![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png){kind=small}
Retirement
Apr. 12th, 2006 11:08 amAt the beginning of this year I was planning to retire at the end of 2008. Y'see, January of 2009 the retirement rules change, and I'd have to work three more years to get the same benefits as I would have at the end of 2008.
However! While checking into buying the Summers I worked (Kentucky state government allows employees to buy some types of time not part of their regular employment, adding them to that total of service. This includes Summer employment with the state by students, as well as educational leave and military leave.) in high school and college. I learned, to my surprise, that I could also buy the 4 years of college scholarship time, as educational leave. This gave me 54 months. Employees are vested in the retirement program at 27 years; I already have almost 28. Buying that time will result in a retirement income which - post tax - is just slightly less than I have now. The money I spent to upgrade those months to count towards my total will be earned back in about seven years.
The irony here is that the money came from my Dad. Who refused to retire a few years back, even though doing so would have actually resulted in a higher net from retirement pay than he was getting as a salary. He didn't retire until he learned he had terminal cancer. So I'm using money from a man who didn't want to retire to retire early.
I loved my Dad, but we had very different attitudes about some things.
At any rate, as of now I'm planning to stay until the end of March, 2007.
However! While checking into buying the Summers I worked (Kentucky state government allows employees to buy some types of time not part of their regular employment, adding them to that total of service. This includes Summer employment with the state by students, as well as educational leave and military leave.) in high school and college. I learned, to my surprise, that I could also buy the 4 years of college scholarship time, as educational leave. This gave me 54 months. Employees are vested in the retirement program at 27 years; I already have almost 28. Buying that time will result in a retirement income which - post tax - is just slightly less than I have now. The money I spent to upgrade those months to count towards my total will be earned back in about seven years.
The irony here is that the money came from my Dad. Who refused to retire a few years back, even though doing so would have actually resulted in a higher net from retirement pay than he was getting as a salary. He didn't retire until he learned he had terminal cancer. So I'm using money from a man who didn't want to retire to retire early.
I loved my Dad, but we had very different attitudes about some things.
At any rate, as of now I'm planning to stay until the end of March, 2007.
