Sharon's Story

I retired with a full pension from teaching at the age of 47. I am asked quite often when I started the planning and who helped me.

We plan our daily lessons, dinners, parties, vacations…..Why not plan for our retirement, too?  About 10 years before I retired, I sought the help of the Ameritime of Educator Specialists.  My husband, Joe, and I met with a team of specialists that laid out the PSRS in easy to understand visuals and terms.  The team explained the various options available to me within the retirement system while collecting a complete financial picture of our family.  The knowledge and understanding of these options and our complete financial picture allowed us to start thinking about long range planning and goal setting.  (Possible retirement options need to be examined carefully to see what will fit your life, based on your financial picture.)  I had 10 years to figure it out, but as I always say, “It is important to get your ducks in a row.”  Joe and I created a long term financial plan with the help of our Ameritme / Resource One Control Option Team.  This helped us gain the confidence needed to financially guide our family over the years.  (Please note that we met with our team annually to review our long term goals  and update our financial picture as needed.)

As you know, time seems to “fly by” faster and faster every year. When I reflect on my career, I can’t believe I spent 27 years teaching. Where did the time go? I am thankful for the day of our initial meeting with our Ameritime of Educator Specialists.  Our eyes were opened to a whole new financial world of knowledge and strategies.  We were determined to plan, set, and utilize strategies to gain greater control of our money.  I remember thinking that May 2017 would never arrive….well, it did and we were ready!

2 thoughts on “I retired with a full pension from teaching at the age of 47. I am asked quite often when I started the planning and who helped me.

  1. It is impossible to retire from the public school system at age 47 w a full pension unless you buy back years which averages $25,000 per year. She would not have 30 years in nor would she have rule of 80 or 86!
    I also find it hard to believe that she began teaching in public school at age 20 w a college degree since she claimed to have 27 years in. I’m eligible to retire now but must do 2 more years to receive my full pension since I taught several years in private school. This is misleading and incorrect info. Please don’t contact me. I just wanted you to know that your info is wrong and you are misleading young teachers.

    1. Thank you for your blog post. I realize that my story is difficult to believe, but it is true!

      I believe that providing more detail regarding my individual retirement journey may help clarify the information I previously shared.

      I officially retired from the Missouri PSRS on 7/1/2017. My age was 47.8 years old. I worked 26.9 years and purchased ~3.1 years (2.879945 of social security time and .23000 of supplemental time), for a total of 30 years of credit.

      My purchase strategy included transferring $65,045 from one asset in my name (403b) to another asset in my name (PSRS/401a). Therefore, from my perspective, the purchase did not “cost” me anything.

      If I had chosen to Retire on 7/1/17 with 26.9 years (assuming no purchase), my gross PSRS monthly benefit estimate was $4266.

      However, the transfer of $65,045 from my 403b to my PSRS account to add 3.1 years, increased my gross PSRS monthly benefit estimate to $5286. Ultimately, this was the route I decided to take.

      The strategy I implemented was based my complete financial picture. Similar and/or different strategies may be developed for others specifically based on their complete financial picture.

      In summary, with proper planning, an early retirement by reaching a Normal Benchmark (30 years or Rule of 80) is possible but does take time and strategizing to do so.

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