Understand the basics of your Tier 1 railroad retirement benefit.
The video discusses:
How Tier 1 is funded?
How Tier 1 benefits are calculated?
Example of Tier 1 benefit
and more….
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Disclaimer: This video is provided for general information and illustration purposes only. Nothing contained in the material constitutes tax advice, a recommendation for purchase or sale of any security, or investment advisory services. Highball Advisors encourages you to consult a financial planner, accountant, and/or legal counsel for advice specific to your situation. Reproduction of this material is prohibited without written permission from Highball Advisors, and all rights are reserved.
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What would it add up to if your monthly was $5,000 instead of $7,000 can you help me with that
I retired from the military after 24 years and started working for Union Pacific in 2015. Currently 60 years old and plan to work till 2025 which would be 10 years with the UP and I will be 63. Any and all advice would be greatly appreciated!
Thank you for your videos. I only recently found out about your channel. I started with a class I RR at age 36. Currently have 24 years of service and plan on retiring at age 65. Will the AIME on Tier I be "diluted" by my previous years in the SS system or will it be calculated only on RR earnings?
Is it worth it to stay 5 years if you don't want to retire from the railroad? I will have 5 years May 2022 and I want to do something different.
I hear full retirement age thrown around a lot. I have calculated my retirement at age 62 with 24 years service. Granted it is not as much but are my calculations accurate using your formulas or must I wait until full retirement at 68 to collect anything?
Hi John, thanks for the great vid. I’m a Physical Therapy provider and have a pt that contacted me with Railroad Medicare. I’m already in network with Medicare, but was told that Id need be in network with railroad specifically? How would I go about doing that?
thanks John 🙂
I keep hearing 67 is retirement age, but I'll retire at 60, with 32 years in. Will I lose anything? (My she is older than me)
Hi John,
Can you collect tier 1 benefits at age 60 of you have 30 years of service?
So after 5 years how much will I receive?
B.S.,,,, rrb is B.S
Can I personally message you? I need some help from you and can not find a source for info.
Hu my dad worked for the railroad I bet people lied and pretending there railroad such a disrespect to my Dad you'll all Lose Never pretend your AMERICAN Railroad no wonder I had such a hard time getting my social security disability Looks like social security and I will be going to Federal court Never Pretend your blood You will always get caught
Based on your AIME figures and percentages and what I just started getting from Railroad Retirement, I'm not getting anywhere close to your calculations. I wish someone could clearly explain the calculations and formulas in Tier I. I feel comfortable with how Tier 2 works, but that still seems off from what I am getting. Looks like I am going to have to request an Appeal from the RRB, but I'd at least like to know what I'm talking about with Tier 1.
john, i worked another job (non railroad) for 24 years before coming to the railroad. paid into social security all those years. now i am approaching 20 years on the railroad and will be 65 soon (4 years off). question…will i have any claim to that money i paid into ss all those years? and can i collect my rr pension and still get ss benefits? also, please dont suggest i hold on for 30 years…i cant do that..thanks. born in 1959
My spousal annuity is impacted by my non covered pension. Although I only have 5 years of uncovered pension out of 40+ years of employment, the RRB is telling me that they will reduce my Tier 1 payment by 2/3 of my pension annuity. I understand that if I am not paying into social security for a period of years that my Tier one would be impacted. I have resigned myself to this but I have paid taxes on 30 years of substantial earnings. Why does social security waive the windfall provision and the railroad does not?