21 Aug Do Teachers Get Social Security?
As a teacher, you have an important question to ask: Do I get social security when I retire?
Teachers are technically state (or government) employees, and state workers are not always covered by social security.
Why? Because they are not necessarily required to pay social security taxes out of their paycheck. While paying less in taxes may sound appealing, this gap in retirement finances can be a problem for many of our educators.
Rules vary from state-to-state, or even from one district to another. Fifteen states exclude teachers completely from social security. Check to see if you live in one of the fifteen states where teachers are not covered by social security.
Teachers make up one of the largest groups not covered by social security.
This lack in coverage can present a number of problems when it comes to retirement planning. Appreciation Financial understands this. We have helped over a hundred thousand teachers navigate the tough road to retirement. A pension plan alone is not always enough to rely on in retirement. So, even if you are a teacher who does qualify for a pension plan, there will most likely be a gap in income when you trigger your retirement income.
This means teachers are often left leaning on their personal savings when it comes to retirement funds.
The cost of retirement widely depends on your lifestyle, the state you live in, and any debt you may have, along with your salary. A rough estimate of $50,000 a year is what an individual could expect to need. With such varying rules and red tape to wade through, you will need the help of a financial professional. Someone who can present you with options and help you create a plan for retirement is exactly what you’ll find at Appreciation Financial.
Connect with a financial representative to start planning today!