We discuss the importance of planning for a long retirement from the railroad. This video includes:
1. Discussion on longevity of railroaders
2. Importance of planning for a long life
3. 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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Railroad Retirement Plans are a great way to ensure financial security in retirement. The length of a Railroad retirement plan depends on several factors, including the age of the participant, the number of years of service, and the type of plan chosen.

The Railroad Retirement Board (RRB) administers the Railroad retirement plan. It is a social insurance program that provides retirement, survivor, and disability benefits to railroad workers and their families. The RRB is an independent agency of the federal government and is funded through employer and employee payroll taxes.

The Railroad retirement plan is a defined benefit plan, meaning that the amount of the benefit is determined in advance and is based on the participant’s age, years of service, and the type of plan chosen. The benefit is paid out over the participant’s lifetime, or until the participant reaches the age of eligibility for Social Security benefits.

The length of a Railroad retirement plan depends on the age of the participant and the number of years of service. For those who are 62 or older, the length of the plan is determined by the number of years of service. For those who are under 62, the length of the plan is based on the age of the participant and the number of years of service.

The length of a Railroad retirement plan also depends on the type of plan chosen. There are two types of plans, the Tier I and the Tier II plan. The Tier I plan is a basic plan that provides a fixed benefit and is based on the participant’s age, years of service, and the type of plan chosen. The Tier II plan provides a more flexible benefit and is based on the participant’s age, years of service, and the type of plan chosen.

The length of a Railroad retirement plan can also be affected by changes in the law. For example, the Social Security Administration recently increased the age at which a person can begin receiving benefits from 62 to 67. This change affects the length of a Railroad retirement plan for those who are under age 62.

In conclusion, the length of a Railroad retirement plan depends on the age of the participant, the number of years of service, and the type of plan chosen. It is important to understand the details of a Railroad retirement plan before making a decision on which plan is best for you.