By Alan Haskvitz
I have been a teacher for 30 years and will lose $800 a month due to the “offset”. If my wife dies first, over $1800 a month.
Being a teacher is a noble calling. Working with children, helping touch the future, seeing a child learn and grow under one’s guidance are all terrific and significant possibilities when you become a teacher. However, if you wish to teach in a public school in much of the United States you can pretty much kiss off those 40 plus Social Security quarters you paid into once you become a teacher or work for the police or fire deparment. By law they may only get one third or less of the benefits they qualify for because they served the public.
They have a fancy name for it, Social Security Government Pension Offset and the Windfall Elimination provision, but what those in power decided was that if you get a public subsidized pension from your employer, you can’t get the full benefits of your Social Security pension. What is even worse for many is that if your spouse is listed as your beneficiary on your public pension, and if he or she qualifies for Social Security, their Social Security benefits will also be impacted. The surviving teacher will not get them.
If you have worked in any occupation and paid in for at least 40 quarters to Social Security there is a real possibility that when you become a teacher you can count on over $1000 a month being deducted from your Social Security for the rest of your life.
Is that what you want for your family?
I highly recommend that you NEVER become a teacher at a public school where this is the reality. All that good feeling and noble deeds could cost you over $12,000 a year. With most teachers retiring with an average of 20 more years to live that means a loss of $120, 000 to $240,000 or more. That is a stiff price to touch the future.
Consider yourself warned, as is required by law.
http://www.webslingerz.com/jhoffman/congress-email.htmlHere is more about the law.
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