Retirement Planning in Texas: Your Guide to Benefits

0:00From the Daily News Now Network, this is Dallas News Today, retirement planning in Texas can feel tricky since there's no single age when you can stop working. It all depends on your benefits, like social security or a state pension. For Social Security, you can start claiming at age 62, but that means smaller monthly checks for life. Full benefits kick in at age 67 if you were born in 1960 or later. State workers often use the employee's retirement system, where many qualify under the rule of 80. Your age plus years served adds up to 80. Some can retire at 60 with at least five years on the job. Teachers and school staff fall under the teacher retirement system, typically eligible at 65, with five years of service, or sooner if they've. Logged enough time, waiting longer usually pays off with bigger monthly amounts. The Lang Social Security Pass full retirement age adds credits that boost your payment. Plus, keeping your job can replace lower earning years in the calculation, leading to higher

1:02benefits overall. You can work while collecting Social Security, but if you're under full retirement age and earn over the limit, benefits get cut $1.00 less for. Every $2 above the cap that changes to $1 for every three once you hit that birthday year and the limits vanish completely at 67. Everything is key to, often needing 5 to 10 years of service before pensions start flowing. If you're planning ahead, check your specific rules to maximize what you get without surprises down the road. This episode is brought to you by our sponsor. See the episode description. Your pillow just got smarter. It plays your podcast and music. S-O-L-I, solely pillow.com.