Young and confused!

[sapo813]

Well i am a male in my late twenties and have worked for the railroad since 19, i have recently been let go because of an accident and curious on early retirement rules.

I am in finacial trouble and not sure i can ever work for a R.R. again so the million dollar question is


Can i take a annuity out at my age or a lump sum payment to pay off bills and debt? if so where do i goto ask and what do i do? cause if i work on social securtity til i retire then is my r.r. retiremennt shot cause you can't double dip on those.


i appreciate any help you can give me.

thank you, SAPO

 

[bbbamI]

I don't know anything about railroad benefits/wages. My assumption would be if you were a member of the union, can you speak to a union rep? If not, someone in HR should be able to explain your benefits to you.

Here's a thread that might help.....

http://www.early-retirement.org/for...sion-or-annuity-43557.html?highlight=railroad

Welcome to the forum.

 

[MasterBlaster]

I also know little specifically about railroad retirement benefits.

However, many retirement accounts let you take a one time lump-sum payment in lieu of a monthly benefit. One or the other but not both.

It's always way too easy to spend what you have now than to wait until later to collect. Many people have taken this approach to their personal detriment.

 

[Fireup2020]

Good luck! Stick around this place and you will learn lots of wonderful things! (in addition to ER stuff, there is education on the effects of buttermilk and bacon on the economy, strange websites, taxes, pancakes, bunnies, and boobs!)

Welcome!

 

[knucklehead 61]

(in addition to ER stuff, there is education on the effects of buttermilk and bacon on the economy, strange websites, taxes, pancakes, bunnies, and boobs!)
Welcome!

when did i miss the boobs
damn! that's the best parts!