Wednesday, June 13, 2012

Fears Allayed......

When I decided to retire, I understood that my retirement pay would be 60% of the average of my highest two years of teaching. I could do the math pretty easily, but I also knew there would be some deductions NOT taken out anymore (professional membership dues, Teachers' Retirement) and some ADDITIONAL deductions (health insurance). I wasn't sure what the net amount would look like, and if there's anything I don't like, it's uncertainty.

I also knew my retirement check would go up slightly after the first month or so, however long it takes to figure out my final sick leave days. I officially retired with something like 29.556 years, but my accrued sick days make up more than the fraction needed to bring it up to the required 30 years. But they can't figure that out AHEAD of time, because I might do something sneaky and get sick for the last two months of the school year, so they have to wait until the year is over.

To make a long story short, I got online today to check on my retirement, and it said the first check would be in the mail this Friday. And it's more than I thought it would be. A lot more.


I wasn't ready to start pounding the pavement looking for a job or anything, I just wanted a clear(er) picture of how much I would have to tighten my belt. I'm relieved to know that it won't require much tightening at all. At least until September, when I start having to pay for insurance for both me and Hubby.

Plus I will start getting retirement checks this month but still be paid the rest of my regular teaching salary through the end of August.

I certainly won't be rich, but so far I don't have to scratch any bike rides off the list. At least not the local ones. The ride in Hawai'i and the one in France may have to wait a while.


DJan said...

I picked up my new-to-me bike yesterday after it got a tuneup. Boy, am I happy to be out there pedaling along with you, even if it's only virtually! :-)

Kelly said...

That's certainly good news!