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Financial Advantage by Taking Railroad Retirement at 62 and Social Security at 66-1/2?
(Posted November 11, 2013)
Question 1073: I'm vested with eleven years of service after leaving the railroad in 1990. I have worked since then. I'm 56 now and wonder if I can continue working and collect either Railroad Retirement or SS at age 62, and then at age 66-1/2 receive benefits without a reduction for age. Or is it more beneficial to wait until 66-1/2 to file for both at the same time?
Answer: There could be some financial advantage if you take a reduced Railroad Retirement Annuity at 62 and wait to take Social Security until you reach your full retirement age at 66-1/2. Depending on the monthly rates, you could wind up with a higher combined monthly benefit.
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