Teachers TRS and Social Security benefits

Faculty, Teachers, Administrators, Staff, Employees finding out about your retirement plan 

What's the best way to figure out what amount of income you will need for retirement? 

All you have to do is go back to your first year in the public school system in Texas, and write down what your annual salary was. Then try to figure what your salary was every year or maybe every five years to the present. 

For instance, if you made $34,000-50,000 dollars your first five years in public education, that is what you should project for retirement. This will take Maintaining the same level of income throughout your retirement will take some work and saving to do. 

Inflation or the cost of living is a major risk in retirement, and if you can remember you probably received salary increases while you were working. These salary increases were there to keep up with the increases at the grocery store, and all the rest of the purchases you and your family made. 

     In Texas, educators-teachers are under the TRS retirement system and for about 90% of all school districts, there is no Social Security. In a nutshell, the TRS is a Defined Benefit Plan retirement system, which means when you retire and whatever option is elected, the monthly retirement income amount, stays the same. 

IN FACT, it is guaranteed to stay the same. But "COLA" is not there and for many educators they find this out after they retire, which is not the time to find out. Most if not all Fortune 100 Corporations use to have the same type of retirement plan, 30 years ago. However, they all changed to the Defined Contributions Plan, because they saw that the other retirement plan would not work for employees. 

And if that wasn't enough, school officials and educators said 40 years ago, that since they had the TRS retirement system, that they didn't need social security. Instead they could contribute to their own private retirement plan (403b) and make more earnings and a larger retirement income than Social Security. Yes! that was possible, except that it was optional, and not mandatory like Social Security -- "forced savings." 

Many educators did start to save into their private retirement plan, but Texas salaries to teachers don't leave much room for savings. 

And if the two decisions for educators retirement plan wasn't enough pain, the US Government and Social Security Administration put in an automatic "cost of living adjustment (COLA) into Social Security. Since salaries and years of service are the parts of the TRS retirement formula, the first few years of the TRS retirement look alright, but after that educators suffered at least an average of 3% loss to inflation every year. With the increase in longevity for all Americans it can be a very long and hard retirement lifestyle to live on. 

THE BEST OPTION that a educator can implement as early as possible is to work on the goal of saving around 

Read More

How to get through finals while staying sane!

It finals week, and sometimes I find myself 

recounting the golden days where I was a student in college. 

However, during my time in college, and going through what I like to call the "the final massacre," I picked up a couple of studying tricks and methods to keep me centered and regulated. Here are some tips that have helped me through finals week:

1. Accept your anxiety.   Don't let your pre-final jitters get the best of you. You're going to be anxious, that's a given. . Acknowledge that. Use it to your advantage— a little bit of nerves can be the best motivation to excel and focus your energy into productivity

1. Know the library. At exam time, the library (my usual study spot) became infected with students. Every where you turn, there are kids cracking open their books and diving into their studies. However, many times the student body excess can be a huge distraction, and it would be better to know every inch of the library. So, you can find that one corner where no one goes to get some peace and quiet. 

1. Sleep. You need it.  I know it is so easy to pull an all-nighter, and then refuel the next morning with a cup of coffee. In a desperate moment during my freshman year, I pulled an all-nighter to study for my "Accounting II" exam. Well, although, I had studied all night, that didn't matter to my alarm clock when it didn't go off the next morning and I woke up late to my exam. 

1. Breathe. This week can be hectic and truly exhausting. So to keep your brain circulated make sure you take to breathe. 

1. Make dead week  truly dead. If you’re at a school that blesses you with a week (or even a day) of no classes in preparation for finals, use it! It’s always better to study over time rather than to cram. Don't get caught up in your next door neighbors kegger, and get your studying done. 

1. Take a break. You truly will go insane if you study nonstop, so take a 30-minute break every now and then to just chill. Take a walk with a friend, go to chick-fil-a, or call your mom and see how she is doing this week. 

1. Grab a healthy snack. Caffeine and sugar aren’t always the best options, and can leave you with a pretty bad sugar hangover. They’re good for a while, but then you crash. Grab an apple or a granola bar, and make sure you get the right nutrition. 

1. Ignore the celebrating students. It’s especially tough to stay motivated and keep studying when there are students who are already finished (and who keep reminding you that they’re done). Don’t get pulled in to their celebration. Stay focused on your studies—you’ll get your time to celebrate, too.

1. Double-check your final exam times. Funny story for you. Well, not really funny then, but funny now. Junior year I missed my Finance final. It isn't fun, and I don't advise it. 

1. Put down your cell phone.  It is hard to stay focused with a million little buzzing sounds ringing at your ear. Make sure you keep as many distractions away from you this week, and turn off your cell phone. I dare you. 

1. Go crazy to stay sane. Last year, one of my friends made a finals playlist and we kicked back and listened to it dancing and laughing. Just because you have to get serious doesn't mean you can't have a little down time full of fun and laughter.

Read More

Dr. Wolfman's Money Talk Radio Show 09/01 by rubenruiz | Blog Talk Radio

Dr. Wolfman's Money Talk Radio Show 09/01 by rubenruiz | Blog Talk Radio

Listen to internet radio with rubenruiz on Blog Talk Radio

Read More

Episode 1 of Dr. Wolfman's Money Talk Show

Listen to internet radio with rubenruiz on Blog Talk Radio

Read More

Certified Public Accountant & Tax Professional Boot Camp

SAN ANTONIO —Certified Public Accountant and Tax Professional Boot Camp to be held Sept. 6 -7 at the Hilton San Antonio Airport Hotel.

Money Concepts International announces the new Transition Entry Program for CPAs and tax professionals. The program can save the tax professional $7,000 in fees and licensing expenses. The Business Transition Plan can provide them the opportunity to make financial planning and wealth management a service to their tax clients.

Speakers include Nick Hodges, CPA/PFS, MBA, CFP, CRFA, Ursula Mentjes, CEO, Ruben Ruiz, MSFS, RFC, ChFC, Ed Guerrero, CPA, Christopher J. Passero, CPA, MA, William Peterman, CPA, CFP, RFC and Alan Lockhart, CEO.

Topics to be covered include providing more efficient methods to add financial services and maintain the principles of tax practices and implementing the tax-financial services practice for profit, tax-diversification is almost non-existent for the majority of tax clients, using warm-based marketing questions to schedule financial planning meetings with tax clients and the transition of converting clients to a fee-based asset management advisory practice and increased revenue and family time.

There are three models or turn-key business plans for the tax professionals and CPAs. In addition to covering all three models, the speakers will disclose the three types of industry models for running a successful practice.

Money Concepts wealth management and planning centers have a long tradition of helping clients build, manage, and protect their wealth through financial planning and investment advisory services. Money Concepts International has been successfully servicing independent financial professionals for over 30 years. Tax professionals may visit www.MoneyConceptsTexas.com for more information.

Read More

Author and Certified Public Accountant to present at CPA and Tax Professional Boot-Camp

SAN ANTONIO — Author and Certified Public Accountant (CPA) to present at CPA and Tax Professional Boot-Camp at the Hilton San Antonio Airport Hotel Sept. 6-7.

Money Concepts International announces the new Transition Entry Program for CPAs and tax professionals. The program can save the tax professional $7,000 in fees and licensing expenses. The Business Transition Plan can provide them the opportunity to make financial planning and wealth management a service to their tax clients.

Nick Hodges, CPA/PFS, MBA, CFP, author of The Lazy CPA, will present on providing more efficient methods to add financial services and maintain the principles of tax practices and implementing the tax-financial services practice for profit.

Hodges will present alongside Ursula Mentjes, CEO, Ruben Ruiz, MSFS, RFC, ChFC, Ed Guerrero, CPA, William Peterman, CPA, CFP, RFC, Christopher J. Passero, CPA, MA and Alan Lockhart, CEO.

Presentations include the transition of converting clients to a fee-based asset management, advisory practice and increased revenue and family time, tax-diversification is almost non-existent for the majority of tax clients, using warm-based marketing questions to schedule financial planning meetings with tax clients and closing financial services on the first meeting with tax clients.

Hodges’ innovative strategies program includes specialized processes, management techniques, suites of services and customizable financial programs. By providing these types of strategies to clients, it allows tax professionals to not only capture all their assets but deepen their relationship with them to a point that they are their sole financial solutions provider. 

Tired of sitting by and watching his tax clients receive inadequate financial planning services from others, Hodges launched financial services at his firm in 1996. Tireless in his pursuit to find the best services for his clients, he systematically researched and perfected the best methods to add financial services.

In the midst of its implementation, his wife faced a major health crisis that required his full involvement. A dedicated family man and professional, Nick was unwilling to let the process languish while he attended to his family’s needs. Faced with significant time constraints, he was forced to establish more efficient methods that maintained his principles. The “Lazy CPA” perspective was birthed during this time of need.

After successfully weathering the family crisis while maintaining the professional load, Nick realized that he created a new approach that eliminated non-essential activities, maximized client service and generated additional revenue – all with a minimum investment of his time and energy. The result was happier clients, more family time and greater achievements. Nick now shares with other accountants what he learned through seminars and books.

Money Concepts wealth management and planning centers have a long tradition of helping clients build, manage, and protect their wealth through financial planning and investment advisory services. Money Concepts International has been successfully servicing independent financial professionals for over 30 years. Tax professionals may visit www.MoneyConceptsTexas.com for more information.

Read More

No. 1 best-selling author and sales expert to present at CPA and Tax Professional Boot Camp

SAN ANTONIO — No. 1 best-selling author and sales expert to present at CPA (Certified Professional Accountant) and Tax Professional Boot Camp Sept. 6 -7 at the Hilton San Antonio Airport Hotel.

Money Concepts International announces the new Transition Entry Program for CPAs and tax professionals. The program can save the tax professional $7,000 in fees and licensing expenses. The Business Transition Plan can provide them the opportunity to make financial planning and wealth management a service to their tax clients.

 Ursula Mentjes, inspirational speaker, founder of Sales Coach Now, author of Selling with Intention and One Great Goal and a certified sales coach, specializes in Neuro-Linguistic Programming to help clients increase sales quickly. 

Her presentation will help attendees discover the selling with intention formula to increase sales, release fears about selling, create an intentional schedule to sell more in less time and understand how financial set-points prevent success.

Honing her skills at an international technical training company, where she began her career in 1996, Mentjes increased sales by 90% in one year. In 2001, when the company’s annual run was in the tens of millions, Mentjes advanced to the position of president at 27 years old.

Mentjes serves as president elect of NAWBO-CA, on the Board of Inspire Life Skills, is president of Business Resource Connection and is on the Advisory Council for the Institute for Women Entrepreneurs.  Mentjes is a recipient of the NAWBO-IE ANITA Award, 2007 and 2011 Spirit of the Entrepreneur Awards Finalist and was featured on the talk show Exclusive TV. 

Mentjes will present alongside Nick Hodges, CPA/PFS, MBA, CFP, Ruben Ruiz, MSFS, RFC, ChFC, Ed Guerrero, CPA, William Peterman, CPA, CFP, RFC, Christopher J. Passero, CPA, MA and Alan Lockhart, CEO.

Money Concepts wealth management and planning centers have a long tradition of helping clients build, manage, and protect their wealth through financial planning and investment advisory services. Money Concepts International has been successfully servicing independent financial professionals for over 30 years. Tax professionals may visit www.MoneyConceptsTexas.com for more information.

Read More