The Finance/Retirement Thread

lindy

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got back from some training, one segment was taught by Amtrak Police, spoke to one of the guys about their job, pay and such. Their retirement is 30 years, but they retire at 100%, if married it's 50% on top of that and free medical. I always knew railroad guys had a good retirement, but...get this.....if you are married and divorce, the wife gets her %50 percent, but doesn't touch your pension....no matter how many times you get divorced.
Holy shit.
 

Kraut783

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Age/Service: The earliest that Railroad Retirement benefits may begin is either age 60 with 30 years of qualifying railroad service, or age 62.
 

lindy

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Age/Service: The earliest that Railroad Retirement benefits may begin is either age 60 with 30 years of qualifying railroad service, or age 62.
So they only thing AMTRAK police lose is mando OT pay? Not a bad gig at all.

Edit: not just for AMTRAK LEOs but all AMTRAK employees get Railroad retirement, which includes time served in military during wartime.

https://rrb.gov/sites/default/files/2018-09/2018 RR Handbook_1.pdf

Another tidbit, AMTRAK employees and their families get free train travel.
 
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Topkick

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I'm all for raising the retirement age. That will help the solvency of the SS fund. As it stands right now, by 2030 there will only be enough available for 80% payout rates. Raise it now on the boomers before they all retire.
Why? The baby boomers have paid into SS all of their adult lives. Is it their fault that the government has guided the ship off course? What money is in there, they've put there. If they change the game they should grandfather.
 

BloodStripe

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Why? The baby boomers have paid into SS all of their adult lives. Is it their fault that the government has guided the ship off course? What money is in there, they've put there. If they change the game they should grandfather.
Blame the great generation then for living longer. Theres about to be for the first time ever less money coming in versus money coming out. The program was designed for those currently paying in to pay for those currently withdrawing. SS needs to either raise the age or reduce benefits by 25% to maintain solvency.
 

Topkick

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@BloodStripe I believe there are other ways to fix SS. But if you have to change the rules in the middle to end of the game, you gotta at least take care of those who've played long and fair under the old rules. That's just my opinion.
 

Isiah6:8

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I would be very for phasing social security out by age. I do not think that it would be doable for a lot of reasons but I think the sliding scale of benefits by age would be interesting. Certain ages would not pay in or receive benefits, while others who have paid into the system will still see 100% of their benefits given their pay into the system.

My opinions are also based on the belief that one day the system will no longer be able to pay out, and I don't think people will have enough lead time to mitigate that news when it is disseminated. Because that would be a decades long lead time and my guess is that all the parties look at telling people they might not get benefits is a game of hot potato. Nobody wants to get stuck with that news when it comes because they will be crucified.
 

lindy

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Maybe the USG needs to reign in the payees? Collecting benefits from a divorced spouse is total bullshit.

Social Security Questions - Social Security Payments

Is Social Security just for retired workers? No. As of June 2016, 16 percent of beneficiaries were disabled workers and their dependents, and 13 percent were survivors (such as widows, widowers and children).

At what age can I start collecting Social Security benefits? Workers can begin receiving retirement benefits at age 62, but your benefit will be greater if you wait until your full retirement age (currently 66 for those born after 1942) or later. Widows, widowers, surviving children, the disabled and children of the disabled can start collecting earlier. Full retirement ages are based on the year of your birth.

Can I receive Social Security benefits based on the earnings of a former spouse? Yes, as long as you were married for 10 years and you aren't remarried. If so, you're eligible to claim Social Security benefits under your ex-spouse's earnings if they turn out to be higher than your own.
 
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