan 2020

I worked in higher education administration in four states over my career, the bulk in my last position. I was able to buy back time from two of the three previous states (the other was at a private institution, so no buy back from there).

I calculated that it would take several years of added retirement benefits to recoup the buy back cost, but I’ve passed that. It was definitely the right decision for me.

Anything that can increase retirement income in worthy of serious consideration.

Isn’t it a great feeling to have an escape hatch? Something liberating about knowing you can retire and not be financially strapped.

demtenjeep

(31,997 posts)

5. you are so correct My hubby is younger and we have always used his insurance. That is key.

Reply to Laurian (Reply #4)

Sat Jan 25, 2020, 10:53 PM

Jan 2020

Makes it easier to walk into the classroom for the next 4/5 years.

We are also working on reducing our debt.

I will have several options.

One includes a 160.000 lump sum and then monthly after that. We could pay off our student loans and vehicle and set aside money in a CD for one more future vehicle should we need it. We drove our previous jeep for 16 years. There was not much wrong with it when we traded, we just felt it was time. If we drive our current one for 16 years that would put me at 70. Not sure how my health will be then .

The monthly will be half of what I currently bring in but if all our bills are paid and no worry about vehicles it is very viable!!!

I would probably work somewhere and make up for some of that difference but ...it could be my choice.