Announcement

Collapse
No announcement yet.

? for retired teachers.

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    ? for retired teachers.

    Just received the dreaded letter from the IRS about my pension from what little I taught in TX and the SS I draw.

    Being self employed forever and then working to get some SS paid in, I only get a little over $600 per month from SS and a little over $700 from TRS.

    How much are they going to hit me for saying I am double dipping? Any ideas?

    #2
    My SS is supposed to be $1900/mo but projected to be $900+/mo because of TRS. They are crooks, no two ways about it.

    Comment


      #3
      Originally posted by SabineHunter View Post
      My SS is supposed to be $1900/mo but projected to be $900+/mo because of TRS. They are crooks, no two ways about it.
      Why are they crooks? Didnt you know it going into this career choice? Not being an ahole. Just wondering.

      Comment


        #4
        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.

        Comment


          #5
          Career Safd and we didn't pay ss taxes. After I retired I worked enough to be eligible for ss. Due to ss laws concerning government pensions I receive a grand total of $11 but Medicare prt b is paid for.

          Comment


            #6
            I'm in TRS too but don't really know how everything will be calculated between my TRS pension and Social Security. I haven't looked into since I won't retire for another 20yrs or so but here's a place to start:

            Comment


              #7
              Check with a friendly TRS rep.

              I've got 2.5 years left until I'm eligible to retire through TRS...that will put me around 25 years in the system. The light at the end of the tunnel!

              Comment


                #8
                Your ssi will be " adjusted" due to the WEP...basically, you will receive fro 1/3 to slightly less than 1/2 of the ssi your entitled to

                Comment


                  #9
                  Originally posted by Marco View Post
                  Why are they crooks? Didnt you know it going into this career choice? Not being an ahole. Just wondering.
                  I understand your question. First, they passed this law after I became a teacher.
                  Second, what does it matter since I worked enough quarters with enough pay in to get $1900/mo. I earned that and it is mine. Now, because I am getting retirement from TRS, they want to cut THEIR obligation to me in half? If I retired from Kroger, I would get that full amount. That, is why I say they are crooks. I earned the $1900/mo.

                  Comment


                    #10
                    My wife worked as a lunch lady for 20yrs. She worked in restaurants and cafeteria's for many years before that. Her SS and TRS got cut pretty much in half each.

                    Comment


                      #11
                      Originally posted by SabineHunter View Post
                      I understand your question. First, they passed this law after I became a teacher.
                      Second, what does it matter since I worked enough quarters with enough pay in to get $1900/mo. I earned that and it is mine. Now, because I am getting retirement from TRS, they want to cut THEIR obligation to me in half? If I retired from Kroger, I would get that full amount. That, is why I say they are crooks. I earned the $1900/mo.
                      This! My Mom is experiencing the same issue.....complete BS!

                      Comment


                        #12
                        Here is more information to look at:

                        If you will or are expecting to receive a pension based on work not covered by Social Security, our WEP calculator, can tell you how your benefits may be affected.

                        Comment


                          #13
                          Originally posted by SabineHunter View Post
                          I understand your question. First, they passed this law after I became a teacher.
                          Second, what does it matter since I worked enough quarters with enough pay in to get $1900/mo. I earned that and it is mine. Now, because I am getting retirement from TRS, they want to cut THEIR obligation to me in half? If I retired from Kroger, I would get that full amount. That, is why I say they are crooks. I earned the $1900/mo.
                          I'm in the same boat. They changed a lot of the rules after I started teaching. And it is unfair. I earned the SS just like I earned TR. Someone else can work the same amount of time I did putting into SS and get the full SS benefit having never worked a day more than I did. Because I chose to work in another job I get penalized.

                          Originally posted by Goldeneagle View Post
                          My wife worked as a lunch lady for 20yrs. She worked in restaurants and cafeteria's for many years before that. Her SS and TRS got cut pretty much in half each.
                          I'd check this. TR doesn't get cut. You get 2.3% per year times X number of years.


                          I'll retire this year after 20 years as a teacher. My wife and I will retire the same day.
                          Last edited by Kossetx; 01-26-2021, 01:44 PM.

                          Comment


                            #14
                            Originally posted by Marco View Post
                            Why are they crooks? Didnt you know it going into this career choice? Not being an ahole. Just wondering.
                            Texas is a limited number of states that call it a windfall, lol. If you are a full-time teacher your whole career, you went into it knowing that you wouldn't get SS. That said, if you went into teaching, retired, then got another high-paying job where you would get SS benefits, they'll cap you and call it a windfall. Most states don't take away what you have earned and call it windfall elimination, lol.

                            The rules are complex enough that you'll need to schedule with a TRS rep to get a clear number. All of my teaching friends went through alternative teaching certification and had prior careers so they have had some amount (or all) of their prior SS earnings either eliminated or reduced.

                            Comment


                              #15
                              Originally posted by Mudslinger View Post
                              Just received the dreaded letter from the IRS about my pension from what little I taught in TX and the SS I draw.

                              Being self employed forever and then working to get some SS paid in, I only get a little over $600 per month from SS and a little over $700 from TRS.

                              How much are they going to hit me for saying I am double dipping? Any ideas?
                              Are you getting your full SS amount or is that reduced amount because of TR.

                              Comment

                              Working...
                              X