tag:blogger.com,1999:blog-20674128.post8283975357851417417..comments2024-03-14T13:50:26.981-04:00Comments on Chaz's School Daze: Should You Annuitize Your TDA?Chazhttp://www.blogger.com/profile/09964739497720364749noreply@blogger.comBlogger46125tag:blogger.com,1999:blog-20674128.post-46104857355398309982021-08-12T07:55:06.391-04:002021-08-12T07:55:06.391-04:00You can do that but they do with hold taxes. If yo...You can do that but they do with hold taxes. If you withdraw 20 thousand you will get 16. 20 percent taxes heldMrs. Ingravallohttps://www.blogger.com/profile/18232375857101716801noreply@blogger.comtag:blogger.com,1999:blog-20674128.post-91864577025669389822021-08-12T07:53:32.298-04:002021-08-12T07:53:32.298-04:00Yes that’s incorrect. I retired with 20 years at a...Yes that’s incorrect. I retired with 20 years at age 58. My pension is not as big as some one who was 62 at retirement I believe the penalty is 5% per years. And 20 years gives you 40% of you final average salary then minus the age penalty. Mrs. Ingravallohttps://www.blogger.com/profile/18232375857101716801noreply@blogger.comtag:blogger.com,1999:blog-20674128.post-16536376785539255292021-07-01T02:55:50.194-04:002021-07-01T02:55:50.194-04:00I am in similar the situation just described: My p...I am in similar the situation just described: My pension will be small (only 10 years service, retiring at 63) but a sizable TDA balance (maxed contributions every year). I am single, no kids. Leaving money to charity or neices/nephews is attractive, but annuitizing can get me 10% instead of 7% on the TDA, which for me is an additional 10K annual. I think it makes sense for me, especially since I am in very good health.annonymoushttps://www.blogger.com/profile/00679850204677619147noreply@blogger.comtag:blogger.com,1999:blog-20674128.post-86295627996622941312019-12-09T17:17:52.285-05:002019-12-09T17:17:52.285-05:00Hi Chaz -- thanks for the great blog. Most comment...Hi Chaz -- thanks for the great blog. Most comments go against annuitizing a TDA, but I didn't see this scenario discussed:<br /><br />- a teacher has 35 years of service and retires at age 70 1/2<br />- a good TDA balance has been accumulated<br />- upon retirement there will be a good pension<br />- If the TDA is annuitized at age 71, TDA distributions plus pension plus Social Security will provide a nice income<br />- there are no children to provide for <br />In this situation, is annuitizing a reasonable choice? Is there a better approach?<br />Thanks again<br /> <br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-20674128.post-71863210108845252262019-04-06T09:28:56.283-04:002019-04-06T09:28:56.283-04:00What about deferred comp? Do u have to wait until ...What about deferred comp? Do u have to wait until 591/2 or can you start withdrawing when you retire at 55? Thanks Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-20674128.post-21937277981150057592019-04-06T00:45:28.227-04:002019-04-06T00:45:28.227-04:00Need advice are you better to take out money from ...Need advice are you better to take out money from your TDA and hold off getting SSA at 62 and try to wait it out until 65-66 years of age assuming you are in good health <br />Can I or anyone else care to share their opinion on this very important topic , we are expected to live long lives after we retire anonymoushttps://www.blogger.com/profile/05775853914041179852noreply@blogger.comtag:blogger.com,1999:blog-20674128.post-54928936367435955172019-04-03T23:15:34.655-04:002019-04-03T23:15:34.655-04:00I still don’t understand the term 72/7 let’s say f...I still don’t understand the term 72/7 let’s say for example you retire with 400k in your TDA <br />You are saying in 10 years it’s 800k ? <br />Also did you read the whole paragraph I wrote you ? You didn’t comment on that thanks anonymoushttps://www.blogger.com/profile/05775853914041179852noreply@blogger.comtag:blogger.com,1999:blog-20674128.post-14159026448480209172019-04-03T18:25:41.835-04:002019-04-03T18:25:41.835-04:00@4:01 PM
🤣🤣🤣@4:01 PM<br />🤣🤣🤣waitingforsupporthttps://www.blogger.com/profile/07390407586885648546noreply@blogger.comtag:blogger.com,1999:blog-20674128.post-65996376271967137952019-04-03T18:24:36.924-04:002019-04-03T18:24:36.924-04:00@6:29 PM. I'm in a similar boat. Your UFT rep ...@6:29 PM. I'm in a similar boat. Your UFT rep needs to take classes so that they can better inform you. They are inaccurate. Peace of mind is more valuable than any amount of money. Good luck waitingforsupporthttps://www.blogger.com/profile/07390407586885648546noreply@blogger.comtag:blogger.com,1999:blog-20674128.post-90953941097913075672019-04-03T12:45:51.996-04:002019-04-03T12:45:51.996-04:00Sound like the planSound like the planRetiring right behind younoreply@blogger.comtag:blogger.com,1999:blog-20674128.post-8696983150689450372019-04-03T09:58:22.985-04:002019-04-03T09:58:22.985-04:00So the advice seems to be NOT to annutize the TDA ...So the advice seems to be NOT to annutize the TDA at retirement because you lose control over it for the sake of a couple hundred dollars extra in your pension check.<br /><br />Rather, we should keep control of the TDA when we retire and withdraw as we will (while it grows every year) and then keep that large chuck of change to pass on to our children creating generational wealth.<br /><br />Got it!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-20674128.post-58536818489680090622019-04-02T16:01:19.591-04:002019-04-02T16:01:19.591-04:00Never resign. Retire .
Of course pension will be r...Never resign. Retire .<br />Of course pension will be reduced. Get part time gig in something you love to do. Enjoy your life now .<br />And<br /><br />Fuck em all<br />Big and smallAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-20674128.post-36761331415030014422019-04-01T20:30:31.237-04:002019-04-01T20:30:31.237-04:00ThanksThanksAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-20674128.post-76481776084613706792019-04-01T19:06:34.060-04:002019-04-01T19:06:34.060-04:00Be done with this stressful job it’s no getting be...Be done with this stressful job it’s no getting better Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-20674128.post-70836918452252190552019-04-01T19:02:26.297-04:002019-04-01T19:02:26.297-04:00Just go see a pension consultant and they will tel...Just go see a pension consultant and they will tell you everything anonymoushttps://www.blogger.com/profile/05775853914041179852noreply@blogger.comtag:blogger.com,1999:blog-20674128.post-28078859869394533102019-04-01T19:01:21.334-04:002019-04-01T19:01:21.334-04:00Sorry you had that experience , so many people do ...Sorry you had that experience , so many people do , so don’t feel bad . It’s such a stressful job with very little supper from administrators . I felt no one cared . I had to leave after 25 years I couldn’t make it any longer Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-20674128.post-3155239420055711662019-04-01T18:46:38.921-04:002019-04-01T18:46:38.921-04:00You can retire with a reduced pension at 55 and wi...You can retire with a reduced pension at 55 and with 20 years of City employment.Chazhttps://www.blogger.com/profile/09964739497720364749noreply@blogger.comtag:blogger.com,1999:blog-20674128.post-53654333882925824872019-04-01T18:29:04.421-04:002019-04-01T18:29:04.421-04:00I informed my uft representative that I'm thin...I informed my uft representative that I'm thinking about retiring. I asked her about certain information. Instead of her hearing me out, she kept saying all you have is twenty years, you can't retire. I will complete my years before having the age. I'm stressed out, tired and sick of being harassed. She's telling me I can't. I believe she is wrong. At this point, I have no problem losing some money for peace. She said I would have to resign. I believe this information is incorrect. Please inform.<br />Thanks.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-20674128.post-64342279344499606002019-03-31T08:55:16.038-04:002019-03-31T08:55:16.038-04:00 I cannot understand how anybody would choose to a... I cannot understand how anybody would choose to annuitize their TDA at retirement . At 7% fixed with basically no fees and no risk whatsoever what would be the decision? That is an interest rate that is almost unheard of and you get to keep your entire balance . Don’t forget you can start doing this at the age of 55 if you were retire that yearkennyhttps://www.blogger.com/profile/07136287420203982338noreply@blogger.comtag:blogger.com,1999:blog-20674128.post-36381756439499597562019-03-31T08:35:21.594-04:002019-03-31T08:35:21.594-04:00I just retired. I was really not interested in an...I just retired. I was really not interested in annuitizing, but when I asked at TRS, they didn't really give me a figure on how much I would receive if I annuitized. I was told that I would find out when I got the first "check". When I went to my final consult, the UFT rep (who was horrible, rude and impatient) had no information....it wasn't that big a deal for me, but I would have liked to know. Not sure if this is everyone's experience, but wanted to put it out there if people are considering annuitization of the TDA.<br /><br />One question I do have is how do they calculate interest on the TDA? Annually? Monthly? Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-20674128.post-11140766735585786492019-03-30T19:15:20.472-04:002019-03-30T19:15:20.472-04:00Anon 10:39
oops. It should have berm 72/7. Anon 10:39<br /><br />oops. It should have berm 72/7. Chazhttps://www.blogger.com/profile/09964739497720364749noreply@blogger.comtag:blogger.com,1999:blog-20674128.post-46773157665621606292019-03-29T22:39:12.206-04:002019-03-29T22:39:12.206-04:00Chaz can you explain again how you got 10 years to...Chaz can you explain again how you got 10 years to double ? If you take 7% interest and divide it by 72 ? <br />Let’s say for example I retired with 400k total in the TDA at fixed rate tda deferral status anonymoushttps://www.blogger.com/profile/05775853914041179852noreply@blogger.comtag:blogger.com,1999:blog-20674128.post-76018496644449714082019-03-29T22:30:25.052-04:002019-03-29T22:30:25.052-04:00Thank you Chaz for answering my questions , you ga...Thank you Chaz for answering my questions , you gave so much knowledge in so many areas !!! <br />I am single , so still wanted to know if I can take the three exemptions . I used to get great refunds but this year since I retired in July 2018 I was told those days are over for refunds . I did 26 years I just couldn’t do another year :( I was exhausted mentally and physically !! I wish I could of stayed a bit longer since only 57 years old <br />Another thing once you get your pension alicatiob does TRS go back and do adjustments ? A friend told me that her pension is being increased by $500 have you heard of this after he just retired in July 2018 ? <br />Thank you for all you do !! anonymoushttps://www.blogger.com/profile/05775853914041179852noreply@blogger.comtag:blogger.com,1999:blog-20674128.post-224946132603921312019-03-29T13:26:43.952-04:002019-03-29T13:26:43.952-04:0012 08
I will do the job but i want my salary doubl...12 08<br />I will do the job but i want my salary doubled...if approved im inAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-20674128.post-42040870106210539772019-03-29T12:08:37.156-04:002019-03-29T12:08:37.156-04:00There is a Bronx principal currently looking for a...There is a Bronx principal currently looking for a new UFT rep for next year. His/her UFT rep is retiring and none of his/her staff want the position. This is a school that joined the Bronx plan and needs a very compliant UFT rep who will go along with the principal's plan, boost the principal's ego and sing the principal's praises or just plainly kiss the principal's ass 24 hour a day and do whatever the principal wants even though it will go against the teachers' interests.<br /><br />If anyone is interested please email me ASAP. Position needs to be filled by May 1st. Anonymousnoreply@blogger.com