The Teacher Retirement System

[lovetohunt]

Yep..And if she draws any SS from another job she had, they will dock the SS! Say you are double dipping!

Unless you are in TRS and also paying SS from that job. If that is the case then no you are not double dipping

[Shane]

I'm in a city pension and been saying for years that even government defined pensions will go away. They are continually whittling away at them. I'm done in a year and will do ok but they young guys better count on other investments

The private sector got rid of pensions decades ago. Very few companies still have them. Anyone that has a pension should consider themselves fortunate. He/she should also contribute to a defined contribution plan (401k, 403b, Traditional/Roth IRA, etc.) in order to save money to supplement the pension - ESPECIALLY if the teacher works for a district that doesn't pay into Social Security (most don't).

[6.5 shooter]

TRS is a great pension, but it’s smart to have other investments.

[lmartin5]

The private sector got rid of pensions decades ago. Very few companies still have them. Anyone that has a pension should consider themselves fortunate. He/she should also contribute to a defined contribution plan (401k, 403b, Traditional/Roth IRA, etc.) in order to save money to supplement the pension - ESPECIALLY if the teacher works for a district that doesn't pay into Social Security (most don't).

This...1,000%!


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[jmeghunts]

The private sector got rid of pensions decades ago. Very few companies still have them. Anyone that has a pension should consider themselves fortunate. He/she should also contribute to a defined contribution plan (401k, 403b, Traditional/Roth IRA, etc.) in order to save money to supplement the pension - ESPECIALLY if the teacher works for a district that doesn't pay into Social Security (most don't).

Exactly. I have a 457 plan and my wife has an IRA.

[Pope]

How much time off do
Teachers get? Mmm k...

If you think of it in days, a lot. If the question is time, not much. I’m required to be on campus 55hrs a week 38 weeks a year. 55x38=2,090hrs annually. 2,090/40hr typical work week is 52.25 weeks. I also have to plan, set up labs, keep inventory of supplies and grade. This usually takes 10hrs a week and is done from home. So, 38x65=2,470 annual hours. 2,470/40hr week is 61.75 weeks. There are only 52 weeks in a year.
I just finished planning the next two weeks. I’m in hell teaching virtually.

[Johnny Dangerr]

Talked today with my best buddie about how his in laws were living on $1500.00 a month. Be thrilled you are getting something...............

[SabineHunter]

Yep..And if she draws any SS from another job she had, they will dock the SS! Say you are double dipping!

This is my big gripe. I have my 40+ quarters in SS and I would be eligible for $1900 month but because I am retiring with TRS, they cut me down to $963/month. Frigging crooks.

[jmeghunts]

This is my big gripe. I have my 40+ quarters in SS and I would be eligible for $1900 month but because I am retiring with TRS, they cut me down to $963/month. Frigging crooks.

How much money did you contribute to SS over the years? Got a total?

[kae006]

Sucks.
Just looked at my wife's numbers. After 33 years completed she would only get 76% of her high 5 years average. Each additional year she can only gain 2.3%. So she would have to teach another 11 years to get what her high 5 salary average is now.
It's no wonder so few young people want to be or stay at teaching.

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Ummmm....what exactly do you think it should be? And where do you want the extra funds to come from? TRS should just be one leg of the retirement stool your wife plans to live off of in retirement.

[MikeyG]

This is my big gripe. I have my 40+ quarters in SS and I would be eligible for $1900 month but because I am retiring with TRS, they cut me down to $963/month. Frigging crooks.

Windfall Elimination Provision. Wait til you learn about Government Pension Offset for your spouse.


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[oktx]

How much time off do
Teachers get? Mmm k...

You know they don’t get paid for those days off, right?

[rvd]

Sucks.
Just looked at my wife's numbers. After 33 years completed she would only get 76% of her high 5 years average. Each additional year she can only gain 2.3%. So she would have to teach another 11 years to get what her high 5 salary average is now.
It's no wonder so few young people want to be or stay at teaching.

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76% of her best five years to not work and only pay about $200 a month for health insurance, yeah that’s terrible

[GA Bowhunter]

My only gripe is that once you are in it they shouldn't be able to change the rules.

Agreed.

I believe there should be no public pensions though(going forward, folks already in are grandfather). They are not sustainable.

A 76% pension is awesome IMO.

[asu-indian]

Heck my wife retired, sat out for a year and went back to teaching. She's now drawing retirement and salary.