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Teaching
Posted on 12/20/14 at 6:12 am
Posted on 12/20/14 at 6:12 am
I am changing careers and plan to teach in Louisiana. I have paid into social security for 30 years ... will I lose this when I start to teach since LA has it's own retirement plan ?
3
Posted on 12/20/14 at 6:49 am to sw0099
No you will not lose social security because 30 years of work paying gets you 100 percent.
You won't get as much from the teacher's retirement plan.
You won't get as much from the teacher's retirement plan.
Posted on 12/20/14 at 7:33 am to sw0099
Go read about Government Pension Offset and Windfall Elimination Provision. These are two rules which can reduce your SS benefits. Depending on the exact facts they may or may not apply to you.
Posted on 12/20/14 at 8:47 am to sw0099
Your SS payments will be reduced depending on how much you get from TRSL. If you retire from teaching after age 60, you get 2.5% of the average of your 5 highest pay years times the number of years you work. If you are making the career change later in life, your teacher's retirement probably won't be enough to reduce your SS much.
If someone teaches 35 years and works a second job paying into SS, they will probably lose all of their SS to the windfall provision.
If someone teaches 35 years and works a second job paying into SS, they will probably lose all of their SS to the windfall provision.
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