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  #1  
Old 12-14-2017, 7:18 AM
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Default Advice about retirement

I am currently a dispatcher and I have 11 years on with CalPERS in a 3% at 60 plan. I am in backgrounds to become a Coroner Investigator with my local sheriff's office but despite their peace officer status they are not considered "safety" for the purposes of their retirement and their retirement association provides for a dismal 1.65% at 65 years. The county will match an employee's 401K contributions up to 6%.

As I am only 29 I have a lot of years left until I can even think about retirement but I am struggling with the idea of giving up that which I've already invested over a decade of my life into. I currently have seniority and familiarity with my job and I am confident with my abilities, I'm just bored and don't want to do this 'til I'm 60.

I haven't received an offer yet, but I do think I would be happier with the Coroner's office, as I would be out in the field and would not be chained to a desk with people screaming at me on the phone all day. Conducting investigations and interacting with the public in a different way, in person, is much more appealing to me. The hourly pay will be better than what I make now, even if I have to do it a little longer and will ultimately get paid a little less when I retire.

I've talked to a few friends about this and they have conflicting opinions. I guess the bottom line is what is more important? Being happy and interested in your work, or being comfortable in your retirement even if it is decades away?
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Old 12-14-2017, 7:25 AM
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Be happy. Your retirement will carry over to the county as long as they are on calpers also. I recommend attending a calpers retirement conference. They have them all the time. You should get all your questions answered there.



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Old 12-14-2017, 7:33 AM
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Old 12-14-2017, 7:35 AM
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Quote:
Originally Posted by bk23103 View Post
I am currently a dispatcher and I have 11 years on with CalPERS in a 3% at 60 plan. I am in backgrounds to become a Coroner Investigator with my local sheriff's office but despite their peace officer status they are not considered "safety" for the purposes of their retirement and their retirement association provides for a dismal 1.65% at 65 years. The county will match an employee's 401K contributions up to 6%.

As I am only 29 I have a lot of years left until I can even think about retirement but I am struggling with the idea of giving up that which I've already invested over a decade of my life into. I currently have seniority and familiarity with my job and I am confident with my abilities, I'm just bored and don't want to do this 'til I'm 60.

I haven't received an offer yet, but I do think I would be happier with the Coroner's office, as I would be out in the field and would not be chained to a desk with people screaming at me on the phone all day. Conducting investigations and interacting with the public in a different way, in person, is much more appealing to me. The hourly pay will be better than what I make now, even if I have to do it a little longer and will ultimately get paid a little less when I retire.

I've talked to a few friends about this and they have conflicting opinions. I guess the bottom line is what is more important? Being happy and interested in your work, or being comfortable in your retirement even if it is decades away?
Ever thought about becoming a Deputy instead? You will get to keep all your retirement status and might be able to retire at 50 or 57 years old depending on their contract.
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Old 12-14-2017, 7:44 AM
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+1 on deputy dog...
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Old 12-14-2017, 8:44 AM
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Originally Posted by bk23103 View Post
The hourly pay will be better than what I make now, even if I have to do it a little longer and will ultimately get paid a little less when I retire.
Do what will make you happy, and if you have higher take home but lower retirement, nothing prevents you from investing a portion of your take-home pay in your own retirement plan. I take a couple hundred a month from my take home and put it in to a private retirement plan.
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Old 12-14-2017, 8:54 AM
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IMO, if you think you'll be happier doing the Coroner gig then do it. If you are living ok on your current salary and the coroner gig would be a pay raise, max out the 401K contribution. My fear would be that in the "decades" until you retire PERS will be bankrupt because of their poor management and you'll be left with nothing.
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Old 12-14-2017, 9:08 AM
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IMO, if you think you'll be happier doing the Coroner gig then do it. If you are living ok on your current salary and the coroner gig would be a pay raise, max out the 401K contribution. My fear would be that in the "decades" until you retire PERS will be bankrupt because of their poor management and you'll be left with nothing.
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Be happy. retirement will carry over to the county as long as they are on calpers also. I recommend attending a calpers retirement conference. They have them all the time. You should get all your questions answered there.
That's a great point on CalPers. If the Coroners manages its
Own retirement its much safer. Also do they have time on the job step raises. Last thing, as a LEO for a large Sheriffs Department I have seen burn out in that job a lot. Can you move around or up?

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Old 12-14-2017, 12:54 PM
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Your retirement will carry over to the county as long as they are on calpers also.
I thought so too, but it turns out this is one of only a handful of counties mentioned specifically in the Government Code which is NOT a part of CalPERS and does not allow for reciprocity. You can go from this agency to CalPERS but not the other way around.

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Ever thought about becoming a Deputy instead? You will get to keep all your retirement status and might be able to retire at 50 or 57 years old depending on their contract.
Considered it, but I have a medical thing that disqualifies me from being a regular cop. No such disqualification (that I've discovered yet) applies for this position.

I'm told that I can "freeze" my CalPERS until I retire with this county retirement association (theoretically at 65), and then collect from both systems simultaneously which will only equate to like $3300 a month versus the $4300 a month I would make if I stuck around where I'm at, and CalPERS doesn't self-implode in the next 31 years.
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Old 12-14-2017, 2:08 PM
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If you get the other job could you withdraw the PERS $$$ and reinvest it in a different retirement account without penalty? I'm the Retirement Act of 1937 and I would be concerned about PERS going belly up.
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Old 12-14-2017, 3:35 PM
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If you get the other job could you withdraw the PERS $$$ and reinvest it in a different retirement account without penalty? I'm the Retirement Act of 1937 and I would be concerned about PERS going belly up.
The retirement act of 1937 sure has treated me fine. Glad I wasn't calpers.
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Old 12-14-2017, 6:01 PM
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The retirement act of 1937 sure has treated me fine. Glad I wasn't calpers.
You have that right. My retirement system is solvent for decades upon decades in the future. I'd be scared to death about having a PERS retirement.
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Old 12-14-2017, 9:09 PM
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Just make sure you like the Coroner's job first. Day in day out dealing with dead bodies and going to a crime scene at all hours may not be an ideal job for someone.
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Old 12-14-2017, 9:25 PM
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I would stick with the current gig and keep looking for another Coroner job that has a better retirement option. There are so many out there.
OR negotiate with the new employer and tell them you want to keep the current PERS formula. If they want you, they will accommodate you.
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Old 12-14-2017, 9:47 PM
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I would stick with the current gig and keep looking for another Coroner job that has a better retirement option. There are so many out there.
OR negotiate with the new employer and tell them you want to keep the current PERS formula. If they want you, they will accommodate you.
I'm sure the bargaining unit that represents the Coroners office would love that.
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Old 12-15-2017, 9:59 AM
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^Exactly.
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Old 12-15-2017, 11:05 AM
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I would stick with the current gig and keep looking for another Coroner job that has a better retirement option. There are so many out there.
OR negotiate with the new employer and tell them you want to keep the current PERS formula. If they want you, they will accommodate you.
Where in the world did you come up with this nonsense? It simply doesn't work like that in public safety retirement systems. The Coroner's agency already has a retirement system in place and they do not make exceptions.
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Old 12-15-2017, 11:47 AM
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If you get the other job could you withdraw the PERS $$$ and reinvest it in a different retirement account without penalty?.
I just did this for a client of mine, she was out of PERS and no intention of going back to that line of work inthe future.

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Old 12-15-2017, 12:14 PM
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So many people don’t realize just how important retirement income is. To the OP, no matter what career path you choose, you should ALWAYS ALWAYS ALWAYS plan to start a supplementary “retirement plan” IMMEDIATELY by investing a portion of your income every single month. Keep it SEPERATE from an ordinary bank “savings account.” Don’t solely rely on your employer’s retirement plan to carry you through retirement! Over the years I’ve ingrained this philosophy into my kid’s brains since they were in grade school and I continue to “preach” this belief to this day. Just contribute what you can afford, even if it’s a small amount. When you get a raise, give your supplemental contribution a raise as well. My kids started their very first Roth IRA when they got their first minimum wage jobs. They carry that retirement plan with them now and don’t even think about it. A portion of each check goes straight into that account. I tell them that when they’re 60-ish, they will thank their long gone pops for the advice.

It could be a “deferred compensation” plan, a Roth IRA, mutual funds, precious metals or whatever. But start it and never ever ever touch it until retirement. Don’t use it to buy a car, pay off debt or as a down payment of a house.

As Ron Popeil used to say about his “Ronco Ovens” he’d sell on TV infomercials.....

Just “SET IT AND FORGET IT!”
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Old 12-15-2017, 11:57 PM
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Originally Posted by TrailerparkTrash View Post
So many people don’t realize just how important retirement income is. To the OP, no matter what career path you choose, you should ALWAYS ALWAYS ALWAYS plan to start a supplementary “retirement plan” IMMEDIATELY by investing a portion of your income every single month. Keep it SEPERATE from an ordinary bank “savings account.” Don’t solely rely on your employer’s retirement plan to carry you through retirement! Over the years I’ve ingrained this philosophy into my kid’s brains since they were in grade school and I continue to “preach” this belief to this day. Just contribute what you can afford, even if it’s a small amount. When you get a raise, give your supplemental contribution a raise as well. My kids started their very first Roth IRA when they got their first minimum wage jobs. They carry that retirement plan with them now and don’t even think about it. A portion of each check goes straight into that account. I tell them that when they’re 60-ish, they will thank their long gone pops for the advice.

It could be a “deferred compensation” plan, a Roth IRA, mutual funds, precious metals or whatever. But start it and never ever ever touch it until retirement. Don’t use it to buy a car, pay off debt or as a down payment of a house.

As Ron Popeil used to say about his “Ronco Ovens” he’d sell on TV infomercials.....

Just “SET IT AND FORGET IT!”


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  #21  
Old 12-21-2017, 10:32 PM
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I'm sure the bargaining unit that represents the Coroners office would love that.
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Originally Posted by yzernie View Post
Where in the world did you come up with this nonsense? It simply doesn't work like that in public safety retirement systems. The Coroner's agency already has a retirement system in place and they do not make exceptions.
I have done it as a Firefighter in So Cal at the time of job offer. I know Nurses that have also done it. Depending on the agency, you can bargain pay steps and ask to do other things. Now as someone working in the Coroner Investigators office, those people are had to find and deals can be made, depending on how bad they want you.
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