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Reply to "Pension without social security "
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[quote=Anonymous]I'm from Illinois and we used to have the law that we teachers could not get a pension and social security (our SS benefits would be drastically reduced when collecting a pension). As public school teachers we don't pay into SS. But, we do pay into SS in most other jobs we work. I've been working since I was 16, restaurants, summer camps, etc. Even as I am close to retirement, I still work a summer job. But, this past year, Illinois changed this law. We can now get our full SS benefits. IMHO it is still smart for educators to save as much as possible on top of these retirement plans. But as to the person who suggested it would be hard to live on 65K with a paid off house? I'm not saying that's the lap of luxury, but we could do it even if there was no other money. Illinois teachers have an excellent, modestly priced health insurance plan upon retirement which helps. [/quote]
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