Hi there!
I’m a CA public educator who makes $110k on my fifth year in the system (year 5 is when we “vest” and can officially tap in the system). I’m currently 30 years old.
The formula for the pension is:
number of years in service x 0.02* x final compensation
*if I tap into it at 60. It decreases by 0.0116 per year in age until age 55, the minimum age to retire. Or it increases to 0.024 if I wait until 65.
I’m at the top of the salary scale as a specialist, and don’t anticipate any raises other than every few years when the city and district raises overall salaries by a meager 1-3%.
At what salary offer from a private institution without 401k match would it be worth it to leave the public education sector?
I want to be smart about where I go next before I feel trapped in the system 20 years in.
Submitted January 02, 2020 at 06:16PM by purseuitofhappiness https://ift.tt/35g6Reb
