? for retired teachers.

[RR 314]

DANG. Some of you need to read the start of this thread.

NO I did not pay into SS for very long as I was self employed for most of those years. I only paid inot TRS for 8 years as the first 3 years I taught starting in 1975, I took out the pittance I had in TRS thinking I would never teach again. Low and behold after working for myself for many, many years I got back into teachin in 2012 as a TA and then a full time teacher for 5 years. Hence I do not draw much for either, BUT I paid in my share for the time I did.

I am like Sabinehunter, some of you are blowing BS!

I have been self-employed for a long time and pay 15.3% (i.e. as employer and employee) into the Panzi scheme. How did you avoid paying the same all of those years of self-employment?

[Cookiemonster1]

This is my plan so I hope I'm correct! LOL
I plan to retire from TRS in 3 years and at 70 (I should have my 30 years of SS) from a second career and am expecting full SS.

[oktx]

It is my understanding that if you retire from TRS you will have a reduction in your SS benefits even though you have the quarters needed. It is also my understanding that at 20 yrs of putting into SS triggers a sliding scale on that reduction that at 30 years of putting into SS allows you to receive full benefits from SS. Is this correct?

I think this is correct.

[tx_basser]

It is my understanding that if you retire from TRS you will have a reduction in your SS benefits even though you have the quarters needed. It is also my understanding that at 20 yrs of putting into SS triggers a sliding scale on that reduction that at 30 years of putting into SS allows you to receive full benefits from SS. Is this correct?

This is how it was explained to me from a couple of retired teaches who were getting TRS and SS.

[gemini2759]

I don't believe that is correct Gemini. I believe you will get full unless I'm misinformed.

I hope not, but I ran the numbers on the wep calculator and it showed I'll get cut.

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[gemini2759]

That's true cookie, I rounded up to 30. I'm like at 28 years.

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[Cookiemonster1]

Awesome! I have a plan and you guys scared me that I had screwed something up! (Which unfortunately is the norm)

[coachk]

Awesome! I have a plan and you guys scared me that I had screwed something up! (Which unfortunately is the norm)

I got a little scared FOR ya!!!haha Glad it's gonna work out!!

[Ishi&Elvis]

I am in the same boat. Worked all my quarters, get a statement from SS on how much my monthly benefit will be, but when I begin to take my teacher retirement, the SS benefit will be reduced by WEP. This has been discussed as legislation that needs to be undone, but nothing has occurred yet. Police officers and Fireman I think have some of the same issues, but I could be mistaken on that.

[Kossetx]

Yes, sir

So you expect full SS for only working the mininum number of years to qualify. SS only works when you have people working and paying into the system for 30 years. If you only worked 10 years (minimum) then you should get a partial entitlement.

What your not understanding is we get a partial amount of the partial entitlement. Anyone who works any number of years, lets use 10, gets X amount from the SSA. Teachers who worked that same 10 years get X minus some magic number for the amount of time worked. Yes, it is a penalty. I personally paid into SS for 25 years but I will get half of what I would have gotten had I worked 25 years and then not taught. We are being penalized for trying.

[chunkinlead]

Have no idea how it all works. I have been an educator for 8 years but no one has ever really explained to me how it all works.

How long did you teach? I am very likely getting out after this year and I have been debating on whether to take the money out or leave it alone.

I was in your same boat. I got out at the end of last year and my plan was to leave it in for 3 years to make sure that I wasn't going to get back in. I am starting to think I really don't want back in and will move my TRS money into an IRA or something that I can control a little earlier than the originally planned 3 years.