Should I keep paying into Social Security?

[Kurtie]

I would start with the TRS Department in Austin.

http://www.trs.state.tx.us/info.jsp?submenu=about&page_id=/about/contacts

Yes, you can collect both once you've met the 40 credit requirements. The issue is you have to do some assumptive forecasting because, I believe, TRS offsets some of the SS benefit and there is a wonkie calculation for survivor benefits on SS for those that are TRS eligible.

https://www.ssa.gov/planners/retire/gpo-wep.html

SS looks at your highest 35 years of income in which you pay into the program, so it maybe worth jumping back on the government gravy train when you get closer to retirement or are in your prime earning years.

[LANTIRN]

I sure as fuck would stop paying into SS today if I could. You'd get a better return on that money by sticking it under the matress than what you'll get from the crooks in D.C. Of course investing in a mutual fund would be better than the mattress.

[GeorgeG.]

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?

Does it look like the total deduction is split between the two? I would hope so but it really doesn't make sense why you're paying into both of them. I don't recall that option where I'm at. It was an automatic type thing to pay into TRS in lieu of SS.

[big_tiger]

They are two separate line items.

[Chuck_Finley]

I sure as fuck would stop paying into SS today if I could. You'd get a better return on that money by sticking it under the matress than what you'll get from the crooks in D.C. Of course investing in a mutual fund would be better than the mattress.

Well since big_tiger has the option to stop paying into SS, his scenario is that instead of contributing to SS, he is contributing somewhere else and that somewhere else is TRS. Most people if they were given the option to stop contributing, they will either hang onto that money or invest someplace else. So its easy for a lot of folks to say 'hell yeah, get out of SS', but when your ONLY option is to now throw that money into TRS, well it may not be an exact science.

TRS isn't exactly in the best financial shape either. If you read up on the state's pension review board web site, there's only a handful of other plans that are worse off than they are.

So for the op, if you are a new hire, you do have the option of signing up for the ORP plan. Have you checked into this?

[big_tiger]

Ive been contributing int o TRS for 3 years now. I just recently received the SS 40 credits notice, and saw them mention WEP.

ORP???

[big_tiger]

Looks like it doesn't matter. http://www.thecb.state.tx.us/files//...August2015.pdf

[LANTIRN]

I really wish we could shut down social security, just completely shut it down, here is the money back you put in, have a nice day. I would even give up that money at this point as a lost government investment if it meant never being forced to pay for it again. Government's job is not to force you to save for retirement. The only thing it has done is give people a false sense of security because if nothing else social security is there and then they spend their last years living check to check with barely enough to eat. My grandmother retired off of the texas school retirement and was pretty much the same situation. Of course most people who end up check to check in retirement are the same ones who live check to check the rest of their lives too, my grandmother included. The government can't force good financial decisions on cititzens, especially when the government spends money just as recklessly as those who get payday loans to pay off payday loans. At the very least make s.s.and all govt retirement programs voluntary; it would likely collapse within a generation that way anyways. What really pisses me off is that s.s. was sold as being voluntary and as an extra safety net to offset other personal plans, then they turned right around and made it mandatory and make it sound like it is a good and safe retirement plan and you see how many people think that now.

[bubbaearl]

so you would rather increase the welfare rolls with people who never paid in ? had lbj not raided the fund it would have been fine .

[bubbaearl]

lbj was the crookedest sob that ever walked . he was the beginning of the end . he screwed the blacks and hispanics then screwed us all with nam . he is why i am no longer a democrat. jfk was the last decent dem president. even though he was a skirt chaser. he damn near started wwlll but he did not back down . THAT is where our nation needs to return to . everybody says they are scared of trump, i hope putin and the rest are terrified of the good hair bastard.

[LANTIRN]

so you would rather increase the welfare rolls with people who never paid in ? had lbj not raided the fund it would have been fine .

Social Security has always been a ponzi scheme and would have never worked. And I want to get rid of all government assistance. People need to take care of themselves. If they can't historically it has been through family or churches or the local community. It is not the government's roll though. I would probably care to donate or help if I wasn't taxed 15 times or whatever the fuck it is I actually get taxed by fed income, state sales, gas tax, car registration, forced social security, property tax, tax on utilities, tax on cell phones, 2 or 3 taxes per hotel room I rent, etc etc etc. I get taxed so much I say fuck it to any donation. Wouldn't be like that if taxes weren't so high and I am not alone there. Get rid of all government assistance.

[Leah]

When I started teaching, I already have the 40 credits into SS and I didn't have the option to continue paying into it with my district so since I started teaching I've only paid into TRS. There are loopholes to allow for collection of both, but they are trying to close every last one of them. My mom retired a year ago and was able to collect both, but I'm uncertain how much longer that will last.

If you already have the credits, it does no good to continue to pay into SS. If you are a teacher currently, ask HR for the person who does retirement or call region XI (or whatever region you're in) and speak with them.