The Teacher Retirement System

[dogcatcher]

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.

There are provision that can help you, can't remember what it is called, but if you had substantial sustained SS covered employment the offset will be considerably less. You need to get an appointment with SS and actually sit down with a Social Security rep and get this explained in more detail.

[DRT]

I don't care who you are, if your salary was cut 25% tomorrow, it would hurt your lifestyle.

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[jmeghunts]

IDK right now, could look it up tomorrow. Why, what's your point?

Well it's like this. If a fella didn't contribute full time over the years to SS then why should he get paid like he did? I know a man that did 30 years at a fire department and their retirement system was independent, their own fund that only the firemen contributed to. Those same firemen got out of SS in the 70's. He paid the minimum amount of quarters doing his 24 on/48 off schedule to get a SS check but he fell under the same law that got you. So, he contributed the bare minimum but got all upset when he was only given the minimum in return. That seem accurate? Or have you paid in a whole bunch of money over the years like someone that does out of a full time paycheck year after year? That was my reason for asking.

[rvd]

I don't care who you are, if your salary was cut 25% tomorrow, it would hurt your lifestyle.

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I’m not trying to be obtuse but her salary won’t be cut 25%, she will no longer work yet will still receive 75% of what she earned teaching. That is not a bad deal in 2020 and FWIW My wife is a teacher and I was in education for many years myself and will one day draw from TRS too.

[Ungawa]

Count your blessings. I have been putting no less than 10% in 401k and for the last 10 years 20 plus % in and will never even come close to 70% of my pay. Been contributing for 27 years. Plus I will not be able to Retire until my mid 60’s. Not to mention I have and will never inherit anything of any real value from anyone.

[jmeghunts]

I don't care who you are, if your salary was cut 25% tomorrow, it would hurt your lifestyle.

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I’m not trying to be obtuse but her salary won’t be cut 25%, she will no longer work yet will still receive 75% of what she earned teaching. That is not a bad deal in 2020 and FWIW My wife is a teacher and I was in education for many years myself and will one day draw from TRS too.

And it aint getting cut "tomorrow". You got time to plan and get yourself right before taking that step. With two incomes and no debt you should be fine.

[DRT]

I’m not trying to be obtuse but her salary won’t be cut 25%, she will no longer work yet will still receive 75% of what she earned teaching. That is not a bad deal in 2020 and FWIW My wife is a teacher and I was in education for many years myself and will one day draw from TRS too.

If you are making 60K and you retired and your income is now 45K, yeah, that's a cut in your income.
How do you make that up? You go back to work till you die.

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[DRT]

And it aint getting cut "tomorrow". You got time to plan and get yourself right before taking that step. With two incomes and no debt you should be fine.

Oh we will. I'm just spoiled with mine honestly.
And I still work. Go figure.

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[Cullstuff]

Information about the windfall elimination provision:

https://www.ssa.gov/pubs/EN-05-10045.pdf

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[rvd]

If you are making 60K and you retired and your income is now 45K, yeah, that's a cut in your income.
How do you make that up? You go back to work till you die.

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I didn’t say it wasn’t a cut in income, I said salary. She’s trading working 60+ hours a week for 25% of her income. Expenses are discretionary, choose wisely

[DRT]

To me the wise decision is to leave the public sector now and work 10 years building a second salary and retirement.
But when i die she'll collect 75% of my retirement for the remaining of her lifetime so i guess she'll do fine if I die soon.[emoji45]

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[Throwin Darts]

You’re complaining about your wife getting paid 76% of her working salary if she were to not work? Ooooook


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[DRT]

But let's be honest, my family is better off than many.
Blessed by God and a smart woman managing her husband's spending.[emoji846]

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[rvd]

To me the wise decision is to leave the public sector now and work 10 years building a second salary and retirement.
But when i die she'll collect 75% of my retirement for the remaining of her lifetime so i guess she'll do fine if I die soon.[emoji45]

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Maybe. Nobody in the private sector is building a guaranteed annuity like you and your wife are fortunate to have.

[DRT]

Maybe. Nobody in the private sector is building a guaranteed annuity like you and your wife are fortunate to have.

Maybe but pay a bunch of that into good investments and . . .

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