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Post by bigern809 on May 18, 2018 12:16:33 GMT -6
Those of y'all that supplement your TRS, how much do you typically put aside monthly? Really looking to get my future set, because I'm horrible with money.
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Post by Deleted on May 18, 2018 12:19:59 GMT -6
thats what she said
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Post by Hoss on May 18, 2018 12:36:21 GMT -6
I have my TRS and an independent IRA set up with Edward Jones. We put $100 a month in the IRA, not much right now but I lumped $45K into it when I started it.
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Post by dieselfitter on May 22, 2018 13:26:43 GMT -6
I'm still holding out to win the lottery
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Post by texasleaguer on May 22, 2018 13:28:33 GMT -6
do you guys do term or whole life insurance? stud switched to term and put the money he saved from term into a retirement plan.... What's the difference? School me. |
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Post by bigern809 on May 22, 2018 13:29:07 GMT -6
do you guys do term or whole life insurance? stud switched to term and put the money he saved from term into a retirement plan.... legit no idea. |
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Post by Hoss on May 22, 2018 13:31:27 GMT -6
I don't know which it is, been a long time since I looked at it but for the wife and I combined it is $90/month. coverage is for $250K thru Farm Bureau.
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Post by bigern809 on May 22, 2018 13:57:23 GMT -6
whole life is more expensive but is guaranteed to pay out when you die....so you live to 60 and croak it will pay your beneficiaries....you live to 120 and die having marathon sects like stud plans to go and it will pay your beneficiaries....hence it will pay out the whole amount to your family or life partner if you're mox....the premiums are much higher... term life is only good for a term...so lets say you get term life until the age of 70....if you die before you're 70 your beneficiaries get the whole amount of your policy...if you live past 70 your beneficiaries get nothing....but the premiums are much cheaper.... so, the idea is if you're paying $500/month for whole life and you switch to term for $90 bucks a month like cheapo hoss, then you save $410/month....you put that $410 into a retirement account or some other investment and make money off of it....if you die before 70 your beneficiaries and mox's life partner get the payout from your insurance and they'll end up getting your investment as well.... if you live past 70 you get to spend your investment money on hook R's and blow and your kids will get nothing when you die...or they'll get what you haven't spent of it.... there is a graph that explains it better, but stud wanted to type all of this out for y'all... This makes the most sense to me ever. Like why they always gotta be confuzzing me n shat. Any insurance will henceforth go to you Studly. |
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Post by givepullorpitch on May 22, 2018 14:11:01 GMT -6
You are teaching in Texas. The TRS has a pretty good return. 2.2 or is it 2.3? times the number of years of service. So, 30 years will pay you about 70% of what you are making. Not a bad retirement. In Texas, you aren't paying into social security like we do here in Oklahoma, so you get nothing there. You need to get to retirement in Texas and collect while you come to Oklahoma for 8 years. Then collect both Oklahoma and Texas retirement as well as social security because you spent 30 quarters paying SS and can draw SS.
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Post by Hoss on May 22, 2018 14:15:53 GMT -6
whole life is more expensive but is guaranteed to pay out when you die....so you live to 60 and croak it will pay your beneficiaries....you live to 120 and die having marathon sects like stud plans to go and it will pay your beneficiaries....hence it will pay out the whole amount to your family or life partner if you're mox....the premiums are much higher... term life is only good for a term...so lets say you get term life until the age of 70....if you die before you're 70 your beneficiaries get the whole amount of your policy...if you live past 70 your beneficiaries get nothing....but the premiums are much cheaper.... so, the idea is if you're paying $500/month for whole life and you switch to term for $90 bucks a month like cheapo hoss, then you save $410/month....you put that $410 into a retirement account or some other investment and make money off of it....if you die before 70 your beneficiaries and mox's life partner get the payout from your insurance and they'll end up getting your investment as well.... if you live past 70 you get to spend your investment money on hook R's and blow and your kids will get nothing when you die...or they'll get what you haven't spent of it.... there is a graph that explains it better, but stud wanted to type all of this out for y'all... ^^^Bravo stud, well done. You are correct, thinking back the plan we got thru Farm Bureau allows us to switch over to Whole life at something like age 65 if we elect to. My biggest deal was I wanted my wife to be able to pay off everything if I die commuting up and down I-35 on my way to work everyday. My funeral is already planned and paid for. |
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Post by texasleaguer on May 23, 2018 7:24:41 GMT -6
but, to answer the original question...stud isn't doing anything right now....he also took out his retirement when he quit teaching....stud wanted to party down and also he knew if he took it out he'd for sure never go back... studs plan is to buy rent houses.....but he's been planning that for about 8 years and has 0 rent houses now.... What happened to the one in Electra? Thought you had some outstanding renters? |
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Post by bravenewworld on May 23, 2018 10:12:03 GMT -6
You are teaching in Texas. The TRS has a pretty good return. 2.2 or is it 2.3? times the number of years of service. So, 30 years will pay you about 70% of what you are making. Not a bad retirement. In Texas, you aren't paying into social security like we do here in Oklahoma, so you get nothing there. You need to get to retirement in Texas and collect while you come to Oklahoma for 8 years. Then collect both Oklahoma and Texas retirement as well as social security because you spent 30 quarters paying SS and can draw SS. There are a few districts in Texas that do pay SS. The one I am at does and figures into the reason I plan on retiring from here. |
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Post by givepullorpitch on May 23, 2018 10:22:33 GMT -6
You are teaching in Texas. The TRS has a pretty good return. 2.2 or is it 2.3? times the number of years of service. So, 30 years will pay you about 70% of what you are making. Not a bad retirement. In Texas, you aren't paying into social security like we do here in Oklahoma, so you get nothing there. You need to get to retirement in Texas and collect while you come to Oklahoma for 8 years. Then collect both Oklahoma and Texas retirement as well as social security because you spent 30 quarters paying SS and can draw SS. There are a few districts in Texas that do pay SS. The one I am at does and figures into the reason I plan on retiring from here. Good to know. Am I correct in saying you must have 30 quarters paying into SS to qualify? There are actually a very few in Oklahoma that don't pay into SS. |
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Post by Hoss on May 23, 2018 10:28:36 GMT -6
So if you have had 7 1/2 years of work outside of the school districts you can collect social security when you retire? Am I undrstanding this right? I have never looked into it because I didn't figure I would ever get it, always set up an IRA and my TRS.
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Post by Deleted on May 23, 2018 11:29:00 GMT -6
I put $150 in a roth account monthly.
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Post by Deleted on May 29, 2018 9:13:03 GMT -6
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