6 Good Reasons to File for Railroad Retirement at 62

Transcript:

Maybe retiring early from the railroad isn't such a bad Idea.

Welcome everyone to another edition of Highball Advisors, railroad retirement whiteboard. My name is John McNamara of Highball Advisors. And today I'm going to lay out a few reasons of why maybe retiring from the railroad at an early at age. 62 is a good idea. Now, before I get started, this video is for those who don't have the 30 years of service, right? 60/30. I talk about it all the time, golden ticket, all that type of thing. So these are the people that, Hey, I've got 20 years, 25 years. I'm not going to make it 15 years, whatever it is. So thinking about retiring at 62. So let me lay out some good reasons why you might want to think about it, right? So first, if you leave the railroad filing unlocked spousal benefits, right? So your spouse cannot collect railroad retirement until you retire.

So that's one reason, right? Second reason, railroader, doesn't expect to live, to break even right. A lot of advances in medical science. So we are living longer. However, we also kind of know a lot more about you know, how long we're really going to live check out my other video on breaking a breaking bad in a railroad retirement. And that has a lot of breakeven points. Give you an idea about what break even looks like. So that check that out. But that's a, that's a reason, right? So get as much as you can early next lower, no provisional income now versus later. So this is basically for people expect additional income later in retirement. So you kind of, you take it now type of thing. You maybe you'll have some business income in the future that might, that might pertain to some people let's say you will.

Next one, you will adopt higher spousal benefits when your spouse files. Well, that's interesting, right? Maybe your spouse has a a very high income job and 50% of your tier one is, is less than you know, the a hundred percent that she would be giving you, right. Or a check that out a hundred percent of your tier one is less than 50% of her social security benefit. Something to think about there. So do the math on that, right on spousal benefits, number five, right? You'll have extra cash to spend early in retirement. Right? That's something to think about also, because going back to almost the health issue, right. We know we'll be healthier earlier in retirement and not so much later in retirement, unfortunate that's life, but that's just the way it works. So, Hey, I'll have the extra little extra cash enjoy these years.

So that's something to think about there, and then finally just need the money, right? So you're just, you're filing, I, you know, got bills to pay or you just no longer enjoy working. Right. And those are kind of more of a personal decisions right there. So these are the six reasons why you want to, if you want to leave at 62, right. You're less than 30 years, you know, some ideas and some reasons behind it. So I hope you found this helpful. Feel free to reach out to me. If you have any questions, need any help boarding for a railroad retirement process. Check that out. If you're closing in on retirement, it's a, it's a good process to go through to understand, Hey, you don't understand if 62 does work for you. So also please subscribe to my YouTube channel. I appreciate that. Share these videos with those thinking about retirement. I think it, I think it would be very helpful for them. And the meantime, everyone, please stay safe, stay on track and take care so long everybody. Bye.

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