At 55, one college bus driver is weighing a tricky resolution that many individuals approaching retirement can relate to: Ought to she persist with a job she enjoys, or change to a brand new one that provides a pension and free medical insurance?
She shared her dilemma in a Reddit discussion board, explaining that the job she’s contemplating affords one thing her present employer would not — a pension.
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“The pension will take me 7 years to change into absolutely vested,” she wrote, including that after 10 years, she’d qualify for a better payout. “That might put me proper at 65, and I might retire with the small pension and [Social Security].”
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The catch? Switching jobs means beginning over. And whereas the brand new job affords a lifetime pension, it additionally requires an extended commute, working summers, and dropping some monetary advantages she at the moment depends upon.
Proper now, she drives a college bus half time. The pay is increased per hour, and the job comes with some perks that aren’t all the time apparent — like unemployment advantages throughout college breaks. She additionally contributes to a 401(okay) and depends on her husband’s medical insurance.
Importantly, she enjoys her present position and is not seeking to depart due to dissatisfaction. “I get pleasure from my job and don’t have anything towards my present employer in any respect,” she stated. “What pulls me towards this different employer is the pension and free medical insurance for me, which suggests the hubby can drop me from his medical insurance plan.”
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The brand new job would nonetheless contain driving a bus, however with just a few key modifications. She’d go from assured four-hour days to six-hour days. Despite the fact that the hourly pay is decrease, the elevated hours might imply a barely increased paycheck total.
The actual draw is the pension and free well being protection. Pensions may be onerous to come back by lately, particularly ones that provide a set month-to-month cost for all times. However to earn that profit, she’d want to remain for at the least seven years. To maximise it, 10 years. That might imply working full time, by way of summers and breaks, till she’s 65.
