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I am 67. Still working as a part time school teacher and

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I am 67. Still working as a part time school teacher and part time for a sign company. If I were to collect social security, how much would I receive a month? Mark
JA: The Retirement Accountant will know how to help. Please tell me more, so we can help you best.
Customer: I have been teaching around 30 years , off and on. I have also been a restaurant manager , sign company mangaer for long periods of time.
JA: Is there anything else important you think the Retirement Accountant should know?
Customer: Much of the time I did both jobs at the same time,

Hello. Thank you for choosing this Q&A service for assistance. My name is Angela. I will be assisting you.

Have you worked as a school teacher for long? What state are you in? Usually educators don't pay into social security. When a person works a job or jobs that does not withhold social security and a job that does, the Windfall Elimination Program (WEP) comes into play. Let's say that WEP does not apply, in general, the amount of your benefits will depend on your total earnings over the years, as well as if you are full retirement age. You can check to see if you are full retirement age at the following SSA webpage.

https://www.ssa.gov/planners/retire/retirechart.html

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In addition, as you are still working, this could affect your benefits as well. SEE BELOW:

You can get Social Security retirement benefits and work at the same time. However, if you are younger than full retirement age and make more than the yearly earnings limit, we will reduce your benefit. Starting with the month you reach full retirement age, we will not reduce your benefits no matter how much you earn.

  • We use the following earnings limits to reduce your benefits: If you are under full retirement age for the entire year, we deduct $1 from your benefit payments for every $2 you earn above the annual limit.

For 2017 that limit is $16,920.

  • In the year you reach full retirement age, we deduct $1 in benefits for every $3 you earn above a different limit, but we only count earnings before the month you reach your full retirement age.

If you will reach full retirement age in 2017, the limit on your earnings for the months before full retirement age is $44,880.

Starting with the month you reach full retirement age, you can get your benefits with no limit on your earnings.

Use our Retirement Age Calculator to find your full retirement age based on your date of birth.

Use our Retirement Earnings Test Calculator to find out how much your benefits will be reduced.

REFERENCE SOURCE:

https://faq.ssa.gov/link/portal/34011/34019/article/3739/what-happens-if-i-work-and-get-social-security-retirement-benefits

If you do not require further assistance with this matter, I ask that you take the time to scroll to the top of the page and select 3 or more stars to positively rate my response so that I can receive credit for assisting you. A 5 star rating is greatly appreciated.

Customer: replied 1 year ago.
I have worked approx 30 years as school teacher, mostly full time. I am still working as a teacher 80% I am 67. I know
cal strs will handle my teaching benefits, but I do not know now much per month. Besides teaching, I have worked about
15 years as a restaurant manager for about 25 years for a sign company. I made from $ 30k to $50k for the sign company
and $20k to $30k as a restaurant manager. I am still working at the sign company job only about $1k per month. What do you think my retirement income will be if I start collecting on both?
Customer: replied 1 year ago.
I am currently on hold and waiting . I would like to talk, but I have to wait until my party answers my phone call. I expect it to happen in a about a half hour.

Hello again. I was trying to get back to you sooner, but someone else had the question locked and I could not respond.

Moving right along here....Ok, the WEP will come into play. The calculation process is somewhat complex. Following is the information relating to WEP and Cal Strs.

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Social Security benefits are based on your average monthly earnings over a 35-year period, adjusted for inflation. When Social Security determines your benefits, it separates your average earnings into three amounts and multiplies the amounts using three different factors. For example, if you turned 62 in 2016, the first $856 of your average monthly earnings would be multiplied by 90 percent, the next $4,301 would be multiplied by 32 percent, and any remainder by 15 percent.

If you’re also eligible for a CalSTRS retirement benefit, the 90 percent factor is reduced to 40 percent. The exact amount of the reduction is based on your years of substantial earnings covered under Social Security and adjusted every year. In 2014, the maximum reduction in Social Security benefits under the Windfall Elimination Provision is $428 per month if you were age 62 in 2016.

If you earned at least 40 Social Security credits through other employment, you should apply for Social Security, even though you may receive a reduced Social Security benefit. You’re exempt from the Windfall Elimination Provision if you were eligible to retire from CalSTRS before January 1, 1986, or if you have 30 or more years of substantial earnings under employment covered by Social Security. In 2015, substantial earnings were $22,050 annually. With 21 to 29 years of substantial earnings, the 90 percent factor is reduced on a sliding scale beginning at 45 percent for 21 years up to 85 percent for 29 years.

My suggestion is to speak to someone at the California State Teacher's Retirement System about calculating your benefits using the WEP calculation process. Their phone number is(###) ###-#### Someone there should be able to provide you with an approximate of how much your benefits will be.

SSA.Help4u.168 and other Social Security Specialists are ready to help you
Customer: replied 1 year ago.
Thank you you did great angela

You are very welcome. Thank you for the positive rating and the kind words. I do appreciate all.