Dealing with Social Security and Teachers Retirement System.

[fletcherfor2]

I don't know if it is still the same. It was a little over 10 years ago when we did this.

My wife was pretty much in the same boat as yours (paid into SS both before and after teaching and paying into TRS for 12 years). She had way over 40 quarters into SS. At that time she could roll over her entire TRS benefit into a Traditional IRA as a lump sum (if she did so prior to turning 55) and then later receive the entire SS benefit at 66. That's what we opted for.

I'd certainly look into it if I were you.

[Shane]

It's definitely a crock on both ends. I see it all the time. If you qualify for full benefits from SS, then you should get them. You should also be able to rollover the entire lump sum from TRS if you want to, but they won't let you have any more than 36 months' worth of checks as a lump sum.

[Goldeneagle]

It's definitely a crock on both ends. I see it all the time. If you qualify for full benefits from SS, then you should get them. You should also be able to rollover the entire lump sum from TRS if you want to, but they won't let you have any more than 36 months' worth of checks as a lump sum.

Yep.

[91cavgt]

This is why I no longer feel guilty about being on Social Security Disability. I'm 38 years old and do not expect SS retirement to be there in another 20 years, so I'm taking an early withdrawal of the money that I deposited.

[jmeghunts]

My FIL is going through this as well. He retired from a fire dept. and they didn't pay into SS. He now get's an adjusted SS benefit, not the full amount (I think it's 60% benefit?)

Please don't shoot the messenger here but I think GW Bush signed this into law years ago.

[DWA]

This conversation scares me. I'm only 33 but worry about this stuff constantly. I don't pay into ss but I pay into railroad retirement. Tier1 and tier 2. I hope since I'll be dealing with the railroad retirement board it will be different butListening to the older guys on the way out it's not and all just a money grab.

[DJM]

My wife and I will both be dealing with it.I've never counted SS towards my retirement any way.

DJ

[DJM]

This conversation scares me. I'm only 33 but worry about this stuff constantly. I don't pay into ss but I pay into railroad retirement. Tier1 and tier 2. I hope since I'll be dealing with the railroad retirement board it will be different butListening to the older guys on the way out it's not and all just a money grab.

You're best bet is to fund a separate retirement yourself,in addition to your RR retirement.

DJ

[Beleg]

I pay into SS every week out of my pay check. If you didn't pay into SS while teaching I don't think its unreasonable to expect a lower SS check at retirement. I have to assume that teachers are aware of the ramifications of not paying into SS for the length of time collecting a check for teaching. It shouldn't be a surprise or your union wasn't keeping you informed.

[fletcherfor2]

You should also be able to rollover the entire lump sum from TRS if you want to, but they won't let you have any more than 36 months' worth of checks as a lump sum.

This was not the case 10 years ago if you rolled over the lump sum into an IRA prior to turning 55. She got the entire lump sum benefit, but like I said earlier; they may have closed that loop hole since then.

[Bumpy]

Yep, penalized for doing the right things in life. Welcome to the new rebuilt USA!

New rebuilt? This is nothing new.

[DJM]

I pay into SS every week out of my pay check. If you didn't pay into SS while teaching I don't think its unreasonable to expect a lower SS check at retirement. I have to assume that teachers are aware of the ramifications of not paying into SS for the length of time collecting a check for teaching. It shouldn't be a surprise or your union wasn't keeping you informed.

It's not just a lower SS check.The amount you do draw from SS is then offset(taken away from)your TRS retirement.So yes you draw both but you don't take home anymore money.What's a union?

DJ

[Pedernal]

Question for those of you that are teachers? My sister is currently taking classes to become a teacher. She is currently 49 years old and believes that a school retirement will offer above average retirement benefits. While I try not to discourage her I have told her to really research the benefits that she will have down the road. Curious if any of you that are teachers would consider starting a teaching career at the age of 52 which is when she will have her degree?

[Heath]

It's not just a lower SS check.The amount you do draw from SS is then offset(taken away from)your TRS retirement.So yes you draw both but you don't take home anymore money.What's a union?

DJ

So you are just getting the money that you should get if you would have been in either SS or TRS the whole time?

I don't think that sounds like a huge injustice. Maybe I am missing something.

[Landrover]

Interesting discussion and information. We have never taught school but have poured GOBS of cash into SS system for over 20 years. I have stated this before multiple times on TBH I don't want nor expect a safety net in the game of LIFE, especially one managed by hypocrites
........."if the government would be willing to let me cash out of the system and be 100% responsible for my old age I would take that deal today!"
I have also noted on multiple occasions on TBH........"the government can literally keep every hard earned dime we have put in social security over 20+ years plus make us responsible for our own old age if we are exempt moving forward from the IRS. We would still participate in local & state taxes as they apply. We would accept this deal today!"