The seniors benefited and continue to benefit from the stability of housing prices. The ZIRP did bail out banks, but it also bailed out homeowners.

The boomer generation was sold a belief that housing prices would always go up and that SS would always be there. IRAs and 401ks existed in the 80s but weren't mainstream until the 90s. Boomers often assumed they could rely on pension benefits from jobs they held in the 70s and 80s.

Part of the 'bailout' was protecting the PBGC (Pension Benefit Guaranty Corp) which was extremely underfunded and would require taxpayer money. This bailout was pension money, not for the then-current workers, but for retirees. To this day, most pensions are underfunded.

Urban Ag said:

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I feel your pain. My wife's parents are in a similar situation. They have both been on Texas teacher retirements for 20+ years. I guess they were deluded in to believing the retirement payments would cover everything they needed later in life because they have no money, they never saved nor invested anything in their adult lives.

Then "sh** happens". Houses fall apart. Cars breakdown. Appliances die. My FIL is terrible with money. Both have significant memory loss issues and no question are in some stage of dementia. They've been scammed many times. Credit cards maxed out. Bill collectors. You name it. My wife and I and her brothers have covered a lot of expenses over the years for them.

It's been a long time since I attempted to talk to them about their financial situation. They didn't care and wouldn't listen. Completely brainwashed to believe that just relying on retirement check would be enough. It's always frustrated me that they were so easily lead to believe that govt would take care of everything.

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After a recent Supreme Court decision, your inlaws can now receive both SS AND their Texas teacher retirement benefits. I have been told by a friend of a teacher that, once the retired teacher applied for SS, that the retired teacher received a large check from SS for the past benefits that she is now entitled to receive. That doesn't make sense to me since this retired teacher did not pay into SS for all those years she taught.

There is a good chance the retired teacher did work at another job, from which SS benefits were deducted, and therefore had some SS benefits due her once the USSC decision came down.

This is worth looking into with SS.

YouBet said:

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May I ask how in the world that cost >$250K per year? Holy hell.

Do you mean you were paying a caretaker directly to come to her condo and basically live with her?

We paid ~$8k per month for my FIL's memory care place and that was all-in.

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24 hour care to keep her (MIL) in her apartment. She was missing one eye, could barely see the "big E" with the other. Essentially deaf in addition to blindness. Dementia came and went, but increased steadily over her last 6 or 7 years.

About 18 months before her death, she broke a hip.

Despite all this, she was in generally good health and she woke every morning wanting "the lord to take me".

She knew her apartment - lived there for twenty-something years. Putting her in a facility would have broken her, between the dementia and blindness. So, 24 hour care @ $26 - $28 / hour. Double-time on holidays. Plus a bit more than $2000 per month for "rent". Actually, it was a "maintenance" fee.

In any case, her health declined precipitously and God was merciful.

Waiting on a Natty said:

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Urban Ag said:

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I feel your pain. My wife's parents are in a similar situation. They have both been on Texas teacher retirements for 20+ years. I guess they were deluded in to believing the retirement payments would cover everything they needed later in life because they have no money, they never saved nor invested anything in their adult lives.

Then "sh** happens". Houses fall apart. Cars breakdown. Appliances die. My FIL is terrible with money. Both have significant memory loss issues and no question are in some stage of dementia. They've been scammed many times. Credit cards maxed out. Bill collectors. You name it. My wife and I and her brothers have covered a lot of expenses over the years for them.

It's been a long time since I attempted to talk to them about their financial situation. They didn't care and wouldn't listen. Completely brainwashed to believe that just relying on retirement check would be enough. It's always frustrated me that they were so easily lead to believe that govt would take care of everything.

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After a recent Supreme Court decision, your inlaws can now receive both SS AND their Texas teacher retirement benefits. I have been told by a friend of a teacher that, once the retired teacher applied for SS, that the retired teacher received a large check from SS for the past benefits that she is now entitled to receive. That doesn't make sense to me since this retired teacher did not pay into SS for all those years she taught.

There is a good chance the retired teacher did work at another job, from which SS benefits were deducted, and therefore had some SS benefits due her once the USSC decision came down.

This is worth looking into with SS.

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Quick explanation:

If you were federal govt employee or state employee (teacher) then you could work 20 years paying social securty taxes but could not receive SS benefits. Considered to be "double dipping". Every year you worked after 20 years, you became eligible for 10% of your SS, based on your SS eliglible income.

IOW's at 30 years, you got full SS. This was changed as one of the last laws Biden "signed". And made retroactive for a certain number of years(???). In any case, if she worked in college, worked in jobs after teaching etc. where SS was withheld she should get a lump sum and a monthly SS benefit. Bu again, it must have been a job SS was withheld.

This is correct. My parents had jobs that took out SS but then they were also teachers for 40+ years. They paid in the money but were denied the benefit because they taught school. Now they are eligible to get their SS checks. Just had to wait over a month for an appointment with the local SS office to get the ball rolling.

Thanks for the explanation.

One thing that is not clear in your post, did some Texas school districts deduct SS from teachers' pay checks even though the teachers at that time could not benefit from those SS deductions?

Waiting on a Natty said:

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Thanks for the explanation.

One thing that is not clear in your post, did some Texas school districts deduct SS from teachers' pay checks even though the teachers at that time could not benefit from those SS deductions?

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WEP-GPO penalized state employees who paid into SS and Teacher Retirement System (or another state pension plan). It was repealed by the US senate (Social Security Fairness Act) in December 2024.
From google:
The Social Security Fairness Act, which repeals the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO), was passed by the Senate on December 21, 2024, and signed into law by President Biden on January 5, 2025. This legislation aims to restore full Social Security benefits to millions of public sector retirees who were previously affected by these provisions.

Waiting on a Natty said:

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Thanks for the explanation.

One thing that is not clear in your post, did some Texas school districts deduct SS from teachers' pay checks even though the teachers at that time could not benefit from those SS deductions?

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It could have happened, but it would have been very rare, imo. There were a few Texas isd's that actually particpate in SS. And there are teachers who taught in these districts and also at some point, taught in one of the great , great majority who did not participate in SS.

If anybody got hosed, it was more than likely these guys.

I have little faith that EVERYONE who did this was always treated correctly.

But my gut feel is that mostly the rules were applied appropriately. If you taught in a distirct that did not participate in SS, then I just don't think they would have deducted for it.

Again - absoluely no firsthand knowledge, but a slightly similar issue had to be resolved when I taught out of state for the first time. Been a lot of years, I can't even remember what the issue was.

Waiting on a Natty said:

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Thanks for the explanation.

One thing that is not clear in your post, did some Texas school districts deduct SS from teachers' pay checks even though the teachers at that time could not benefit from those SS deductions?

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A very few districts opted in to social security, I think right at 20. I know Anahuac did and Pt. Arthur. They could benefit, partially anyway, in getting social security benefit, it would have been reduced though by the WEP.

Waiting on a Natty said:

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Urban Ag said:

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I feel your pain. My wife's parents are in a similar situation. They have both been on Texas teacher retirements for 20+ years. I guess they were deluded in to believing the retirement payments would cover everything they needed later in life because they have no money, they never saved nor invested anything in their adult lives.

Then "sh** happens". Houses fall apart. Cars breakdown. Appliances die. My FIL is terrible with money. Both have significant memory loss issues and no question are in some stage of dementia. They've been scammed many times. Credit cards maxed out. Bill collectors. You name it. My wife and I and her brothers have covered a lot of expenses over the years for them.

It's been a long time since I attempted to talk to them about their financial situation. They didn't care and wouldn't listen. Completely brainwashed to believe that just relying on retirement check would be enough. It's always frustrated me that they were so easily lead to believe that govt would take care of everything.

---

After a recent Supreme Court decision, your inlaws can now receive both SS AND their Texas teacher retirement benefits. I have been told by a friend of a teacher that, once the retired teacher applied for SS, that the retired teacher received a large check from SS for the past benefits that she is now entitled to receive. That doesn't make sense to me since this retired teacher did not pay into SS for all those years she taught.

There is a good chance the retired teacher did work at another job, from which SS benefits were deducted, and therefore had some SS benefits due her once the USSC decision came down.

This is worth looking into with SS.

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As others have pointed out, it was a law that was passed and not a SC decision.

As to the retired teacher not paying into SS but getting benefits, that happens with spousal benefits. Even someone who never worked in a paying job (and thus never paid a dime into social security) can be entitled to spousal benefits.

More than a few never applied for spousal benefits because, prior to this law change, the GPO reduced those benefits to zero. So why bother sort of thing. With the WEP and GPO repeal, they are now eligible for spousal benefits, typically half of their spouse's benefits. I have helped three people with getting benefits.

For most, they get a lump sum payment for what they should have gotten in 2024. My wife got her back pay but it was incorrect. We got it more or less straightened out and she got even more for the back pay, and yet it was still not right so we have filed an appeal and are waiting to hear.

Quote:

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You don't want to live in a Medicaid nursing home and be fully mentally functional.

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Never seen one, AFAIK, but Dave Ramsey says you'd never want to put someone there, if you saw one.

It changed when Reagan changed Pensions. Companies invested the money and they quickly became under-funded.

Ask Nortel retirees.

Sorry you have to deal with that.

When I was at A&M, I lost a gf who said I was going to be supporting my parents for the rest of their lives. She wanted no part in that.

She was mostly right.

My mom passed in her mid-40s... just 2 yrs after I graduated. Dad passed at 61. ALL of his Pension and ALL of his SS **poof** went to "the house."

We went above and beyond for my wife's parents as they took me in as their own and would have supported them, as necessary.

I told my kids... "I'm hoping at least one of you are willing to wipe my ass, when I can't no longer do it."

Almost all of mine have worked in an Asst'ed Living facility during HS. The "inmates" treated them as grandkids and mine loved having a version of gparents. They gave one of mine a bday party.

Good luck on what are tough decisions. Embrace the years you have left. You will look back wishing you had just one more hug. One more kiss.

We have the best government there is yet most politicians in office today need to be tarred and feathered. They are corrupt thieves

v1rotate92 said:

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We have the best government there is yet most politicians in office today need to be tarred and feathered. They are corrupt thieves

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Pretty much sums up government….we have the best there is and it is corrupt

Employees of Firestone retire every day.