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Re: Is your retirement check worth it?
Posted by Cal-Kid on 7/21/08
On 7/18/08, aggie'swife wrote:
> Do to the GPO/WEP legislation, is your retirement check
> worth the potential loss of your spouse's social security
check?
>
> If you had it to do over again, would you still retire as a
> teacher, or would you have taken the money out, invested it
> in something else, and taken social security?
>
> Thanks for any and all comments.
No way! Social Security in California is mute for teachers.
Social Security would not even come close to being equal to
Cal-STRS for career teachers with 30 years of service and age
60.
Plus if you took your money out of STRS and invested it you
would lose the district contribution and all that compounding
over your career. STRS is very valuable.
That being said those individuals who worked for 20 years and
paid SS and then decided to become a teacher and work another
15- 20 years are part of the windfall penalty with Social
Security. They will see a reduction in SS benefits or get
none at all depending on how much money they get from STRS.
I have found that my 403-B will more than equal any Social
Security income I would have received by paying into that
system.
Career teachers do just fine in California it is the short
timers who get less or none from SS. SS was removed by the
state legislature years ago as a way for school districts to
save money by not having the districts have to pay into the
account for teachers. However classified employees (Cal-PERS)
still pay into SS and PERS. So in my opinion teachers got the
bad end of this deal.
Again career teachers are fine compared to those who jumped
on the band wagon late will have to have personal
investments, 403-B, 457, or work 30 years to have a good
retirement.
Posts on this thread, including this one
- Is your retirement check worth it?, 7/18/08, by aggie'swife.
- Re: Is your retirement check worth it?, 7/18/08, by artaz.
- Re: Is your retirement check worth it?, 7/18/08, by ML.
- Re: Is your retirement check worth it?, 7/18/08, by ML to artaz.
- Re: Is your retirement check worth it?, 7/19/08, by Babs.
- Re: Is your retirement check worth it?, 7/19/08, by ML.
- Re: Is your retirement check worth it?, 7/19/08, by mrso.
- Re: Is your retirement check worth it?, 7/19/08, by ML.
- Re: Is your retirement check worth it?, 7/20/08, by hg.
- Re: Is your retirement check worth it?, 7/20/08, by hg.
- Re: Is your retirement check worth it?, 7/20/08, by ML.
- Re: Is your retirement check worth it?, 7/20/08, by Retired Teacher, The First.
- Re: Is your retirement check worth it? RT1, 7/20/08, by ML.
- Re: Is your retirement check worth it?, 7/20/08, by Sunset/D.
- Re: Is your retirement check worth it? RT1, 7/20/08, by hg.
- Re: Is your retirement check worth it?, 7/21/08, by Cal-Kid.
- Re: Is your retirement check worth it?, 7/21/08, by ML.
- Re: Is your retirement check worth it?, 7/22/08, by aggie'swife.
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