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Can you explain a step by step on how to report a lump-sum retirement rrb-1099 please.IRS Pub 915 is only for social security benefits examples.There are no other examples on the internet. You are my last hope.
So, married or not, if I have a partner with a child under 18 whether it being mine or not she can receive the spousal benefit regardless of her age and does it stop after the child turns 18 yrs old? If the child is disabled the spousal benefits will continue, and for how long?
So, let's say you are self-employed while working for the railroad, and you're not doing substantial work outside of the railroad. Will that still affect your railroad retirement benefits??
My social security that i was just awarded is greater than my Tier 1 and Tier 2 together from the railroad. Am I able to just keep collecting my Tier 2 benefits and not collect the RRB Tier 1?
Well, I picked the challenge to put my finances in order. Then I invested in cryptocurrency, stocks, through the assistance of my discretionary fund manager
I am retired at 53 yo with the rr, my question is i used the 2019 Social security worksheet and used your example i came up with your option2 which is 24k, where did you get the 0% <32,000, 50% 32K-44K figure?
Hey John great videos ! Can you explain the reasoning behind the spouses 50% Tier 2 reduction due to working for "Last previous employer" ? I understand how the reduction is calculated, but the rule itself seems kind of random. What's the reasoning for this ? thanks
I don't know the exact reason for the rule. From a big picture perspective it seems to me that the RRB or SS don't want individuals working and collecting retirement benefits.
Thank you for the video. I will be retiring with 30/60 can u talk about my medical and health care option plz. I was told I was covered until I turn 65. Thank you
I'm glad you are enjoying the videos. Check this one out on Healthcare options before Medicare. ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-YqrZB3H-Jqc.html
No, your Railroad retirement Tier 1 is probaly more than a age reduced spousal annuity from Social Security. You can only collect the higher of the two.
As a 100% p&t vet. After 7 months of struggling being my disability was withheld due to a clerical error in my IRS file ( that irs caused). Immediately I contacted my congressman to fix it. He fixed the IRS file, then corrected the associated SSI file. Which was done back in April. Then requested the RRB to give back to what is rightfully mine. Finally after months of waiting. Aug 14 the RRB sent me a letter stating they will reinstate my disability. However, they still haven’t paid me and currently owe me 32k. I’m about to lose my home due to the excessive slow response time. Even my congressman has not heard back from the RRB. Yesterday the RRB rep stated although I have been approved to receive my disability back I have not been put back into the system yet and she tells me there is a 437 day wait? Why do I feel like I’m gonna lose my home. Is there anything I can do? I feel hopeless
Hi John I am confused. You said NSSEB applied from 60 -62 years of age. I am 74. and NSSEB applies to me and my spouse. Found this out when I pulled IRS Transcripts in 2015.
I have asked this once before but, I will have my 30 good years when I turn 63. Can I draw social security when I turn 62 while I am still working and have it change over when I retire?
I would suggest you pull your SS statement to see if you are eligible for SS. Secondly if you are working then you would have age and work deductions in your reduced SS check. You actually might not receive anything from SS.
I’m worked with a guy that said he will never retire out here. He doesn’t want his ex wife to receive any benefits from RR.. 😂 He could’ve retired 8 years ago. He’s still going at it.
I'm collecting RR Retirement with 60 and 30, my wife is older than 60 and working non-railroad work, can she collect spousal benefits and continue to work?
Good info John. I am amazed how many people I work with that are totally clueless about how their 401k works and how RRR pays out. I try to steer them your way whenever I can. Keep up the good work and thanks for helping us out.
Excellent video John. I rolled over my railroad 401K to Vanguard 9 years ago and I diversified into some of their mutual funds and it has done extremely well! Great advice.
Not sure why would you want to roll over your 401K to a IRA for investing purposes since Empower will still be investing it when you retire. And would you have to pay taxes when the 401K is sold for cash on the entire amount.
Does the retirement board go off of your highest five years or is it a set annuity? 4 years to go to be 60 with 30 years, made 120k to 100k the last 5 years, can I at least draw 3k possibly
The Tier 2 portion of your RR is set off your hiighest 60 months(5 years) ofearnings. If you are 60 and 30 then it is almost impossible not to be well over $3k/month.
If start your Social Security at your FRA while you are working for the railroad then at 70, you will receive Tier 1 with delayed retirement credits at 70.
Love your teaching! Plain English very well explained. What are the 2024 ?'s? Also, can you do a video on how to answer the retirement employees application questions when they take it over the phone?
Let’s say I’m 60 with 30 years of railroad. I started at age 30. But I also have 12 years paying into social security prior to the railroad. At age 60 since I have 30 years of railroad and can retire, how is tier 1 calculated with 30 years into tier 1 and 12 years into social security? In other words let’s say I retire at 60 with 30 years into tier 1 and 12 years into social security, will I receive a “reduced / penalized” tier 1 for collecting tier 1 / social security at 60?
Depends when you live. We live in Philadelphia which is sort of a HCOL. We would need $3500 a month net to cover our expenses from a-z which includes…. Real estate taxes Insurances Electric, gas, water, sewer TV Internet Cellphones Health insurance Medicare Food / groceries Gas for cars Car registrations If I am 60 years old with 30 years of railroad service at an average salary of $100k plus spousal annuity it would work. However in my case I would need money in accounts besides tier 1 and tier 2 because when one of dies no spousal annuity and no spousal tier 1.
So the question i heard can the wife get reduced social security and then change once he files for retirement. I know a few ppl retiring at 62 and thinking to wait until FRA to file with Railroad... The scary point is not some much drawing down your nest egg but dying before your file.
Does it affect in any way if I retire with 30yrs of service at 57 and collect VA disability benefits while I wait to turn 60 and collect RRR? Thanks for all your videos
It will have no affect on your Railroad Retirement annuity at 60. I have a few clients in the same situation where they collect VA disability and Railroad Retirement.
I don’t care if I have to live in a tent, when I’m golden (30/60) I’m retiring from the carrier. The way they kick people in the teeth, I’m gone. That said, if you retire and just sit on the couch and watch tv, you won’t collect much retirement at all. Get off your backside and do something. Even if it’s just a people greeter, do something.
Whether I’m rich or poor in retirement. I’ll be working at least a small part time job at a hardware store or something. And doing house projects for the children when they grow up. You need to stay reasonably active. An idle body is a dying body