$7,500 stipend available: More benefits for retired teachers in Texas

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Do you know the details?

According to a report provided by the Bureau of Economic Analysis, the average cost of living per person in Texas is something around $45,000 (source). It means if you aren’t earning this much every year, it may not be possible for you to live comfortably.

Another report suggests that for utilities and housing, a Texas resident may have to pay around $7,500, healthcare costs are likely to be $6,500, and for gas and energy, the cost can be $1,100 or more. Food and beverages may cost you nearly $3,400, and this does not include what you spend at restaurants (source).

It is obvious that when a person grows old, it becomes tough and almost impossible to do a full-time job, and thus, their earnings are decreased if there is no stable source of income. Thankfully, officials have found the solution to this problem but that’s only for retired teachers in Texas.

Senate approves $7,500 stipend for retired teachers

The good news for retired teachers across Texas is that they will get an adjustment to the cost of living because a bill has been approved by the Senate.

According to the details, beneficiaries of the Teachers’ Retirement System who retired in 2013 or before that will get a slight increase in the annuity. On the other hand, those who retired in 2013 to 2021 will get a relatively less bump.

All 31 members of the Senate have signed the bill and Lt. Governor Dan Patrick is the person who assigned the bill to prove how important it is to raise the annual stipend of retired teachers.

Do you think it is worth it?

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