It’s time to Retire!

Source: Getty Images

The time has come for me to join John in the retired life. I haven’t formally told the school district (or co-workers) but I think they won’t be surprised. I’m waiting for my official offer of re-employment that we should receive any day. I’ll check the “not returning” box and attach my letter of retirement to it.

[California law is the district must notify you by March 15 if they are not going to offer you re-employment.]

The financial numbers are aligning in my favor.

  • we received a big raise for this school year – it amounts to an addition $600 per month in retirement!
  • your income isn’t averaged after 25 years – your highest year is used
  • after 30 years, you get a bump in the multiplier.
    • I’ll have 30 years at the end of the year!
    • 2.2 (based on my age) now becomes 2.4
  • so 30 x 2.4 means 72% of my current salary plus a little for the unused sick leave I’ve accumulated.

Not that I’m counting but there are only 45 student days left in our school year. Last day with students will be May 31st. Retirement date is June 1st.

Last district paycheck on May 31st. First retirement check will arrive July 1st! No more setting aside money for summer and no month without pay ever again!