Leaving private sector employer for nonprofit
shaggydogs
8 years ago
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Is a pension easy to equal on your own?
Comments (17)Usually the owner of the money gives a pot of money now, or makes regular payments over a period of time, to usually an insurance company, in exchange for a benefit that the insurance company offers. The insurance company agrees to begin paying a specified amount to that person, beginning at a certain date and, often, continuing for the rest of the person's life. Or, at a lower rate of regular payout, to include a surviving spouse. However ... some people found that the original owner of the money often died within a few months of beginning to receive the annuity ... and that was the end of the contract: the full amount paid was kept by the insurance company (except for the small amounts paid out). One financial advisor that I knew had a client over 80, with no dependents, that considered buying an annuity (i.e. was in the process of being sold an annuity by an agent). He, cancelling another appointment, travelled some distance to meet with the two, and when he asked how much of a benefit there would be if the lady died in a couple of months, was told that there was no such provision in the proposed agreement. Many people who were much younger than that lady, when considering a proposed contract, didn't like that idea, so there's an option available for the original purchaser to have a provision in the contract where the payout period will be for his/her life but, should s/he not live long after the payout begins, the annuity will continue (at a reduced rate) for a 10, or 15 year, or other length, period. The rates that insurance companies offer regarding annuity payout lebvels usually bear some connection with current interest rates. When rates are high, often the rates of payout offered by annuities are higher than average, but usually not comparable. When rates are low, as they have been lately, payout rates offered are usually low. The reason being that the insurance company has guaranteed to make payouts at predetermined levels, but don't have certainty as to how much they can earn on the invested assets in the meantime. The insurance company doesn't give a guarantee to make a level of payout that is going to hurt them in the end. In the case of life insurance, the owner of the policy bets that s/he's going to die prematurely, when some non-employable dependents require an income for them to live on for a number of years, but leaving no one to provide it. The insurance company bets that the buyer of the life insurance is going to live to an advanced age, paying premiums throughout. The insurance companies are the ones with the actuaries. In the case of an annuity, the buyer is betting that s/he is going to live for a long time ... collecting that annuity payment regularly through to, say, 104. And the insurance company bet that s/he's going to die before they've paid out a bucket of money in total to that person. And if they're covering a spouse, as well, or have given a guarantee that they'll continue paying for, say 10 years, even if the owner dies a month after payout begins ... the amounts of the regular payout the the company is willing to offer is lower. As their risk is greater. I confess to a bias against insurance companies' practices, largely because they marketed whole life insurance policies for ages, telling ofthe great value in having some value build up in the policy over the years. But, in order to collect that "extra value" ... ... the owner of the policy pretty well had to arrange to be alive and dead at the same time. For many, who want to spend some time learning how money works, and are not going to get all bent out of shape if the value of theri assets drops for a while when there are corrections in the equity markets, I think that they can likely do better investing on their own, if they do it skilfully. For quite a long time, I said that no one cares as much about your money as you, so it's wise to learn how to manage it well. But in recent years I've changed the tune somewhat, to ... no one cares as much about your money as you ... except some folks that would like to shift some (most? all?) of it from your pocket ... ... into theirs. Your job is to keep that from happening ... unless you get good value in return. Enough for now. Good wishes for making themost effective coices, given your circumstances. ole joyful...See MoreAnyone ever leave the corporate world...
Comments (20)I agree with a lot of what has been said, but wanted to discourage the idea of DH becoming a professsor. There are a lot of rank levels below "professor": instructor, assistant professor, associate professor - and usually anything above instructor requires a Ph.D.(not just a Masters). Teaching contracts are short term with the understanding you move up or you are out. At each level, many, many people get squeezed out - "publish or perish" - and shown the door. To make it to full professor is a significant acheivement, and the tenure (absolute job security, like the Pope) and sabbaticals (year off teaching to pursue research, etc.) are perks that just don't exist in the rest of the real world. That, the youthful culture, the prestige, and the intellectual purity and nobility of it all no doubt figure in to that job satisfaction report. Doing some teaching may be an OK way to make some interim money - but don't confuse being one of the legion of low paid instructors with being one of the elite full professors. Whole 'nother thing. Dh would need 6 years give or take for the Ph.D. and another 6 to 15 to try to climb the ladder, actually more like a pyramid with so many at the base and so few at the top. And as Sweeby says, even then many full professors make peanuts. Only the first rank universities pay really well, and those guys usually bring in huge bucks to the university in research grants and book earnings. (also, did you know a university significantly "taxes" all your outside earnings when you are full time faculty?) Going for professsor rank is a very, very competitive life, only for the truly dedicated. Not something DH should think he can do briefly while setting up a writing career. No way. Also, I agree that true writers write - no matter what. It is like a driven passion. Sounds like DH is looking for something better and thinking back on liking writing when he was in school. That's different from drive. Perhaps he should step back and open his mind to all work possiblilities. One exercise in career planning is to take some time and make a very long list of every conceivable occupation. All of them - not the ones for you. All of them. Then, and only then, strike out the impossible or absurd for you (jockey, ballerina, Microsoft chairman, pro basketball player, movie star...). Next strike out the ones requiring too much training/time (brain surgeon, astronaut, *professor*). Next strike out what is unappealing. What is left may be surprising and worth further consideration. Good luck to you and DH....See MoreCanada's health care
Comments (80)frmrsdghtr - you summed it up perfectly. We live in Ontario and are under 65 - not by much, but still, under 65, which does make a difference (joyfulguy - you are over 65 so would benefit from many things that we do not). OHIP (the Ontario Health Plan) is about to cut many services (eyes - and I don't mean "normal" eye care) - I mean for people like my husband who has had a vitrectomy and cataract surgery. People who are diabetics often have major eye problems etc. and this will affect them - and not all are obese. My husband's eyes are bad enough that one of his eye specialists (he has 3) has been able to run his quarterly eye tests through OHIP, but at his May 8 appointment he was told that he would not be able to do this any longer - and his office plan won't cover it. My husband pays high premiums for family coverage (just the two of us) - yet has deductibles of $1,250 for EACH of medical and dental - so we basically pay for everything due to the deductibles - and since he has only one prescription for eye drops and I have one prescription we are not your "normal" Cdns. Even his office health care provider remarked that for people paying such high premiums we had very few claims (well, they wouldn't pay for his vitrectomy rehab equipment, nothing towards his sleep apnea dental appliance, his office dental plan does not cover specialists (and his regular dentist - an oral surgeon, no longer does root canals) plus there is the deductible problem. Back in the day your GP could zap a wart - now you need to be referred to a derm (heck, I could do it). I had several moles develop suddenly on my neck last year - it took over 6 months to get a derm appointment - and that was with a different derm - first one was going to be 9 months - and both required referrals from my GP. Yet, if I wanted to have something cosmetic done, I could have been seen next day. I have searched the OHIP site but little has been posted yet. The news showed the cost of the glaucoma test being $63.00 with OHIP paying the doctors $25.00 - but that must be for the cost of the equipment, because my husband pays over $200 for each test, so I think they need to get the facts straight. Fees to radiologists are being cut back which will affect mammograms (techs do the mammos but they are read by the radiologist so I guess backlog will come into play, and EKGs. Certain heart tests are being cut as well. I know that if you need a lower back X-Ray it will have to be seriously justified by your doctor. Every time I am supposed to have a bone density test (despite confirming day before) I arrive and am told that I can't have it for another year or two - but I am welcome to pay for it. I fully expect to never be able to get one again! According to my pharmacist, retired people post 65 can have their prescriptions covered, but they must take Generic pills. I can't take Generics - it isn't the meds factor, it is the non-medicinal ingredients I am allergic to - as are many others - and many seniors are paying the substantial difference themselves. My husband recently had a discussion with a N.Y. taxi driver who told him how lucky he was to live in Canada where dental, medical and vision (even glasses) are 100% paid for. My husband tried to set him straight - but the guy didn't believe him. I have had the same discussions in the U.S. and people think I am wrong. As if, I live here. My husband's cousin had to travel from Ontario to the Mayo Clinic to be diagosed with ALS (no one saw that one coming). She had been falling down for well over a year and it was going to take her another year to be seen by a specialist - so they paid to go to Mayo - and this was the horrible result. She is 54 years old. I know what the cost was to go to the Mayo Clinic and I think they could have bought a house in Michigan for less. If we need an MRI we can get it much more quickly in the U.S. - but we have to pay for it. Same with tests for prostate cancer etc. Is our health care better than what you have in the U.S. - DEFINITELY. Is it the health care that people think we have - NO. And let's not forget that we pay very high taxes and do not enjoy the many deductions that Americans have. There would have to be some give and take for the Americans to have our plans. Of course people who work for the government or are represented by strong unions (teachers, postal workers etc.) have excellent pension plans and retirement benefits. The average person working in private business does not. That would be us. If we take out private plans such as Blue Cross the costs are high - much like in the U.S. - and coverage is minimal - not to mention that everything seems to be pre-existing. When you read the list I don't think there is anything that the normal person hasn't experienced at least once in their respective lifetime. This is definitely not the time for my husband to be facing retirement - the economy is horrible - here as well - and we have been earning nil on our investment funds. But our banking laws are a lot better! Actually, the mail just arrived - bringing with it a letter from my husband's GP advising of the cost of this year's premium to cover non-insured services - I have the same with my doctor - it is about $100 - $125.00 for individual coverage. I am very happy with his doctor - for the first time they are offer fees for Individuals, COUPLES, or Families. There are many couples such as us who pay for people with several kids etc., yet we do not get one single tax break - period....See MoreMamaP - your husband's FMLA
Comments (0)In case you don't go back to the "Draming of the Speed Queens again" post and see my response to you, I've cut and pasted it here: Employer Coverage FMLA applies to all: public agencies, including State, local and Federal employers, and local education agencies (schools); and, private sector employers who employ 50 or more employees for at least 20 workweeks in the current or preceding calendar year - including joint employers and successors of covered employers. For FMLA purposes, most Federal and Congressional employees are under the jurisdiction of the U.S. Office of Personnel Management (OPM) or the Congress. Employee Eligibility To be eligible for FMLA leave, an employee must work for a covered employer and: have worked for that employer for at least 12 months; and have worked at least 1,250 hours during the 12 months prior to the start of the FMLA leave; and, work at a location where at least 50 employees are employed at the location or within 75 miles of the location. Leave Entitlement A covered employer must grant an eligible employee up to a total of 12 workweeks of unpaid leave in a 12 month period for one or more of the following reasons: for the birth of a son or daughter, and to care for the newborn child; for the placement with the employee of a child for adoption or foster care, and to care for the newly placed child; to care for an immediate family member (spouse, child, or parent — but not a parent "in-law") with a serious health condition; and when the employee is unable to work because of a serious health condition. Leave to care for a newborn child or for a newly placed child must conclude within 12 months after the birth or placement. (See CFR Section 825.201) Here's all the info from the government: U.S. Department of Labor re FMLA...See Moreshaggydogs
8 years ago
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