Should I keep paying into Social Security?

[big_tiger]

I've hit my 40 credits, or whatever. I am also now paying into Teacher Retirement System (TRS). With the governments WEP and GPO I have no idea if I come out better paying both or stop paying into Social Security.

I don't even know what kind of professional to look for to ask this question to. MAYBE the all knowing DFWM could point me in the right direction?

[slow99]

You can stop paying Social Security?

[jakesford]

You can stop paying Social Security?

There are special rules for Teachers and a few others...

[Chili]

You can stop paying Social Security?

There are special rules for Teachers and a few others...

Yep.. Leah's mom just retired with both (she had enough credits before teaching). Leah just does TRS now I believe, but not sure of the pros and cons. Maybe she'll see this thread and offer input.

[A_A_G]

Would be nice if we could all stop paying into this Ponzi scheme

[abecx]

Would be nice if we could all stop paying into this Ponzi scheme

Which one?

[slow99]

Which one?

I'm gonna go out on a limb here and say social security.

[bubbaearl]

you can adjust your ss by paying a higher tax the last few years. a good tax accountant can steer you right. keep in mind it goes by the last years you work . they know you bust ass while young but slow down before retirement. it's not how long you pay but rather what you pay .

[GeorgeG.]

Credits???? Got any links on what this is about? I work for a public charter and we contribute to TRS and not SS. Personally I'm not a fan of it because I know I won't be working for a school forever, which means 20 years from now, I have to remember that I worked here and have retirement funds available.

[The King]

10 years of paying into SS = 40 credits. A minimum of 40 credits are required to draw SS retirement benefits.

[Chuck_Finley]

Dude don't you think that if people were given the choice to contribute to SS, that millions of other people in this country would have opted-out by now? I know I sure as hell would have. People are forced to pay into the system, period. There is a very small percentage of people who work for certain government entities that are exempt from Social Security but of course working at one of these places can sometimes limit your career earning potential.

In 1983 the feds changed a law to prohibit government entities from requesting exemption, so some places still have that exemption in place. The point is if you truly want to stop contributing to SS, you have to go to work at one of these places. Around here locally, I believe Parkland hospital is one place. Contrary to popular belief, not all school districts fall into this category, but I don't have an exhaustive list of who is exempt. Just because they contribute to TRS does not automatically exempt them from Social Security.

You can also read about how a couple of counties in Texas, Galveston county for example, do still have an active exemption and how they provide for their retirement.

[mardyn]

I don't think you can collect SS and TRS together... it's one or the other, or at least that was the case with my Mom who was a teacher for 25 years.

Better check it out before you pay much more into SS.

mardyn

[Chili]

I don't think you can collect SS and TRS together... it's one or the other, or at least that was the case with my Mom who was a teacher for 25 years.

Better check it out before you pay much more into SS.

mardyn

You can if you otherwise qualify for Social Security (by earning 40 credits as mentioned), though the benefits will be reduced:

http://financeforteachers.com/can-i-collect-trs-and-social-security/

Summary: If you are eligible for Social Security benefits based on your own earnings history, you will receive some benefits.

[abecx]

I'm gonna go out on a limb here and say social security.

Thought maybe our eternal ponzi scheme of paying off the federal bank.

[big_tiger]

Dude don't you think that if people were given the choice to contribute to SS, that millions of other people in this country would have opted-out by now? I know I sure as hell would have. People are forced to pay into the system, period. There is a very small percentage of people who work for certain government entities that are exempt from Social Security but of course working at one of these places can sometimes limit your career earning potential.

In 1983 the feds changed a law to prohibit government entities from requesting exemption, so some places still have that exemption in place. The point is if you truly want to stop contributing to SS, you have to go to work at one of these places. Around here locally, I believe Parkland hospital is one place. Contrary to popular belief, not all school districts fall into this category, but I don't have an exhaustive list of who is exempt. Just because they contribute to TRS does not automatically exempt them from Social Security.

You can also read about how a couple of counties in Texas, Galveston county for example, do still have an active exemption and how they provide for their retirement.

Dude I totally have that option. There are teachers that have never even paid into SS. Never had a job before, becoming a teacher, and only pay into TRS.

The place I work out now deducts both from checks, and with SS WEP I cannot "double dip" at 100%.

Should I ask a Tax accountant, or a retirement professional?