In 2023, the annual exempt amount for less than full retirement age annuitants is $21,240. The monthly exempt amount for the first year of retirement in 2023 is $1,770.
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U.S. Railroad Retirement BoardTier I benefits, like social security benefits, will increase by 8.7 percent, which is the percentage of the CPI rise. This is the largest increase since 1981, when it was 11.2 percent. Tier II benefits will go up by 2.8 percent, which is 32.5 percent of the CPI increase.
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.