 Three years ago, at the age of 56, I opted for early retirement, after 36 years of service in Texas education. This was possible because I contributed to the Texas Retirement system rather than the Social Security system. Today I receive approximately 83% of my highest average 3 years of annual wages, or approximately $77,000 annually; roughly $6,400 a month. Some of my friends who work in the private sector, have made comparable incomes are contributing 12.4% for every dollar they make to the Social Security system; they won’t be able to take full retirement until they are 66; then will only get about 33% (1/3rd ) of what I receive.
Had I been part of the Social Security system like millions of working Americans, I would still be working, and would get less than 1/3 of what I get today at retirement. More important, unlike Social Security taxes my contributions to the Texas retirement system were not used to create obligations on future generations. Joining and supporting ACT was an easy choice for me, I want my two sons, and every working American to enjoy the same benefits afforded me and 6 million plus other government workers who don’t contribute to the Social Security system. This isn’t rocket science!! |
