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Explainer: Teacher Pensions and Social Security Coverage
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- Опубліковано 12 жов 2017
- You may know that not all workers in the United States are covered by Social Security. But did you know one of the largest groups of uncovered workers is teachers? To learn more, and to find out if teachers are covered in your state, visit our website at: www.teacherpen...
In Kentucky the average teacher's retirement annuity is $41,000 dollars. The average social security benefit is $15,000 dollars annually. This video is a lesson in Data Cherry Picking 101.
Looks like you are cherry picking as well. The video did not specify Kentucky. There are people that do live outside of Kentucky. The information is general data to start to understand he WIP.
@@fdiaz4292 - I find it interesting that none of these retirement organizations are asking states to collect FICA and join SS. They all seem to make SS the boogeyman. Additionally, there are so many folks wishing they could avoid paying FICA and invest themselves; this is a group that is complaining that gets to do exactly that.
never knew this existed. I worked in private industry before teaching so I qualify for both SS and teacher pension having taught public ed for 18 years. Never thought about teachers not qualifying for SS.
Make sure you understand WEP and GPO
Only 2.7 million public servants out of 20 million will fall under HR 82. That's one of the problems. Every public servant thinks they are going to receive a big SS windfall. Some presently receiving both a public pension and SS may lose some of their SS benefits may lose SS benefits if this pass. It's mass misinformation being used to get this passed. With the number of cosponsors, I think legislators will be the winners if HR 82 passes. "Because WEP and GPO improve the fairness of Social Security benefits, removing them would be unfair. Such removal would transfer resources from all taxpayers and beneficiaries (including government workers with covered pensions) at an amount estimated by the Social Security actuary as equivalent to a permanent increase in the payroll tax of 0.12 percent, $150 billion over the next 10 years, and moving the date of Trust Fund exhaustion forward by a year, to about 2.7 million beneficiaries currently affected by WEP and GPO. Neither the moral justification nor economic efficiency gain for such a transfer is apparent." www.aei.org/economics/the-social-security-fairness-act-is-unfair/
I did not spend a lot of time studying my pay-stubs but I did notice that FICA dude taking a cut. I think I would have noticed when he quit and asked why.
If you live in one of those states that don’t give SS benefits it’s because the teachers didn’t pay into it! Teachers don’t merely GET a pension they pay into it and the pension system invests that money. The magic of time and compounded interest! We are not “given “anything ! The pension is hard earned!
They're not saying a pension isn't earned. If you watched the whole video, they point out that many teachers pay into the pension and do not get a benefit, or get a small benefit, all while not paying into social security, and therefore not being eligible for those benefits. I'm one of those teachers. I worked, I contributed to the pension fund, but I'll get nothing. I wish my benefits followed me to my new job. It seems unfair to work for 9 years and have only my own personal savings, while most people in this country have a retirement benefit from their employer and social security benefit to boot. That's the point the video is making.
I also qualify for SS but will be subjected to the windfall
I am a teacher and am appalled at how this information is being presented.
Why is that?
Actually this is the one of the best presentations on the topic
Should be appalled by lack of SS and pension retirement dates this day and age especially Ohio STRS
The three legged stool is a bit disingenuous, though there are a few private pensions left, most non-public employees have only SS and there savings -- TWO LEGS. Good planning and decision making will get you there!
Perhaps state employees that do not pay FICA, should get the system changed.
Csc......... What motor home?.......... Uncle eddies?
Those in the private sector do not qualify for teachers Retirment even though their tax dollars are financing the bulk of teachers retirement. Teachers are not the victims in the nation's public pension crisis. Private sector taxpayers are the voctims.
Give them Social Security if they lose their pensions entirely.
Social security is insolvent
Public sector funds are broke
The politicians will say “ tax the rich” and it will magically fund it using common core math!!
“ Ohio retired teachers’ pension fund suffers $5.3 billion loss as staff get bonuses”
Let me guess, a liberal teacher gets what she voted for??? Oh so heartbreaking
All the retired teachers I know travel the world, drive big motor homes or live in half million dollar homes on the lake and enjoy it at age 55-years old. Boo, hoo teachers.
And you know that is the teachers that aren't getting SS?
And so instead of saying, hey, everyone should get the same thing, you just want to tear down this group that does? That doesnt make sense. Instead of griping what these teachers are getting, perhaps persuade your reps to give you want they got--pensions guaranteed for life.
@@TheJetstream10 "Get the same thing", not really, work hard and get what you deserve. Save. Invest. I put my funds in 401Ks and IRAs and brokerage accounts, then some real estate. Take a little risk and it grew. Differed gratification.
@@charleslemaire8137 That's not responding to the point I was making. There is attitude in our society to look at public employees, especially federal, with pension plans and health benefits and tear them down. What they don't do is demand those same benefits, which they once had before the Reagan Administration, and get better instead of griping about another class of workers.
@@TheJetstream10 - In no way do I believe in equality of result, we should get equality of opportunity. But the topic of this video is Teacher Pensions and Social Security. This usually comes down to gmvt workers wanting SS benefits of a low earner when they are a higher earner. You mentioned Reagan, so I assume this is the issue. But I am lost in your phrasing.
There are 35 states that pay SS and 15 that don't, so this is really a CHEAP state problem. In the 35 states, all of those teacher "drop-out" and short timers were contributing to SS. But that group of teachers in the 15 states find out too late that they should have been saving and investing that 6%.
Another interpretation, which is what I tried to address, is that personally, I have never worked for a company with a pension. I saved and invested in vehicles available to me. Never had serious pension envy; it was my choice.
Sorry, if I missed the point again.
It's a job. If McDonald employees don't get a pension, teachers shouldn't either.
Teaching the next generation is a greater public service than selling a cancer-inducing, obesity catalyst.
Teaching is not a job, it's a career like being a doctor or lawyer.
@@AeroPiggy aren't you special. I bet you love your big mac!
@@steveworldwar2 it's a job. Most teachers would stike and panic if they had to work a full year like the rest of America.
@@renaehenderson9625 who told told you we dont? Lol. We cram more than a years worth of work in hours and into 10 months and dont get paid for 2 of those months. You should reach out to the teachers you were blessed to have and ask them about the 2nd and 3rd incomes theyve had to get because the pay is low. You assume things about a profession you know little about from within. Your comments prove that you were okay with being ignorant and speaking out of turn in class. But as some probably told you, it's never too late to learn 🥰