Me and Hubby both will retire with Calpers 2% at 55 years old.
That is the formula, we may retire earlier or later, depending on our real estate cashflow.
Just wondering if there are any other Calpers members around.
I never could find a Calpers forum, so if ya know of one post it here!
Anyways, we both decided to pay the extra additional service credit of the maximum 5 years so we can retire sooner. Combined it is costing us 54K taken out of our paychecks it really is not missed.
Any other FW calpers members out there? I also want to learn more about the Calpers Retirement Healthcare.
I also work for a local government agency that has a 2% at 55 benefit. We also get an additional 0.5% stack through PARS.
I am 29 years old though, so I'm a long way away from retirement. Who knows if in 30 years defined benefit pensions (even for governments) will still be around when I retire? I'm hedging my bets by maximizing both my CalPERS 457 DC and Roth IRA.
But if things work out right and CalPERS is still solvent by the time I retire, I should do well in retirement, 30 years away. Sigh.
But congrats. Aren't pensions great? =)
cameron2003
Senior Member - 2K
posted: Sep. 9, 2006 @ 1:07a
Share the love, I am on a 2.5% pension, not calpers, but have reciprocity with calpers. Health care benifts kick in after 15 years of service, If you want something awesome though, go with Public Safety, who get 90% of top salary for life, normally UNTAXED.
jmw2
Member
posted: Sep. 11, 2006 @ 12:26p
Hi everyone....
I'm also looking for a place for calpers members to talk money stuff.
I'm 34, have 2% @ 55 which will be converted to 2.5% @ 55 in December 2007. I'm thinking about buying an extra five years worth of service credit especially if Calpers calculates my cost with 2% @ 55. I think I will use 401k/457 money for this but I will be left with nothing if I buy all five years. I am putting the IRS max into my 457 DC in anticipation of giving it to Calpers. I plan to "retire" at 55 so I can go work in the private sector and get the pension at the same time. After age 55, the increase in benefits is small since I would be at the right hand column of the 2.5% @ 55 chart so there's little reason for me to stick around financially. Right now, I think I will live to be 100 and giving Calpers my retirement money will give me another reason to stay in fantastic shape. If anyone has any opinions on this, I would appreciate it.
Hello CalPersFolks.... I retired at 56 with 32 years service and an extra year cause of sick leave on the books... so IM basically set to pull 2/3 my pay for the duration. ( with of course those yearly cost of living increases . that plus the home sale profits that DW and I got when we sold and left CA for the wilds of upstate new york .. has more than covered our needs.. PERS health care out of state is pretty much limited to PERScare or PERSchoice.. but they are handled by Blue Cross out here so things are working fine.
Just a word to the wise.. despite my calling all the various contacts for long term care dental and supplemental life insurance well in advance of my retirement date.. EVERYONE of them screwed up and had to be individually dealt with to keep the benefits coming and the payment deductions restarted.. so expect to be with them on the phone immediately after you retire or they will let you slip through the cracks...
ttboy1628
Senior Member
posted: Sep. 11, 2006 @ 11:22p
I'm in my low, low 20s, 2.5% @ 55.
Most of the people that I work with will be retiring in 3-6 years, so I doubt Calpers will be able to give me as good a retirement as you old folks will be getting!
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