I know this has been discussed on here before but what are our options besides disability? Ready to leave but still wanna retire at 60.
10 replies (most recent on top)
Nothing on there I didn't already know. But it may be helpful to guys thar just up and quit for nearly 20 yrs in. Anyone with less than 10 mat as well leave
https://highballadvisors.com/blog/leaving-the-railroad-know-the-impact-on-railroad-retirement
Everyone needs to check out highball advisors on YouTube. Educate yourself and sit down with a RRB representative BEFORE you do anything.
20 plus years. LEAVE NOW!!! GET OUT ON OCCUPATIONAL!!!
you dont lose any of your pension if retire at whatever your full retirement age is , you only lose if you retire before your full retirement age , in my case if I would retire at 62 and 3 months I would lose 25% of my pension or 5% percent for every year you leave early , people also think they only get ss if they leave the rr before they retire when in fact the rrb applys for both ss and rr and you get which ever is higher plus your tier 2 , thats what they told me was done when I retired. I f your thinking about retiring the best thing to do is email them and ask what you will get.
The below poster is correct. Its a 30% reduction is you leave before 30 yrs service. You can read it on the RRB Website.
If you don’t reach 30 years, or if you fail to reach retirement age( that depends on what year you were born) , you lose 30% of your pension.
If you retire at 62 with 20 years you lose 25% of the pension , if you can get disability for something you can retire with no penalty , you get the same as you would if you retire at whatever your full retirement age is , just be warned that getting approved will take at least a year right now , it took me 13 months , on the bright side if they fire you and you have insurance they give you the year to apply.
I believe what most people have done in your situation is they have just become alcoholics.
Or you could find a job with the state or city and build another pension that won’t hurt what you already have with railroad retirement. Only drawback is if you cut ties with the railroad you will lose survivor benefits. Which means if you die at 65 and your wife lives to 80, she won’t draw anything after you die.
They don’t tell you when they hire you as a 20 year old kid that they have you by the ba--s.
You can't do it. It's just that simple. You won't draw until 62 without 30 yrs. I have over 20 and got occupational disability. I can't draw retirement until 62. My advice, get out now!