<p>The basic answer is no. There is no provision to pay into it separately. The GPO and the windfall are both in our calculations. It gets complicated and we have used an advisor to calculate the best filing options. </p>
<p>@IxnayBob, I realize that āinsuranceā is in the name. But its not insurance. What risk am I mitigating? That I will get old? Thatās not a risk, thatās the desired outcome. 
</p>
<p>When I buy life or homeownersā insurance, I am insuring against a risk that could happen today, not decades in the future.</p>
<p>Most people think of the old age portion as a pension, politicians talk about it as if it is a pension. If it looks like a duck, walks like a duck, quacks like a duckā¦ You might as well claim every pension is really insurance.</p>
<p>I realize there is an insurance component in the disability aspect, but calling the old age portion āinsuranceā is misleading IMO.</p>
<p>I consider the insurance part of social security is making certain that our elderly donāt end up in the streets, penniless. And that, I think, makes the investment worthwhile. Perhaps many of us will not personally benefit, but it is definitely a societal benefit.</p>
<p>Social Security is my insurance against living a very long time and perhaps running out of money. So if I die tomorrow I have paid in all these years and get (almost) nothing in return, while if I live to be 109 I will get an inflation adjusted annuity that may total more than I paid into the system. Sounds a little like insurance to me. Also, Social Security was designed to pay relatively more to the people who barely qualify for benefits and relatively less to people who pay in the max over a 45 year career. </p>
<p>I think the minimum to qualify for social security is still 40 quarters (10 years) of credit, and you have to make $1220 in the quarter to qualify. Somebody working for 10 years making the minimum per quarter will qualify for a minimum social security benefit and will likely get much more in benefits than they paid in social security premiums (taxes or whatever you want to call it). Yes, another income transfer, but thatās the way the system was designed. </p>
<p>
This is how pensions work. Are pensions a form of insurance?</p>
<p>Yes.</p>
<p>"So if I die tomorrow I have paid in all these years and get (almost) nothing in return, while if I live to be 109 I will get an inflation adjusted annuity that may total more than I paid into the system.</p>
<p>This is how pensions work. Are pensions a form of insurance"</p>
<p>Maybe government pensions, but not private sector ones. Private sector pensions, the individual generally does not pay into, at all. The amount paid out in the pension is related to years worked, and salary. Survivor benefits can pay out far beyond death. It is part of a compensation package, not insurance.</p>
<p>My Hās govt pension pays during his lifetime. Because he chose a survival benefit to me, the monthly amount he receives is 10% less. If I survive him, I receive 55% of what he currently receives. Since he is older and my family lives into their 90s and 100s, odds are the survival benefit will be very helpful to me. </p>
<p>Pensions are most like annuities. The features affect the price and how much is received each on a regular basis by beneficiary. You can get it all based on the owner with a survival benefit (can specify %ā0-100), whether there is any guaranteed payout and whom it goes to if the beneficiary dies, whether their is any cola adjustment, etc.</p>
<p>
We had a different salesman experience - my FIL lives with us and DW and I had gone to triage cars and give him a choice of two or three to make the final selection. At this one dealer, DW told the salesman she was looking for a car for her dad as we went around looking at different models. After a while the sales guy asked her, āso which car does your dad likeā as he pointed to me. He got the sale.</p>
<p>Ha, ha, Dad! She must look young.</p>
<p>I find at restaurants, the check generally is laid down in front of me. I figure itās because Iām the one looking up, smiling, and interacting with the waiter/waitress.</p>
<p>DH usually gets the check in front of him. I sometimes take care of it while he is at the restroom (usually Iāve already gone myself by then). Luckily we share the same initial, so if has already sent off the bill with his Visa card I can sign for it. </p>
<p>āLuckily we share the same initial, so if has already sent off the bill with his Visa card I can sign for itā</p>
<p>Actually, it doesnāt much matter. You could sign anything and it will still get processed, unless you dispute the bill.</p>
<p>I tested that once out of curiosity. I signed āSanta Clausā and they took the bill and processed it without question. Of course, I also paid it without question. </p>
<p>
[quote]
Texas teachers donāt contribute to Social Security and so arenāt eligible to collect Social Security/
[quote]
Not completely true. There are several districts in Texas that pay into Social Security AND Teacher Retirement System. In these districts the GOP is not triggered. I know - I worked for one such district. :-)</p>
<p>Retired CT teacher here. CT teachers do not contribute to SS. I did work sufficiently in other states where SS was taken from my pay to be eligible for Medicare. My SS benefit would have been a rousing $450 but due to the offset, it is $166. I did start to collect at age 62ā¦because at age 65, it will mostly go to pay medicare. I figured I would enjoy my 3 years $166.</p>
<p>There is no provision for CT teachers in public school settings to contribute to SS through their teaching jobs. Many do work in the summers and contribute to SS through those jobs. But as I saidā¦the offset reduces the SS benefit by about 2/3 for retired CT teachers who worked. Itās of their careers in public schools.</p>
<p>Most teacher I know also have 403 B plans that they contribute toā¦which also is a help.</p>
<p>Iām going to look into the CT teachers annuity. Wonder if I can do that nowā¦having retired 3 years agoā¦with some 403b money that I could roll over? Need to check.</p>
<p>The biggest screwball thing about CT teachers is the tiny portion of SS they get if their spouse dies.</p>
<p>I did t think we got any of our spouseās SS when they died!</p>
<p>By the way you can roll the 403 b plan into the ct annuity as I mentioned a few pages ago. It doesnāt have a cola. I think that you have to set this up before you retire - I donāt think you can do it afterwards.</p>
<p>Oh wellā¦too late for me then. Wonder if it was available three years ago?</p>
<p>Covering my eyes and just not looking at account balances this weekā¦</p>