I am planning to retire in 2017. I am a 38 year railroad employee and qualify for the 60/30 railroad retirement. My problem is how to maximize my spouses retirement because she is 2 1/2 years younger than I am. My wife Evelyn has paid into social security for 30+ years, but is not eligible for early social security until age 62. Evelyn does qualify for spousal railroad retirement at age 60, but if she waits until age 62 her social security payment will exceed the railroad tier I thus giving her a larger payout.
Railroad Retirement & Social Security
Larry you answered my question, but I was not clear. Actually (I am 85) I have been receiving Railroad Retirement since 1991 and thought it and social security had coordinated; however, I now discover that I can file for my 40 yrs of work under social security. Probably the Guiness book of records for this one. I am wondering if I can now get any delayed retirement credits (having never filed), any possible retroactive or lump sum benefits, and will my railroad Tier I benefits be deducted even though fully insured under both?
I am turning 66 in January. I worked for a railroad for 20 years, and now 20 years for another company outside of railroad. I plan to continue working to 70. In contacting RRT, they recommended I begin taking SS at 66 in lieu of delaying until age 70, suggesting I would likely never recover the difference, even with the potential of added taxes to a higher bracket. Could you provide some clarity to the best decision?
I current receive a small amount from my husbands railroad retirement. If I collect the full amount once I turn 66, can I cease collecting this and then collect my full retirement from my social security at the age of 70?
Yes, you can. Obviously, it would only be advantageous for you to do so if the Social Security benefit amount is higher. Social Security will credit you with delayed retirement credits from age 66 to 70, even if you're receiving railroad benefits during that time.
I am trying to get some specifics. I am currently 65, wife is 62. Will be retiring from rail road in 2017 (age 66) . Been there for the last 26 years but my division didn't go into the Rail Road Retirement system until 6 years ago. I don't really need to file for full RRB or SS benefits right away so would like to know if I would be able to file SS under a restricted application, accrue delayed credits and then file for full RRB. Will the delayed credits I earn for waiting transfer to my RRB benefit. Its my understanding that your Tier 1 benefit is basically SS.
First, thank you for your calculator.
Your report was within a few dollars of what SS is showing as my PIA.
In the 70's I worked on a Rail Road for 7 years and had RR earnings withheld instead of SS.
I didn't work long enough for a RR Pension and was told my earnings would transfer to SS. The earnings did show on my SS Reports for many years, then about 10 years ago they disappeared from my SS Report.
SS told me that they were still used in formulating my PIA, but SS just quit showing them in the Earnings Report.
I draw my decesed husband railroad retirement can I draw either his social security or can i draw mine. I know I cannot draw both. And can I change it if I have been
drawing it for several years
About Spousal benefit: My wife and I are still working. She did a file and suspend and I started receiving spousal benefit. When I inquired to Railroad Retirement Board about my retirement benefit estimate, they said that my RRB retirement benefit will be deducted by the amount that I receive for the spousal benefit. I thought that my retirement work service is separate from my wife's retirement work service
Thank you for all the information you give us regarding Social Security. I am one of those rare people who worked for a railroad for more than 10 years and I also qualify for social security. My question is, can i "take" early retirement (age 62- my FRA is 66 , 4 months) by going to one agency and then when I reach FRA going to the other agency. Are there any other important points or rules that could help me determining the best course of action. My current age is 59.
Thank you very much
I started working for the railroad in 1980 - prior to that, I worked for several companies. I retired three years ago and am receiving railroad retirement benefits. Someone told me that I may also be eligible for social security in addition to railroad retirement (I remember they referred to it as double dipping years ago). I also just received a statement from Social Security telling me how much my payment would be if I decided to collect. I have worked more than 40 quarters under social security and railroad retirement. Am I eligible to "double dip"?