Anyone Married to a teacher w/Pension? Have a SS Question

[Chuckanut]

<snip> I am just compassionate and understanding of people who suffer financial hardship because of confusing and difficult to understand rules. Some states ie Texas comes to mind, pay low pensions, and teachers can get screwed. And I for one hate to see a teacher wind up in poverty after a long career.

+1

Toss in those lousy 403-b providers who charge high fees for sub standard performance, and there is plenty to correct.

 

[Mulligan]

Actually, personally I do not have a huge problem with either WEP or GPO, we are affected by both. I am just compassionate and understanding of people who suffer financial hardship because of confusing and difficult to understand rules. Some states ie Texas comes to mind, pay low pensions, and teachers can get screwed. And I for one hate to see a teacher wind up in poverty after a long career.

Same here. Although my attitude didn't change until I understood "bend points" and reasoning behind it. The only info the teachers association here ever mentions is trying to overturn it because money is being stolen from you. They never educate the rationale behind it all. At least there is a justifiable reason behind it. Though the one part I do not like that probably trips up a few teachers is people who move across state lines from a SS/Pension system, into one that does not contribute. So instead of getting 2 half pensions, they get a half and less from other one because the WEP kicks in.


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[rothlev]

Same here. Although my attitude didn't change until I understood "bend points" and reasoning behind it. The only info the teachers association here ever mentions is trying to overturn it because money is being stolen from you. They never educate the rationale behind it all. At least there is a justifiable reason behind it. Though the one part I do not like that probably trips up a few teachers is people who move across state lines from a SS/Pension system, into one that does not contribute. So instead of getting 2 half pensions, they get a half and less from other one because the WEP kicks in.


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Exactly

 

[steelyman]

Note: FWIW, I am a former career teacher and believe teacher's have some legitimate grips in terms of compensation, but this is not one of them. In regards to retirement, teacher's would be better off working on things like 403B plans with outrageous fees, and poor performing managed funds. Those are the true ripoffs, IMHO.

I was not a teacher in the usual sense, but have similar experiences. I was never given out-of-this-world pay (no six figures), but we are fortunate to have a 403(b) plan with good choices from multiple providers (Fidelity happens to be my choice).

You just have to put away money, and regularly.