Search results

@into_the_wilderness Thank you!

@tch127 Oh thank you, I didn't realize that was the difference! Your husband's pension sounds a bit like mine. The city did a bad job managing the pension fund and kept borrowing from it, and now that means everyone who started after 2011 gets a shittier deal. Also they neglected to include...

@diegonat Ha. I have considered getting a job with the union instead. From what I've heard talking to the union folks, it's whole other type of stressful. It kind of feels like a grass is always greener kind of situation, tbh. I know what to expect with teaching and I know how to do it. My job...

@diegonat Extremely relatable statement.

@diegonat Okay that actually does sound reasonable. Do you get an employer match? The "Prime Directive" thing people have linked mentions contributing up to what your employer will match for retirement. I was under the impression there wasn't employer match for the 403(b) and 457(b) accounts...

@diegonat Thank you! I will figure out who to talk to. I'm sure the union has someone who knows about this stuff. The district probably does too, but getting ahold of district people is such a pain in the butt.

@into_the_wilderness Great, sounds like a good plan then. Thanks!

@lisab123 Makes sense!

@lisab123 Sorry, one more question. Why 15%? Is that just a general rule of thumb, or is there some limit (other than the $22,500 max contribution)? My expenses are pretty low so I'm able to save a pretty good chunk of my income. I'm also married and my husband will also be getting a pension...

@lisab123 Cool, thanks. That completely answers my question! I had initially been planning to put everything I can't put into the Roth into a brokerage, but then I found out I can do the 403(b) and save more on taxes. And then I was unsure how much to contribute to a 403(b) vs investing. But...

@lisab123 Thanks. I have been stashing everything I can save beyond what I can put in the Roth into a HYSA. I didn't know my district had any options other than the pension until recently. Edit: I'm not positive there is any employer match with these plans, since they already contribute to...

I'm a teacher with Chicago Public Schools and I am exploring options for additional retirement savings plans. I currently pay into the Chicago Teachers Pension Fund and have recently opened a Roth IRA account, which I plan to max out. I was wondering if it would be a good idea to open another...