3 Things Teachers Should Know About Social Security

social security and teachers pensionSocial Security is different for teachers. It’s more complicated, and the rules aren’t always fair.

If you’re a teacher, when your turn comes to file for Social Security benefits, you may need to fight for what’s rightfully yours.

This topic comes up in my Social Security classes all the time. One thing is consistently clear from the comments of my attendees: the quality of information regarding the integration of Social Security and teachers’ pensions is very low. In fact, the misinformation is so bad that I sometimes wish these advice-dispensing individuals would just stop!

The Unfortunate Story of Mr. Franks

Here’s a recent example. Before Mr. Franks worked (and subsequently retired) as a teacher in the state of Illinois, he worked for a large telecommunications company. During his 15-year employment at this company he paid Social Security tax and earned the necessary quarters for a Social Security benefit. Throughout his second career as an Illinois teacher, he did not pay Social Security tax. He did, however, retire with a teacher’s pension.

As he was preparing to retire he visited with a financial advisor whom he had seen around the school where he worked. The advisor told him that since he was a teacher, he would not be eligible for any Social Security. Having no good reason to doubt this “advisor,” Mr. Franks retired and started his TRS pension.

It wasn’t until he was 72 years old that he discovered he should have been receiving a Social Security benefit all along. He was livid! I’m pretty sure I’d be upset too.

If you want to avoid this happening to you, there are three things you need to know about Social Security for teachers. Take a look.

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13 Financial Advisor Blogs That I Read Every Week

financial advisor bloggersIf you look around the Internet for long you’ll quickly see that there’s no shortage of personal finance blogs. Sorting through them to find a unique message can be challenging. What makes it more difficult is that many personal finance writers simply don’t have a firm grasp on the subject matter.

When I read an article I want it to be informative and fresh. I want to be able to finish reading and feel that I have either learned something or have been given a fresh perspective on a familiar subject.

After 13 years in the industry, I’m still learning new stuff all the time – probably because I read a lot. But I don’t trust this inflow of information to just anyone. There’s a lot of “fluff” and posers on the Internet.

My List of Must-Read Financial Advisor Blogs

These are the bloggers that I read on a weekly basis. They aren’t just your run-of-the-mill bloggers, either. Everyone on this list is also a practicing financial advisor. They understand their subject from the unique perspective that only someone who works in this field can.

If any of these bloggers put out a new article, I’m usually reading it within a few hours.

Here they are in no particular order.

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Social Security Changes for 2016

Plus FREE Social Security Quick Reference PDF

social security changes for 2016There aren’t many Social Security changes for 2016. However, there are a few exceptions.

Read on for the details of these changes – including what’s not changing – plus be sure to grab my free 2016 Social Security Quick Reference PDF. It will provide you with what you need to know in a jiffy.

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Social Security Class at Texarkana College

Spring 2016


Our First Class of 2016!

Social Security Intelligence

The Class You MUST Attend Before You File For Social Security 

 Social Security class at Texarkana College

Tuesday, February 23rd at 6:30 p.m.

Business & Computer Technology Building

Room: Levi Hall


In this class we’ll discuss:

* How to claim benefits from a prior spouse
* How to cross file with your current spouse
* How to file for one benefit and later switch to another benefit
* How to prioritize your filing decision
* The impact of working in retirement
* The Social Security tax torpedo

At the conclusion, we’ll leave plenty of time for questions.Texarkana_College_logo

How To Register:

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