All along, my goal has been to complete the 2014-2015 school year, and then retire as the school is amalgamated with 2 others. A perfect time to leave, right? Well we have discovered that, yes, the admin agrees with amalgamation that was recommended to them. They do, however, see that it will take an extra year for everything to be in place for the amalgamation. Our school, then, is slated to close and be reopened 3 times as big, with a new name in 2016. It still needs to be approved by the trustees, and the final decision is slated for 8 weeks from now. BUT, that is an additional year to think about. Do I stay? Do I retire? What do I do?
Looking into the difference in my pension, there is about $110 a month extra if I stay until 2016. But I don't want to be one of those people who work and then do not get a chance to enjoy retirement.
Another factor is that one of the schools has decided to fight the whole thing. I don't know where they were during the public input sessions for the past year, but they, apparently, were sleeping, and are now ready to put the boxing gloves on. Unfortunately, our school board set a precedent with another about-to-be-closed school, allowing the community to try and find their own solution. What it has meant, is that the school is in limbo, not knowing if they are closing, staying, adding new 'partners' or what.
I
don't want to be that limbo with our school, so, right now, I am thinking that I will still be retiring at the end of the next school year-June 2015.
I have learned, however, never to say never, until never is done!
Today, we ventured into the Canada Pension Plan automated system. Call the 800 number, listen to the menu choices, choose #3 for disability, listen to an explanation, choose #2, doesn't apply, hit # to return to the previous menu, listen again, choose #1 for Canada pension, choices don't apply, hit # to return to the previous menu, listen again, the only thing that even sounds right is #3, try again, and, of course I hadn't missed anything, so # back. let's try #2, listen and it doesn't apply, hit # to return to the previous menu.
ARRRRRGH! Hit 0, and the phone rings....with....comments about how the website might be able to help. Just a few more seconds and we are in the QUEUE!!!! Hooray! AND it is only a 5 minute wait!
But WAIT! The phone rings after just TWO minutes, and we are off to the races.
With Hubby on disability, the children still in school receive monthly "Survivor Benefits". When he turns 65 next year, we know that his Long Term Disability payments from his former employer automatically switches to a regular pension. The question for CPP was...what happens with that pension? Does it automatically go to a regular CPP? And, (why we were calling in the first place), what happens to those survivor benefits for the girls? While not a huge amount, it more than covers their food each month.
Daniel was our CPP service representative. He efficiently went through the mandatory questions: social insurance number, name, address, phone number, mother's maiden name, and, finally, permission for me to ask my question directly.
Daniel was soooo efficient. When I asked what would happen as DH turns 65, he answered the questions that I had in mind without me saying a word. It will be an automatic change from disability tor regular pension plan, and all survivor benefits will stop. Thanks, Daniel. Not what we wanted to hear, but we have a YEAR to acclimate to that.
With one daughter still in school for a year after DH goes on regular CPP, we need to consider how we can help her out. All of the other children received 5 years of survivor benefits, so I feel compelled to make sure that she does, too. We are fortunate that all of my children paid for their own education - with OSAP loans, and scholarships and bursaries.
So, how to figure out how best to help her for her last year-especially if I am going to retire next year, too?
After reaching for the calculator, I am going to be putting $100 a pay into a pot. By the time that her CPP survivor benefits run out, I will have enough to cover her loss. And her older sister graduates in May, so that is now a non-issue.
Bottom line: Today answered some questions, and we made a plan. Next up-a couple of retirement workshops later this month.
Dear Hubby had a cardiologist appointment, today, and as a result, I ended up at home during business hours. That allowed me the opportunity to have him get in touch with his pension plan office. Oh, and give permission for me to do so in the future. That's important since I handle all computer and most financial issues.
DH is on a disability pension, so I was not clear on the steps for normal retirement. A phone call got that information sorted out in a speedy, and clear manner. Thank you OMERS! No wait on the line, and quick information
When we called OMERS, we discovered that they will automatically send out a package prior to DH's normal retirement date. That will be in April next year, so I anticipate we'll get a package early in 2015 to help make decisions. One thing off the list.
I asked about the survivor benefits that my young adult children receive for being under 25 and full-time students from CPP, but of course, that will be a call to CPP to find out. D'uh! I did discover that there are survivor benefits for them though. If DH were to die tomorrow, I would receive 66% of his pension, and there would be an additional 10% for each child under 18, or under 25 and a full time student. I wonder if MY pension is set up like that? Interesting information
So, one step of many can be marked CHECK!
And the cardiologist appointment? Everything was fine. Heart of lion, sweet as a lamb.
Happy Sunday! This is the first (of many, I hope) post that will help me to document my road to retirement. It isn't the first step, but it is a vital one-the one in print that says, "Yes. At some point, I will retire!"
You have to understand. I love my job, and I really can't imagine life without it. Some people work to live. I live to work. (I know, I know. It's a cliché, but it fits!)
I am a teacher, and I love what I do. I have had my teaching degree for 39 years. And I have taught most of those years. Always in the primary grades, mostly grade 1 or 1 and 2 combination classes. The wonder that you get when you look back over the year is a joy and an accomplishment like no other. I sense that there will be a real void when I don't go to school every day.
Anyway, the purpose of this blog will be to express my feelings about the procedures, the red tapes, and the hoops that need to jumped through.
Let the writings begin!
