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In the fall issues of
the Chaparral, we will profile all 2008 retirees,
including those retiring in June. Stay tuned! |
Do you have income
sources beyond your STRS or PERS pension? Your retirement may be
sweeter than you think!
For All
Employees:
Have you been
stashing away money in your Tax Sheltered Annuity? Your private IRA? A
403b or 457? Make sure to contact your TSA or IRA provider to find out
exactly what your options are for future income.
For all of us,
but with variations:
Social Security!
Our lucky PERS colleagues will collect whatever Social Security they
have accrued over the years. We faculty have a different situation, but
do not despair! Despite much misinformation and confusion, even faculty
can collect Social Security if they have earned 40 quarters somehow over
the years. Please contact Social Security to find out your situation.
You should have an annual account statement from the Social Security
Administration (SSA). Here are some ways you may have accrued Social Security
quarters: If you have any private sector work, or have royalty income,
or have worked as an independent contractor, At any time in your life,
you probably have some SSA quarters. Even with your STRS pension, you
will get about 40 percent of your Social Security entitlement when you
reach the appropriate age. Please check your individual situation by
contacting the SSA.
Other
Post-retirement Income:
Do
you own rental properties? Plan to start a new career? Plan to stick
around and work part time here at GCC or at another college? Any of the
above will boost your financial comfort in retirement. And remember, if
you are faculty teaching at any California public school or college,
your part-time income cannot exceed approximately $26,000 per year.
Check STRS for the exact dollar amount and the consequences of exceeding
it. If you earn income at a private school or college, or any other
entity, there is no maximum for STRS purposes.
Remember, you
have until October 1 to make a decision for the December deadline. The
sooner you research your finances, the better!
Final tidbit for
those faculty eligible for Social Security:
If you continue to
teach, you can tap your Social Security at your full entitlement payment
while you work. As soon as you retire and get your STRS pension, your
Social Security will be reduced to approximately 40 percent of your full
entitlement. Please consult Social Security if you are 60 or older
about your benefits and when you should begin collecting.
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