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Sheena
LIF Infant
Member since 3/07 264 total posts
Name:
queen of the jungle
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I think I'm doing 55/25
I will be 58 after 30 years of service, but will not collect a pension until 62.
But, I will have 27 years of service at 55, and want to retire from the DOE asap because I hate them. This way I can collect a pension at 55.
Just thinking out loud.
Anyone else join or will join? Monday's the deadline!
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Posted 8/22/08 7:30 AM  |
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MissJones
I need a nap!
Member since 5/05 22140 total posts
Name:
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Re: I think I'm doing 55/25
I signed up about 2 months ago, then started to regret it. Then I started thinking. Julz33's post about returning to work got me thinking. What if I needed time to be with someone and care for them? My mom and aunt took care of my grandmother when she was dying, but they didn't have to work. What if I needed the time? This is almost like the insurance policy that will afford me that time. While I don't like that it isn't going into a little account for me, per se, it's not a donation, you know?
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| Posted 8/22/08 7:44 AM |
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Sheena
LIF Infant
Member since 3/07 264 total posts
Name:
queen of the jungle
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Re: I think I'm doing 55/25
Ladies, I just went here:
https://www.trs.nyc.ny.us
I logged in, and when I continued, it told me I was eligible to receive the benefits of 55/25. So, if you are unsure if you are a candidate, the website can let you know.
All you need is your SS# and the last 4 digits of your SS.
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| Posted 8/22/08 7:52 AM |
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Sheena
LIF Infant
Member since 3/07 264 total posts
Name:
queen of the jungle
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Re: I think I'm doing 55/25
Posted by MissJones
I signed up about 2 months ago, then started to regret it. Then I started thinking. Julz33's post about returning to work got me thinking. What if I needed time to be with someone and care for them? My mom and aunt took care of my grandmother when she was dying, but they didn't have to work. What if I needed the time? This is almost like the insurance policy that will afford me that time. While I don't like that it isn't going into a little account for me, per se, it's not a donation, you know?
Yes, Miss Jones. I agree. It nice to know you have the option.
You can retire at 55 if you have 30 years of service now, BUT you can't collect a full pension until 62.
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| Posted 8/22/08 7:53 AM |
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Re: I think I'm doing 55/25
I did it. I still have no regrets. I will have 30 years of service at 55, but I've already had one experience of having to start my maternity leave much earlier than anticipated. It's my "insurance policy" because you really don't know what might happen.
I also fantasize about stopping at 50 with my 25 years done, and working at something else till I can begin collecting.
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| Posted 8/22/08 9:10 AM |
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donegal419
St. Gerard, pray for us.
Member since 7/07 7650 total posts
Name:
K
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Re: I think I'm doing 55/25
Posted by Sheena
Yes, Miss Jones. I agree. It nice to know you have the option.
You can retire at 55 if you have 30 years of service now, BUT you can't collect a full pension until 62.
so, if i am understanding this right, you can retire at 55, but you get NOTHING money-wise until you're 62? and what do they expect you to help with expenses for 7 years?
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| Posted 8/22/08 2:05 PM |
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Re: I think I'm doing 55/25
Posted by donegal419
Posted by Sheena
Yes, Miss Jones. I agree. It nice to know you have the option.
You can retire at 55 if you have 30 years of service now, BUT you can't collect a full pension until 62.
so, if i am understanding this right, you can retire at 55, but you get NOTHING money-wise until you're 62? and what do they expect you to help with expenses for 7 years?
This is from the site:
Under the agreement, in-service educators on Tiers II, III and IV will be able to retire at age 55 with their full pensions after 25 years of service. Currently, these members have to wait until age 62 to receive an unreduced pension or have 30 years of service at age 55. Future hires will be entitled to retire at age 55 with 27 years of service without a reduction in benefits.
I found this info HERE
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| Posted 8/22/08 2:25 PM |
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TheDivineMrsM
2 girls 4 me!
Member since 8/08 7878 total posts
Name:
Mama mama mama....
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Re: I think I'm doing 55/25
Sent my paperwork in last week! After 30 years of service, I'll be 54... I couldn't pass it up.
Message edited 8/22/2008 3:09:42 PM.
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| Posted 8/22/08 3:08 PM |
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Buttafli1277
LIF Adult
Member since 8/05 2638 total posts
Name:
Jennifer
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Re: I think I'm doing 55/25
I will be 55 years old at 30yrs. I called the union and I was told that if I don't opt in I can retire at 55 years old with 30 years. I can collect my FULL pension at 55years old. You do not have to wait till your 62 to collect if you have 30yrs in. It's either 62 years old or 30 years in. Which ever comes first.
I was told that if I don't plan on taking a few years off that it would't be wise for me to opt in. I will be puttung the 1.8% in my TDA knowing that I will be getting that money when I retire.
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| Posted 8/22/08 11:07 PM |
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happytobreathe
The Lazy Days of Summer
Member since 10/06 1413 total posts
Name:
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Re: I think I'm doing 55/25
Wait... so I will be 46 when I have 25 years in. I should not opt in right???
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| Posted 8/23/08 1:11 AM |
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Sheena
LIF Infant
Member since 3/07 264 total posts
Name:
queen of the jungle
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Re: I think I'm doing 55/25
See, I was under the impression that you don't get your money until 62. I apologize for stating the wrong info.
Either way, I would love to retire from the DOE earlier than expected.
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| Posted 8/23/08 9:26 AM |
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Sheena
LIF Infant
Member since 3/07 264 total posts
Name:
queen of the jungle
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Re: I think I'm doing 55/25
Posted by happytobreathe
Wait... so I will be 46 when I have 25 years in. I should not opt in right???
No, I don't think you should opt in, IMHO. But, after understanding the new info from the pp, you'll have to wait until age 51 to retire, because then you'll have 30 years.
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| Posted 8/23/08 9:28 AM |
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happytobreathe
The Lazy Days of Summer
Member since 10/06 1413 total posts
Name:
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Re: I think I'm doing 55/25
Ok thank you - I did not think I should opt in, but this post made me think I should. Retiring at 51... yeah!
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| Posted 8/23/08 10:37 AM |
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vitha
LIF Infant
Member since 8/06 191 total posts
Name:
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Re: I think I'm doing 55/25
I will be 55 at 25 years of service and 60 at 30 years. I am so torn on this. Is it in my interest to do it? I am so confused! I don't know if it makes sense for me to do it. I am leaning towards not doing it.
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| Posted 8/23/08 12:59 PM |
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Re: I think I'm doing 55/25
Posted by happytobreathe
Ok thank you - I did not think I should opt in, but this post made me think I should. Retiring at 51... yeah!
You still may not be able to collect till 55- I would find out. I had Tier 1 colleagues who had the time in before they were 55 and they had to wait till they actually turned 55 to get their money.
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| Posted 8/23/08 2:02 PM |
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happytobreathe
The Lazy Days of Summer
Member since 10/06 1413 total posts
Name:
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Re: I think I'm doing 55/25
Posted by MrsProfessor
Posted by happytobreathe
Ok thank you - I did not think I should opt in, but this post made me think I should. Retiring at 51... yeah!
You still may not be able to collect till 55- I would find out. I had Tier 1 colleagues who had the time in before they were 55 and they had to wait till they actually turned 55 to get their money.
Who do I call?
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| Posted 8/23/08 9:41 PM |
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happytobreathe
The Lazy Days of Summer
Member since 10/06 1413 total posts
Name:
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Re: I think I'm doing 55/25
I read it on the web...it does not benefit me to do it.
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| Posted 8/23/08 9:47 PM |
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beachgirl13
Mommy to 3 boys!
Member since 5/05 4114 total posts
Name:
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Re: I think I'm doing 55/25
It says I'll benefit from doing it, but I'm having doubts. I don't know if I'll be teaching in the city for 25 years. Then again, you never know, so I will probably opt into it just in case. It stinks to throw money away, though, if I end up leaving the city. 
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| Posted 8/23/08 10:45 PM |
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nicrae
He's here!
Member since 12/06 9289 total posts
Name:
Mommy
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Re: I think I'm doing 55/25
Posted by happytobreathe
Posted by MrsProfessor
Posted by happytobreathe
Ok thank you - I did not think I should opt in, but this post made me think I should. Retiring at 51... yeah!
You still may not be able to collect till 55- I would find out. I had Tier 1 colleagues who had the time in before they were 55 and they had to wait till they actually turned 55 to get their money.
Who do I call?
Retirement now is 62 OR 30 years of service so you should be able to collect at 51. Call HR Direct and they will help you.
I researched this extensively yesterday and it doesn't make sense for me to opt in as I will be 55 with 30 years of service.
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| Posted 8/24/08 8:45 AM |
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happytobreathe
The Lazy Days of Summer
Member since 10/06 1413 total posts
Name:
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Re: I think I'm doing 55/25
That is exactly the thought I had...I thought maybe something had changed -knowing the BOE- but I am staying out of 55/25.
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| Posted 8/24/08 12:00 PM |
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MelissaMac
Life is Good
Member since 6/06 2135 total posts
Name:
Melissa
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Re: I think I'm doing 55/25
can you do this on line or do you have to mail in the paperwork? i already did it, but was wondering for a friend.
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| Posted 8/24/08 7:27 PM |
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beautyq115
New Year!
Member since 5/05 13729 total posts
Name:
Me
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Re: I think I'm doing 55/25
Posted by beachgirl13
It says I'll benefit from doing it, but I'm having doubts. I don't know if I'll be teaching in the city for 25 years. Then again, you never know, so I will probably opt into it just in case. It stinks to throw money away, though, if I end up leaving the city.
This is what I feel..Who knows if I will be teaching in NYC for 25 years
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| Posted 8/24/08 7:51 PM |
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Re: I think I'm doing 55/25
Posted by MelissaMac
can you do this on line or do you have to mail in the paperwork? i already did it, but was wondering for a friend.
I did it online- then you get confirmation via regular mail (and email, I think- my printer was not working at the time but I still had a lot of time in case of a glitch.)
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| Posted 8/24/08 9:14 PM |
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Re: I think I'm doing 55/25
I signed up too.
I should have 29 years of service at 55 but you never know what might happened between now and then!!
It's like an insurance policy.
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| Posted 8/24/08 10:02 PM |
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