Part 1: "I can't really be the only one ---- Can I?"
So yesterday I felt like I was banging my head against a wall while simultaneously wondering if I could REALLY be "the only one..." It's taken me a night of tossing and turning while contemplating this to even be able post.
Background:
- I have been a stay at home parent for the past several years in a major metropolitan area.
- I WANT to go back to work (teaching) because I believe in what I was doing and enjoyed it (yes, despite all the craziness).
- We do not NEED the money from me working. It would be because I want to be a contributing member of society. I like making a difference!
What happened:
I called one of the local schools that has a few open positions to find out about salary details, benefits, and retirement. The answer about salary was reasonable. Ok, ok, it IS poor pay all things considered, but reasonable for what teachers are paid for the area. I really don't care what the pay is exactly. I mean, I want to get paid for my time, but the exact numbers aren't going to make it or break it for me because I'd be taking the job because I want to be teaching. So I move on to other questions for HR -- about benefits and retirement and that's when it happened. The deal breaker...
What is the deal breaker?
That they do not offer ANY type of retirement vehicle besides the normal state retirement.
No 403b, no 457. NOTHING. ZILCH. NADA. ZE-ROOOOOH!
It was like time stopped and it took me probably 20-30 seconds to recover. (Whhhhattt?) Let's just say it was probably good that I was on the phone and not actually sitting in front of the HR person. I think they could probably hear a bit of the shock, but my face would have left no question about how crazy I thought they sounded. So I tried again, I mean, maybe if I tried inquiring in a different way... Maybe they weren't getting what I was asking, right? There has to be someone who wants to be able to save for retirement and has asked this of the employer. (Insert wall / head knocking relationship repeatedly here)
Thought process over the past 24 hours:
So, looking at it objectively. Yes, I get that teachers have small salaries, but I can't imagine that I would be the ONLY ONE (can I really be the only one??) in the school system who would want to save money via a 403b or a 457. What about administrators and other people with larger salaries who might be able to stash some more away for retirement? None of them want to utilize a 403b or a 457? (Not to mention actually being able to save in both -- now there's a thought). There HAS to be someone else, right? Am I seriously the only one??
And here I was thinking that I was going to be able to put away a grand total of 36k (18k in a 403b and 18k in a 457) and then have the 11% put aside for state retirement. Nope. Not even an option. Sigh.
Part 2: And now I've been called a unicorn...
Before getting off the phone with HR I did get the name of a contact that has helped others within the schools with retirement planning. I thought good, I'll just ask the 403b and 457 question one more time with them. It has to be some misunderstanding!
So today I got on the phone with the financial planner. I was told, well yes, there was an option... an IRA. (Insert head/wall relationship here again) "Yes, but there is a significant difference between deferring $5,500 versus deferring $18,000 to $36,000 a year," I thought. I politely explained that I was hoping to save the max in the two accounts and that's when I was told "Oh, you're the unicorn that we've been waiting for."
So not only am I really truly "the only one," but now I have unicorn status as well. Doh!