As with Social Security, Railroad Retirement benefits are generally first payable at age 62, with the full retirement age ranging from 65 to 67, depending on a recipient's year of birth.
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U.S. Railroad Retirement BoardWhile railroad employees with less than 30 years of service may retire at age 62, their railroad retirement benefits are subject to early retirement (“age”) reductions if they retire before attaining their full retirement age.
The railroad retirement system also provides, under certain conditions, a residual lump-sum death benefit which ensures that a railroad family receives at least as much in benefits as the employee paid in railroad retirement taxes before 1975.
The formula for the gross tier II amount is 7/10 of 1% of the employee's average monthly railroad earnings (up to the tier II taxable maximum earnings base) in the 60 months of highest earnings, times the years of service in the rail industry.