I turn 65 this year and thinking of taking SS at the year end. I also have mobey in Teacher Retirement System. Only about $5000 but a monthly annuity of $ 180.00 . SS says they will take an extra 100.00 a month from my SS if I take the TeCher Retirement annuity.
Would it be better to pull all my funds in Teacher Retirement and rollover to an IRA? And keep all of my SS? I'm at a loss on the best procedure.

Hi. Assuming that you already meet the requirements to collect a monthly Teacher's Retirement System (TRS) pension, then even if you choose to rollover you TRS funds to an IRA your Social Security retirement benefit rate could still be subject to a reduction due to the Windfall Elimination Provision (WEP). IRA rollovers that occur after a person meets the minimum eligibility requirements for a non-Social Security covered pension are treated as lump sum distributions for WEP purposes. In such cases, Social Security prorates the lump sum into a monthly amount and applies WEP based on the prorated monthly rate (https://secure.ssa.gov/apps10/poms.nsf/lnx/0300605364).

Our software (https://maximizemysocialsecurity.com/purchase) is programmed to handle cases involving the WEP provision, so you may want to strongly consider using our software to fully analyze all of your options so that you can determine your best strategy for maximizing your benefits.

Best, Jerry