Does anybody know what to expect from railroad retirement if you have 8 years of service and have made $530,000 in your railroad career, but got laid off with no intention of returning to railroad employment. I know you are vested after 5 years but I don’t know how to figure what if anything you will draw upon retirement. I know there are probably thousands of people in the same boat who are curious.
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If you got five years in the railroad retirement system then you are vested and when you retire you will retire through railroad retirement, even if you spend the next 30 years working under a social security employer. The reason is that all your earnings will be transferred from social security to railroad retirement and you will collect annuity payments for both tier 1 and tier 2, but the tier 2 amount will be based only on the five years you worked for railroad. You haven’t really lost anything. Good luck !
You will get nothing and like it. They stole the money sunney
Make an appt with railroad retirement board and get your answers there.
You can not draw both. One or the other
It will be reduced. The only way RR retirement is better than SS is if you get 30 years or 20 with disability. Other than that you wasted your money.
So will that number be reduced if you draw social security as well?
$574 to be exact
Around $600 a month
Railroad Retirement Board has a calculator on this very question.
Good luck trying to figure it out.
I was in the same boat as you are in.
I even went to a retirement seminar they have every year and they could not give me a exact number.
There's alot of changing from year salary etc, etc so
All they would say as you get into your last 5 years of retirement then they could give a better number and understanding.
So its very confusing just like the Railroad nobody can give a exact answer.