facebook twitter instagram linkedin google youtube vimeo tumblr yelp rss email podcast phone blog external search brokercheck brokercheck Play Pause
Who Is Eligible for Ralroad Retirement Survivor Annuity? Thumbnail

Who Is Eligible for Ralroad Retirement Survivor Annuity?

Tier 1 Tier 2 Video Spouse Annuity Survivor Benefits Retirement

Welcome, everyone, to another edition of the Highball Advisors Railroad Retirement whiteboard. I'm John McNamara from Highball Advisors, and today I'll be discussing an essential topic: the survivor annuity for railroaders. This is such an important subject that I've divided it into two parts. In this video, I'll cover who is eligible, while the second video will focus on how the survivor annuity is calculated, which involves financial planning. So let's begin by discussing eligibility.

First and foremost, the widow or widower of the employee is eligible for the survivor annuity. If the employee remarried after the age of 60 and was married at the time of death, the new spouse would also be eligible. Another eligible individual is the surviving divorced spouse, provided they did not remarry and the marriage lasted for at least 10 years.

Moving on, we have the young mother or father who is taking care of a child under the age of 18. They are eligible for the survivor annuity right away. Similarly, a disabled child who was deemed disabled before the age of 22 would also be eligible, as long as they are the married children of the railroader.

Now, let's delve into the child benefits section. Children under the age of 18, including adopted children or grandchildren who are dependents, are all eligible for the survivor annuity. Additionally, even if a child turns 18 but is still a student, they can continue receiving the annuity until the end of their term.

Lastly, we have the parent category. If the railroader has a parent who is over the age of 60 and dependent on them for subsistence, that parent would be eligible for the survivor annuity. It's important to note that this applies specifically to the railroader's parent and not the in-law parent. Take this into consideration if the railroader is caring for their in-law parent.

I hope you found this information helpful. Be sure to watch the second video, which will be released approximately a week after this one, to learn how the survivor annuity is calculated. These are important topics covered in my boarding for railroad retirement process. If you're employed by or close to railroad retirement, it's crucial to understand these concepts. Remember to click the notification bell to receive the latest updates and share this video with other railroaders. Until next time, stay safe, stay on track, and take care. Goodbye, everyone!

Get Free Railroad Retirement Assessment

Disclaimer: This article is provided for general information and illustration purposes only. Nothing contained in the material constitutes tax advice, a recommendation for purchase or sale of any security, or investment advisory services. Highball Advisors encourages you to consult a financial planner, accountant, and/or legal counsel for advice specific to your situation. Reproduction of this material is prohibited without written permission from Highball Advisors, and all rights are reserved from Highball Advisors, and all rights are reserved.