I bought back my first year of KPERS but they won’t let you buy anymore. I work for the government that still is part of KPERS. Your years of service and age have to equal 85 points for full retirement. I should reach that by age 52 I believe. I wish I could buy more years lol.
Since I joined the ranks of the self employed art makers over 40 years ago there is really no retirement in my future. Making stuff is what I do. I'll be 73 this year and SS helps some and I'm lucky to get all my health care at the VA. One thing I've noticed is that the path up the hill to my studio seems to be getting steeper.
So this is strictly government employees with prior service? Other folks, civilians with prior service, not an option? Hmm, that makes sense I guess.
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"If you do not read the newspapers you're uninformed. If you do read the newspapers, you're misinformed." -- Mark Twain
Since I joined the ranks of the self employed art makers over 40 years ago there is really no retirement in my future. Making stuff is what I do. I'll be 73 this year and SS helps some and I'm lucky to get all my health care at the VA. One thing I've noticed is that the path up the hill to my studio seems to be getting steeper.
That's only because the ground is settling. I'm 72 also and the damn house must be settling because the stairs are getting steeper also!
Since I joined the ranks of the self employed art makers over 40 years ago there is really no retirement in my future. Making stuff is what I do. I'll be 73 this year and SS helps some and I'm lucky to get all my health care at the VA. One thing I've noticed is that the path up the hill to my studio seems to be getting steeper.
That's only because the ground is settling. I'm 72 also and the damn house must be settling because the stairs are getting steeper also!
I must be having the same settling problems. Find I need binoculars to see the end of the driveway it has moved so much.
I’ve never heard of buying back years. How’s that work?
For me, any years I worked for any govt entity, I can basically pay back any retirement that was incurred during that time. And that could be expensive.
Some guys who got out of the military and went to work for the state, we're able to buy back their years in the service. At a pretty significant cost though.
Those years get applied to a person's years of service. So if a person is 58 with only 25 years of service and they have 5 years of service in the military, they can buy back the 5 years and have their 30 years on and get full retirement.
In Fumo Pax Money can't buy happiness, but it can buy cigars and that's close enough.
So this is strictly government employees with prior service? Other folks, civilians with prior service, not an option? Hmm, that makes sense I guess.
@Amos_Umwhat With KPERS you have to work your first year of employment not eligible for retirement. So after that first year you can buy back that one year. Hope that makes more sense. You can’t buy additional years after that. So really you are only eligible for that one year you didn’t get anything.
30 more for me, I will be 63. Full pension plus my 401, still funded at least 5% of income by me since 19. And if Colleen doesn't leave me by then her three retirement accounts as well. We will be just fine. My child is also set up with a high yield savings account and a college fund. Planning and budgeting the same for our second child.
When you say college fund I hope you are talking about a 529 and not just another savings account.
I will personally retire when I no longer get any enjoyment out of working and I have enough $$ saved up. Currently only have my retirement accounts and a small Pension that was discontinued shortly after starting my first job.
Saving for kids in a 529, for myself by maxing out contribution limits for my 401k, Roth IRA, and HSA. Wife has IPERS so hopefully that will still have some value in 25-30 years when we will look into retiring.
Despite the high cost of living, it remains popular.
Wife has IPERS so hopefully that will still have some value in 25-30 years when we will look into retiring.
I have PERS. At the rate I am going, my pension when I turn 60, will be 60% of my base average rate of my 5 best years. Which should be approx $4,000 month pension. If I stay longer, that percentage will rise a little.
Add my wife's pension, which will be around $2,000 month. With no mortgage, we won't be doing terrible.
Unfortunately, PERS has changed several times since I started, so guys hired in the last 10 years may not be in as good shape as me.
In Fumo Pax Money can't buy happiness, but it can buy cigars and that's close enough.
Comments
"If you do not read the newspapers you're uninformed. If you do read the newspapers, you're misinformed." -- Mark Twain
Some guys who got out of the military and went to work for the state, we're able to buy back their years in the service. At a pretty significant cost though.
Those years get applied to a person's years of service.
So if a person is 58 with only 25 years of service and they have 5 years of service in the military, they can buy back the 5 years and have their 30 years on and get full retirement.
Money can't buy happiness, but it can buy cigars and that's close enough.
I will personally retire when I no longer get any enjoyment out of working and I have enough $$ saved up. Currently only have my retirement accounts and a small Pension that was discontinued shortly after starting my first job.
Saving for kids in a 529, for myself by maxing out contribution limits for my 401k, Roth IRA, and HSA. Wife has IPERS so hopefully that will still have some value in 25-30 years when we will look into retiring.
When you say college fund I hope you are talking about a 529 and not just another savings account.
Yes sir.
MOW badge received.
At the rate I am going, my pension when I turn 60, will be 60% of my base average rate of my 5 best years.
Which should be approx $4,000 month pension.
If I stay longer, that percentage will rise a little.
Add my wife's pension, which will be around $2,000 month.
With no mortgage, we won't be doing terrible.
Unfortunately, PERS has changed several times since I started, so guys hired in the last 10 years may not be in as good shape as me.
Money can't buy happiness, but it can buy cigars and that's close enough.