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Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Social Security
Satisfied Customers: 12934
Experience:  B.A.; M.B.A.; J.D.
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I am planning on applying for Social Security at age 62. I

Resolved Question:

I am planning on applying for Social Security at age 62. I am also eligible for Railroad Retirement. The RRB has advised that I will receive a Net Tier 1 of 1586.00 and a Net Tier of 259.87 for a total of $1845.87 at age 62. Social Security has advised me that I will receive $1092.00 at age 62. Is there any benefit in deferring one or the other until age 66, will this increase my benefits? And if so, which should I defer? RRB will be $2426.59 at age 66, Social Security will be $1448.00 at age 66...
Submitted: 10 months ago.
Category: Social Security
Expert:  Phillips Esq. replied 10 months ago.
Hello: This is PhillipsEsq. I am a licensed Attorney and I will be assisting you today.


I am planning on applying for Social Security at age 62. I am also eligible for Railroad Retirement. The RRB has advised that I will receive a Net Tier 1 of 1586.00 and a Net Tier of 259.87 for a total of $1845.87 at age 62. Social Security has advised me that I will receive $1092.00 at age 62. Is there any benefit in deferring one or the other until age 66, will this increase my benefits? And if so, which should I defer? RRB will be $2426.59 at age 66, Social Security will be $1448.00 at age 66...



Response: You should defer your Railroad Retirement since it would give you much more benefits at age 66 than Social Security benefits. Also, if your only pension would be from Railroad pension, you would not be subject to Windfall Elimination Provision ("WEP") when you start collecting your Social Security benefits. This is a provision that is used to offset someone's Social Security benefits when the person is collecting another pension where he did not contribute to Social Security System. However, there are some exceptions to the WEP including where the person contributed substantially to Social Security System for 30 or more years or the pension is sole from Railroad Retirement system. For more information on WEP and how it works, click here.

Customer: replied 10 months ago.

Based on the information I provided can you tell me what my Total Monthly benefit be if I applied for both Railroad and Social Security at 62 years of age...


 

Expert:  Phillips Esq. replied 10 months ago.

Based on the information I provided can you tell me what my Total Monthly benefit be if I applied for both Railroad and Social Security at 62 years of age...


Response
: I cannot tell you that since I neither work for Social Security Administration nor the Railroad Board. Also, if you already have the figures from each agency as stated in your initial post, I am not sure why you are asking me to provide this information to you at this time. Here is your initial post on this subject to refresh your memory:

I am planning on applying for Social Security at age 62. I am also eligible for Railroad Retirement. The RRB has advised that I will receive a Net Tier 1 of 1586.00 and a Net Tier of 259.87 for a total of $1845.87 at age 62. Social Security has advised me that I will receive $1092.00 at age 62. Is there any benefit in deferring one or the other until age 66, will this increase my benefits? And if so, which should I defer? RRB will be $2426.59 at age 66, Social Security will be $1448.00 at age 66...

 

Phillips Esq., Attorney-at-Law
Category: Social Security
Satisfied Customers: 12934
Experience: B.A.; M.B.A.; J.D.
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