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Important Reminder for Retirees Who Continue to Work After Retirement
(Posted November 11, 2014)
Question 1218: I'm writing to suggest you might tell railroad retirees to be sure to report any income from work to the RRB on a yearly basis.
I retired in 2008 on the 60/30 plan and notified RRB of my intention to work a part-time job before I reached full retirement age in 2012. RRB responded that I needed do nothing more and that they'd would be in touch with Social Security to verify my yearly earnings. Well, I got a bill from RRB last year stating I had earned over the limit for each year and sent me a bill to repay over $8,000. They even added a penalty of $1,600 for not reporting each year. So please advise folks to report each year.
This is very important information to avoid a significant overpayment. The Railroad Retirement Board's toll-free number is: (877) 772-5772.
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