I am 61 1/2 and had my first job 45 years ago. 10 1/2 years of that was for a railroad. So, I am entitled to both Social Security benefits and RRB benefits once I reach age 62. I was told I could start taking Social Security benefits at age 62, continue to work, and wait until my full retirement age (66 years, 4 months) and then retire from Railroad Retirement to get the larger retirement benefit. Can you confirm this for me please? Does taking Social Security at 62 in any way affect the RRB tier I benefit I would be entitled to receive at full retirement age? Thank you.

Hi,

You can file for reduced Social Security benefits at age 62 without filing for Railroad Retirement benefits, however, your benefits could be subject to full or partial withholding due to the Social Security earnings test (https://www.ssa.gov/planners/retire/whileworking2.html). In 2017, the earnings test requires withholding of $1 of benefits for each $2 that a person under full retirement age (FRA) earns in excess of $16,920. So, if you have relatively high annual earnings, the earnings test could result in all of your benefits being withheld until you reach FRA.

The maximization software available on this website can help you determine your Social Security benefit rate and filing options, but it isn't programmed to handle Railroad Retirement benefits. It sounds like you have many possible options available to you, and the best one will depend on your individual circumstances and retirement plans. Here is a link to the Railroad Retirement website that discusses in part how they coordinate with Social Security Benefits: https://www.rrb.gov/Benefits/Retirement/GeneralInfoRetirement.

Best, Jerry