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Answers are provided by Robert S. Kaufman
(Posted December 7, 2001)
Question 143: My husband went to work for a railroad in 1966 when the age for full retirement was 65. When was the age reduced to 60 for people with 30 years of credits, and when it was raised to 62?
Answer: Women with 30 years of service could retire on a full pension at 60 as early as 1946.
Men, on the other hand, did not get the same opportunity until 1973. In 1983, it was changed to 62 because of the costs in providing full benefits at 60. A reduced benefit was provided at 60.
The current Federal legislation, which has passed both houses, would restore full benefits at 60 for future retirees if signed into law. The trust funds would be allowed to be invested outside of the Federal government and thereby achieve higher returns, paying for the increased costs resulting from lowering the full retirement age to 60.
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to the questioner or to readers. Any legal issues should be reviewed by your legal counsel to apply the
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