social security is not impacted by other retirements. they are separate. Your military retirement will not affect or change your wife's retirement from the railroad. you will each have your own retirement and at age 62 or older you each will also have your own social security. however, your wife many not have any input to social security benefits if she has not paid into social security during her work span. best to check with social security to see where she stands with social security
Answer: Yes, Railroad workers pay into social security as well as railroad retirement. I worked for the Burlington Northern Railroad and we paid 6. some % into social security and I think 8. something into Railroad Retirement.
They can but that person's Railroad Retirement is going to be reduced. Here is a link to the Railroad Retirement Board's website that explains all the details about Railroad Retirement and Social Security Benefits. The tier I portion of a railroad retirement annuity is based on both railroad retirement and nonrailroad social security credits acquired by an employee and reflects what social security would pay if railroad work were covered by social security. Tier I benefits are, therefore, reduced by the amount of any actual social security benefit paid on the basis of nonrailroad employment, in order to prevent a duplication of benefits based on the same earnings. .
Railroad retirement benegits are subject to Federal Income tax. Tier 1 of Railroad retirement has the same treatment regarding income taxes as does Social Security benefits. Tier 2 of Railroad Retirement benefits are subject to Federal income tax just like other company pensions. Railroad Retirement Unemployment benefits receive the same tax requirements as do State unemployment benefits.
I worked for the Fed Govt for 35 yrs before that I worked and paid 48 quarters into Social Security, my wife worked for the Railroad and was covered by Railroad Retirement, we are now retired. My Social Security was reduced under the Windfall Elimination Clause of the Social Security Act. I was entitled to a portion of my wife's Railroad Retirement Benefits. The Railroad Retirement Board recently informed me that they were reducing my benefits because I have a Federal pension. This is a double hit, since my Social Security benefits have already been reduced by 45%? I have appealed this ruling and hope to have it reversed. Can they reduce both benefits due to a Federal pension being drawn?
Yes, but there may be limits
Yes, she can. He can also with his pension.
Yes, and retirement from the US government plus any military or private retirement accounts they may have earned.
Hi I am 55 years of age. My ex husband is 61. We were married for 22 years while he worked for the railroad. He just recently retired from the railroad after 40 years and is drawing his retirement. I am asking can I draw my portion of his railroad retirement and my own social security that I have paid into working through my own jobs through the years past. I am living with relatives at this time because I do not have a job, no health insurance and no way to support myself.
Railroad Retirement benefits are exempt from Indiana state income tax. They may be federally taxable, depending on your filing status and income. They follow the same rules as Social Security benefits.
Absolutely! Congratulations, you old double dipper.
Tier 1 Railroad Retirement benefits are treated the same as Social Security benefits for California income tax purposes. If any portion of your benefits were included in your federal income, you can claim an adjustment on line 20 of Schedule CA (for Form 540 filers) or on line 14c of Form 540A.
At this time not any more after they stay long enough to retire from the military and receive the retirement pension.
National Institute on Retirement Security was created in 2007.
Yes. Social Security and Railroad Retirement benefits are exempt. Up to $2,500 total of military, civil service, and Arizona state/local government pensions are also exempt. All out-of-state government pensions are fully taxed.
After leaving office, the President is not provided with security or retirement pay.
The Social Security Retirement Planner, website www.ssa.gov/retire2/, is a government-run website that has everything you need to know about social security retirement. The site helps you plan and know how much you will be getting for retirement.
The Social Security website has numerous retirement calculators that will help you predict your retirement requirements based upon age and financial history. Other financial institutions offer free websites for calculating your retirement, but you will want to be careful that they are not trying to sell you their financial product.
No... but icecream is!!
If you receive pers retirement and apply for social security at age 66 will your social security benefits be penalized?
How Important is Social Security? How will losing your Social Security benefits affect your retirement? Use this calculator to determine how losing this important retirement asset could affect you. Click the report button to see your retirement savings with and without Social Security benefits.
no..but you can receive social security.....welfare,or any other type of city help they have to offer...but you cannot receive unemployment while collecting retirement funds..
No. Social Security retirement (vs. SSI) is not based on income or assets.
Military Securitymilitary security.military security.