OT: Property tax relief coming for those over 65
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The point is millennials have fought two wars, one of which, minimally, never should have happened, and overwhelmingly because they were sold a bill of goods on their education which now some people want to yank,
is your calculation based on straight contributions or what those contributions would be worth had they been invested at say 7% annual returns tax deferred? Just wondering.
If SS was invested even in a very conservative way, there would be no problem with the program. And benefits would likely be higher.
Sorry to hear that. I wonder if this pending crisis will be the driver of regionalization. I guess my hope for more men in the field is unlikely too.
I retired from a long business career and now enjoy working as a HS para-teacher. I’ve seen it all - the good and the bad - and seen it from every angle - as a resident/taxpayer, as a parent and neighbor, as a “teacher”.
My district loses some teachers to better opportunities and fills open positions with applicants who are moving up from less attractive teaching jobs. But we don’t have a shortage of qualified applicants. That’s a familiar story I hear often.
Are teachers lining up to go work in the Newark , Paterson or Trenton school districts?
Of course not
My hope is that someday our state realizes we don't need a million different districts. I look at places like Bound Brook and South Bound Brook, for instance. Absolutely no need for 2 sets of administrators. SBB has one K-8 school. They could easily be absorbed. This is true everywhere. We could eliminate 50% of upper admin salaries very easily.
Was at a neighbors house last year. One of their friends teacher in freehold regional district (well paid district) was complaining about losing one of his planning periods. He had 2 planning periods per day. In what he said was a 6 period day. Not counting lunch. So in a 7 period day he was without students for 40% of his day. He also said that 2 was the norm. I found that hard to believe.
The NJ Pension funding formula and social security have a very similar funding formula yet you claim social security pays to little and the pension pays to much.
I can't speak to your district, but I can speak for the two I'm directly involved with. Both are struggling to fill positions. Paras and subs are even more difficult to find (another major stressed for teachers, btw).
This is not the norm. But if teaching is done right, teachers are working harder during prep periods than they are during instructional time. Prepping, grading, giving feedback, and contacting parents are very demanding tasks that (again, if done right) require a ton of time.
Volunteered.
By choice.
No one was drafted or forced.
THAT’s the point.
And thank you to all who have done this for us…
Was at a party last week my nephew was having on the beach in Manasquan. One of his friends is just finishing up OCS for the Marines. He, who is from Sea Girt, was there with five other guys in his class. 3 (like my nephew’s friend) went to Stevens.
They chose to serve. None of them had to do this or needed to do it to pay any bill. It was their own decisions.
God Bless them all.
SS retirement benefits don’t include health care. You love to avoid that item in NJ costs. Also, NJ pensions can be gamed and only use that last few years of salaries for calculations. SS uses 35 years and comes with a hard cap on benefits. Not similar at all.
First of all, you say that 80% are "affected," and that $216K is their median income. You don't say what you mean by "affected." Evidently you mean their taxes are affected in one way or. another -- up or down. (You must mean by that because you say that 30% would have an increase in taxes.) If that's what you mean, then the 80% figure is meaningless. Even if the 80% figure means more than that, it has no significance. 216K is, I take it, a median, although you don't specify. That means that 50% are above $216K. That 50% includes people making a heck of a lot more than $216K, e.g, a million. By definition, a deduction helps those with the most to deduct. The people with the most to deduct in state and local taxes are, naturally the richest. Having an unlimited SALT deduction helps the rich the most.https://itep.org/not-worth-its-salt...whelmingly-benefits-wealthy-white-households/
Edit: keep in mind that limiting the SALT deduction was part of a package that cut tax rates for everyone. If limiting the SALT deduction raised taxes for 30% of New Jerseyans, then it must have help reduce taxes for the other 70% -- who were not as rich as the 30% who saw their taxes increase.
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Pension age is now 65 and you now contribute to retirement healthcare
How much more do you think social security should pay because I bet that number is higher than the pension someone with 40 years receives
Thanks you Christie and Sweeney for ending the bank robbery of NJ taxpayers. The system is still way too generous, but improved. It would be a good idea to mandate such changes for people in the old system but before retirement.
I think SS should be controlled by participants and able to invest the money as they see fit. So the payout will vary.
Are the investment philosophies the same? Going back a few decades the SS trust fund was invested in government bonds that carried a lower interest rate than 20 & 30 year Treasuries paid. I don't think NJ did the same.
Salaries there aren’t the biggest issue. Newark starting salary is 20% higher than my town. Patterson 15% higher. Trenton is about the same. My town is expensive to live in and doesn’t have a teacher shortage.
It makes sense to limit SALT, but 10K was set way too low. Should be around twice that and indexed to inflation.
Bad idea. SS is primarily a safety net program. Do you want the large contingent of seniors who lack investing acumen or discipline to be eating cat food in retirement?
I mean I'll say out loud what people are skirting around when it comes to teachers, and this is information coming directly from 2 of my close friends, both under 35, both with Masters degree's in education, both of whome have left the profession....
It's the Parents! Plain and simple. Just turn on the news and watch as parents are taking over school boards turning schools into political battlegrounds, public school teachers don't wanna deal with it anymore. Point Blank.
So the young ones who still have time to make a career out of doing something else are leaving, the ones who are old enough to collect their pension are retiring at the first available opportunity and never looking back, and schools are now composed of teachers who are 15-20 years in and have to stay to collect their pensions, with no one their to replace them.
There's nothing wrong with parents being involved in their kids schools, however parents nowadays are trying to tell teachers how to do their jobs, and teachers frankly aren't putting up with it anymore. This isn't hard to figure out
Since SS is a pay-as-you-go system and not a retirement investment fund, are you proposing that all current payments go into investments for future retirees? Or that contribution rates double to provide for current recipients while also building a fund to fully cover future payouts?
Parents today are only getting involved to ask the public school teachers to teach reading, writing and arithmetic. That's why so many are sending to private schools. again.
Correction - SS is a pay as you go system that ran a huge surplus for decades that was stolen by Congress and wasted. I propose cutting current spending to recoup the surplus that now can be invested as individual participants see fit. Good? :)
God bless private schools.
Too much is made of young teachers changing careers. It happens in all occupations that people learn that they just don’t like what they are doing and make career changes. I‘d bet that teachers change careers at LOWER rates than other college graduates.
The private sector is pretty welcoming of teachers making career changes. On the other hand, public school educators make it VERY difficult for educated professionals to career change INTO teaching. To address teacher shortages states are today recognizing that they need to adapt and make changes to welcome professionals into teaching.
you can call it what you want and justify it how you like. I'm not interested in the politics of it all, you can debate that until your head falls off, I do not care. I care about the results, just the results. At the end of the day the RESULTS are there is a major teacher shortage that's only getting worse. So while yes I get where you're coming from and your perspective, just understand that THAT perspective is WHY teachers are leaving... whether you agree with the rationale or not is irrelevant, the results are the results. And yeah while it might be fun to watch on the news and youtube angry parents screaming at school boards and electing new ones, they aren't considering the impact that is having on the new generation of Job seakers.
This also isn't just teachers, it's really anyone who works with youth that are leaving in droves as the parents are becoming unbearable. Little league programs are at the point that they are hiring 13 year olds to umpire games because adult ref's and umpires are leaving in DROVES. They don't want to put up with parents' BS.
As I said initially, I'll say the part everyone is skirting around out loud
that require the same level of specified higher education (masters degree in Education) absolutely not. People do not get their masters degree in Engineering, become an engineer and 3 years later quit the way teachers do today.
There is a VERY real problem with teachers shortages, brought on by over the top parents who want to tell them how to do their job. You can argue it all you want while your kids are suffering in classrooms with a 30:1 staff ratio.
Actually it should change with filing status. Keep it at 10k for single filers, 15k for head of household and 20k for joint filers.
Agreed with much of what you say in this post. Come from a finance background. I can’t tell you how many people that didn’t finish the 2 year initial contract window. Many people change career paths for all kinds of reasons. I had no problem interviewing or hiring people that made career changes. Hired athletes, teachers, accountants, lawyers, doctors etc…. But I can tell you I had to make calls and write numerous letters over the years for people attempting to enter the teaching profession. People that had no problem teaching adjunct courses in the graduate level couldn’t sniff opportunities at the high school level. If things are so hard to attract actual candidates with teachers certificates maybe it’s time to seek people that want to teach with real world experience.
The thought of a 22 year olds making that decision for a lifetime is a recipe for disaster. In particular because only 10% have the knowledge at that age. And it realistically never rises above 25%. And if it's squandered by a large number of people you KNOW there will be a government bailout.
1. The average teaching career lasts less than 3 years. That's insane to me.
2. As a parent, I really don't want them to make it easier to transition into teaching. Teaching is an art. I want only the best teaching our kids.
It IS a retirement investment fund, at least it's supposed to be. What it does NOT have is individual accounts.
You can easily set conservative guardrails. Say the most aggressive investment option is the S&P 500 index. Not complicated.
I just got my package today on my front porch. It says "Do not open until 2026". I hope dementia doesn't set in and I remember where I stored it. Or worse, the check bounces. $$$$
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