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Community Work & Retirement
07-12-2017 04:41 PM
If you are fully vetted in STRS and your retirement will be a "decent" amount... (usually somewhere about 50% of what you were earning as a full time teacher if you have 25 to 30 years in) then your Social Security earnings will be reduced by 75%. It is all confusing, because the amount you earn and the number of quarters in SS determines the amount. I believe you can go to a Social Security Office and present your information ahead of time, and they should be able to give you a reasonable estimate. California teachers are the only ones who cannot receive what everyone else does... if you worked for the Fed's or Per's you can receive your full amount of Social Security. I thought about going back to work to earn more quarters (as I didn't have the minimum) to strengthen my teacher retirement, but after looking at it and doing a little arithmetic... I found it much more profitable to teach part time (a college class or two online...) than work all that time for maybe $107 a month in additional retirement.
07-12-2017 04:31 PM - edited 07-12-2017 04:51 PM
07-12-2017 01:48 PM
I agree. I taught in California and just went to the retirement seminar and was surprised to learn that my SS benefit will be reduced. We are the only ones in this category.
My main concern is that I plan to work in a different field, have not contributed to SS since I was in my mid 20's. My benefit is going to be around $175/mo. without added contributions and I am curious what/how much it will increase/be affected by added contributions.
I believe I will earn about 25,000 annually for another 7 or 8 years. * I retired early from teaching and will delay my payout from State Retirement in order to max it out- thus the need to keep working.
Anyone have an educated guess what my ss payout would be??? thanks
05-01-2017 12:16 PM
Look into the "Extra Help" benefit with Medicare. Depending on your income (mine wwas less than $800) you can qualify to get your Part D premiums paid for and a BIG reduction on your drug costs. Mine are $3.30 for generic and I think, $8.00 for brand names. I got a refund check on a generic that was costing me $104.30. Now it is $3.30!!! Easy to apply, do it online and hear back in less than a month. It is retroactive to time you applied, so hence, the refund. Recycled to medical bills but very welcomed boost.
03-10-2017 09:09 PM
Yep, you are right, kleino, we are just flat broke - but what do numbers matter? !?
We could have a real lockbox for an account for each person that has ever paid a nickel into the SS system with all the numbers of contributions and any earnings but if there is no money anywhere to back it up -'is it really there at all?
In 2016, we collected ( in millions)
we collected from payroll tax contributions . . . . . . . . . 836, 178
we collected from taxes on benefits . . . . . . . . . . . . . . . . 32, 817
we collected from net interest on spec. Treasuries . . . . 88, 356
we collected from Gen. Fund reimbursements . . . . . . . . . . 102
Total income going into SS in 2016 . . . . . . . . . . . . . . . .957, 453
In 2016, we paid out (in millions )
We paid out in benefits paid during 2016 . . . . . . . . . . . 911, 384
we transferred to the railroad retirement . . . . . . . . . . . . . 4, 663
we paid out in administrative cost . . . . . . . . . . . . . . . . . . 6, 229
Total Expenses coming out of SS in 2016 . . . . . . . . . . . 922, 276
So that everybody understands your comment about it paying out more than it is taking in, as the SS Actuaries talk about it, this means that payroll tax contributions do not fully cover the benefits being paid out. Now we are relying upon the other income coming into the program yearly to make up the difference and add a very small amount to the Trust Fund reserve. We use to buy these special treasuries for excessive income into the program to earn interest, but now we have to use this income from these treasuries to meet the benefits.
But again you are right, these are only numbers in a specific account when in reality the U.S. Is surviving off debt. Let's just hope the creditors don't come to collect.
03-10-2017 06:53 PM
You say "paying benefits has taken over just about all of the current collections, so we aren't socking away enough to cover those who are retiring at the current baby boomer rate of 10,000 a day."
This is accurate and in fact, social security has been cash negative since 2011. For some reason (laziness?) people form opinions while taking no time to get the facts. And the facts are, as you state:
The federal government has taken the cash from the social security fund and replaced it with Treasury Securities. However, if Social Security is cash negative (pays out more than it takes in) and the US Government as a whole is cash negative (i.e. budget deficits year after year), my pencil cannot figure where the cash will come from to redeem the Treasury securities. Perhaps we will borrow more from the Chinese, if they are willing to lend.
Larry Klein CPA,retired
03-06-2017 08:33 PM
02-20-2017 08:48 AM - edited 02-20-2017 08:57 AM
After Trump " takes " Iraq's Oil , maybe he will put the profits into our S.S. War Chest !!!
01-28-2017 10:45 AM
Social Security has been robbed by governments and replaced by IOUs. I believe the government owes 1 trillion. Why are we in a bind.
All Social Security funds NOT used to pay current benefits are placed in special treasuries and are paid interest by the government (us) until they have to be used to pay benefits.
That's one of the problems - paying benefits has taken over just about all of the current collections, so we aren't socking away enough to cover those who are retiring at the current baby boomer rate of 10,000 a day.
Social Security benefits have always been paid by those currently working.
But once we had about 16 people working for each person receiving Social Security benefits - now it is down to, I think, about three and is now on its way down to two, then maybe one. Automation is taking its tole here.
01-27-2017 01:50 PM
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