55/25

anyone still debating to sign up or not? We only have a few weeks left to decide.

Re: 55/25

yes, I am sooooo on the fence.

I don't think I am, only because I will have 30 years at age 53, I don't plan on taking an extended child care leave. So I really don't think the extra $$$ is worth it for me.

Re: 55/25

DH is still trying to decide. he's only going into his second year with the DOE and who knows if he'll be there his whole career.... but maybe he will.

Someone on the board was saying you don't really get the money back if you change to NYSTRS... i am so confused.

what is the benefit exactly and what are the downfalls?

Re: 55/25

Re: 55/25

i haven't opted in and i don't think i am going to. but i am still feeling unsure about it and hate that the deadline is coming. i would have 25 years at 53 so 30 at 58. but for someone starting out it is sooooooo much money to pay in for a maybe scenario. i may not stay for my whole career. i may not want to retire at 55. it's such a great deal for someone closer to retirement because they are hardly paying for it. but for me i think that it would be better to chance the early retirement penalty and keep my money now.

still not feeling 100% confident though.

Message edited 7/23/2008 9:43:07 PM.

Re: 55/25

But can we retire still at 55 if we have 30 years of service.................What are the penalties? I will have 33 years at 55............still undecided.........

Re: 55/25

I just don't think this whole thing was explained adequetly to too many people..It seemed like the UFT reps didn't even know what the deal is with this 55/25

Re: 55/25

can we call UFT?

Re: 55/25

Re: 55/25

I signed up and honestly, I want out. I'd rather take that 1.85% and put it in MY TDA.

Re: 55/25

I'm pretty sure I'm not going to do it.

Re: 55/25

I did it- it's kind of sad but I already see the light at the end of the tunnel.

I was told, and I hope this is true, that you can retire with 25 years regardless of age, and not collect till 55. My plan at the moment is go at 50, do something else and go on DH's health insurance (hopefully- I can dream!)

Re: 55/25

Re: 55/25

Not opting in

Re: 55/25

I opted in and honestly, it's not sitting well with me. I read that you can't opt out but should I give it a try?

Re: 55/25

Re: 55/25

my mom (math whiz) told me id be stupid not to opt-in. i started when i was 23; im 28 now. she said "if you decide to continue working past the age of 55, youll continue to get a large salary. if you dont want to work past 55, you dont have to. if you leave the board of ed, youd get back half of what you gave them. but dont you think its nice to have the option to retire and collect your full pension with no penalties at 55? you never know what might come up..."

say i get a job offer on long island where id be making more money and i leave the board of ed in a few years, id at least get back half the money i gave them, while id be making more money elsewhere anyway

since i cant make a decision on a good day, this whole thing doesnt sit well with me either- i opted in, but im still having doubts...

what else is new

Re: 55/25

You would be able to collect without penalties at 55 since you would have your 30 years of service.Unless you have a break in service for kids..........
Am I right?

Re: 55/25

I'll have 30 years when I a 56 so I didn't think it made sense for me.

Re: 55/25

Posted by anonymoususer

my mom (math whiz) told me id be stupid not to opt-in. i started when i was 23; im 28 now. she said "if you decide to continue working past the age of 55, youll continue to get a large salary. if you dont want to work past 55, you dont have to. if you leave the board of ed, youd get back half of what you gave them. but dont you think its nice to have the option to retire and collect your full pension with no penalties at 55? you never know what might come up..."

say i get a job offer on long island where id be making more money and i leave the board of ed in a few years, id at least get back half the money i gave them, while id be making more money elsewhere anyway

since i cant make a decision on a good day, this whole thing doesnt sit well with me either- i opted in, but im still having doubts...

what else is new

Re: 55/25

the whole getting back HALF of what you gave them is what doesn't sit well with me. you should be getting ALL your contributions. can someeone explain this to me? Over several yers, thats a LOT of money you wouldn't get back. I think DH may not opt in and we're just trying to figure out what's best.



That is the thing, you are not contributing to only you. Your money is being pooled together that is why you will only get 1/2 back. I personally don't think it is worth it for me. I choose not to opt in.

Re: 55/25

yeah, its not YOUR money... the money that you are contributing goes towards enticing the guy down the hall to retire earlier, so that They can free up money in the budget & hire younger people for less money

what you are doing with that money is buying time. say something happens down the line and you Cant work, or dont want to work (you just became a grandparent, someone has to watch the baby while his parents work) etc, you can retire as early as 55 IF you have worked for the DOE for at least 25 years

it would be a lot of money you dont get back...

im trying to convince myself this way: say i get a better job offer where ill be getting way more money.... at least ill be making more elsewhere and Still have something else from a previous job sitting waiting for me

but, im still confused
still banging my head against the wall

Re: 55/25

I am not doing it! I figure why give the city my hard earn money and I can put that same money that they are getting and putting it my tda. I don't have kids yet but i was debating if I should have done it or not. At the age of 56 I will already have 30 yrs and I can retire with full benefits. Plus I try to work every after school and summer school program to account for something towards my retirement. It isn't worth it for me, however, my friend signed up for it and they went retroactive since march or april. I think they take out 120 per month, it know that isn't much but that money will add up within 30yrs from now. That is my opinion.

Re: 55/25

I was told the money you opt in would add up to around $40,000 by the time I reach my 30th year at 55 years old. if I opted in. I will be 55 at 30yrs. doesn't make sense for me. I rather put the 1.8% in my TDA and I get that money when I retire.

Re: 55/25

DH is not opting in. He isnt planning to spend his entire career in NYC and if he does, he will have 30 years at 54, so it wouldnt matter anyway.