Anyone on TRS? (and/or single ?) (pensions, divorce, divorced, state)

[curmudgette]

I will be retiring in a few months with TRS and I would like to connect with others who might be in TRS (Teacher Retirement System).
I'm also interested in talking with fellow single retirees, and retirees living off of teacher's pension (i.e. poor as a squirrel in winter).

I don't know any others in either of these categories and would to connect.

[Escort Rider]

Originally Posted by curmudgette

I will be retiring in a few months with TRS and I would like to connect with others who might be in TRS (Teacher Retirement System).
I'm also interested in talking with fellow single retirees, and retirees living off of teacher's pension (i.e. poor as a squirrel in winter).

I don't know any others in either of these categories and would to connect.

I am single (divorced) and living on a teachers' pension from California (California State Teachers' Retirement System = CalSTRS). You don't mention what state you're in. Pensions vary widely from state to state, and whether one is "poor" living on one depends on a number of factors, including number of years of service and age upon retirement.

My pension is adequate for me to live comfortably, if not lavishly; I do not consider myself poor. But in order to get that I stuck it out for 34 years and retired at age 61 and a half. (I started a little late, at age 27).

There are a number of single retirees who are regular posters in this Retirement Forum. Welcome to City-Data.

[curmudgette]

Thank you for answering!

I'm in Texas, and I had the absolute minimal amount to be eligible for retirement, so in my case, I'll be quite poor. Due to my circumstances, it was necessary to retire.

I'll be happy to hear about how other single retirees are faring and also how folks on TRS are doing.

On a different note, I read that we receive a 1099R for our pension income (I had no idea -- I thought it would have been a normal W-2. Do you know what code they check in box 7 (Distribution Codes) of the 1099R for a standard annuity? Does your age at retirement matter if you are just receiving the standard annuity (no lump sums)?

[LookingatFL]

Hi Curmudgette,

All 1099-R have the same codes regardless of from whom issued. Age and reason for the distribution do matter and affect the code. You can find the codes here along with an explanation:

1099-R Codes for Box 7


Also you can check on the IRS website.

[curmudgette]

What I don't understand is if a standard annuity can be considered an early distribution (subject to tax penalty).