Will participation in a 457(b) plan reduce future Social Security benefits?

I have 10 substantial earning years in corporate jobs where I paid into Social Security (40 quarters). The next 11 years, I was raising my children. I became very passionate about children and education and am considering a career change to become a teacher in Texas. I understand my SS future benefits will be subject to WEP and GOP (extremely disappointing). I am so discouraged, it feels like a dream is being shattered and now I am not sure if getting a teaching certificate at this point in life would make sense causing my future SS benefits to be reduced.

Do you have any thoughts/advise on this? I have about 21 years until full retirement age, but was hoping not to have to work that long.

I am afraid I would have to teach a lot of years to end up with a decent monthly pension from the school system upon retirement. How would I find out what my break-even year would be? Would working for a school district that participates in both SS and Teacher’s Retirement Pension avoid WEP and GOP?

Is participation in a 457(b) plan (the substitute teachers do not participate in TRS, but instead in 457(b)) evoke WEP and GOP the same way?

Financial Planning, Pensions, Social Security
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May 2017
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My wife has been a teacher for five years here in Texas and I've been asked a few of these questions. First, let me say that if you are a natural born teacher, you'll do great.

As for the WEP which affects your benefits, if you have 30 plus years of paying into social security, you'll be exempted. So being at a school district that pays both, would help with this.

In regards to the GOP which affects your spousal and widow benefits, as long as you're paying into social security the last five years before retiring from teaching, you'll be fine. So at the very least, be working at a school district that pays into social security your last five years. 

The 457 is a supplemental retirement plan and in no way affects WEP or GOP. I would suggest that if you decide to go into teaching, whether you pay into social security or not, open a 403(b) with a mutual fund platform. Stay away from annuities. They come with hefty fees that ultimately affect the bottom line of your investment returns.

May 2017
May 2017