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Q&A: Annuitants May Need to Increase Tax Withholding at Age 62

Certain portions of a railroad retirement annuity are treated differently for federal income tax purposes. The following questions and answers explain these differences and address the importance of individuals establishing accurate tax withholding from their annuities. Certain annuitants, including those retiring at age 60 with at least 30 years of service, and some occupational disability annuitants, need to pay close attention to changes in tax withholding when they turn age 62.

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Earnings Limits Increase for Railroad Retirees in 2025

Railroad retirement annuitants subject to earnings restrictions can earn more in 2025 without having their benefits reduced due to increased limits indexed to average national wage increases.

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Cost-of-living Adjustment Will Increase Railroad Retirement Benefits

Most railroad retirement annuities, like social security benefits, will increase in January 2025 based on a rise in the Consumer Price Index (CPI) from the third quarter of 2023 to the corresponding period of the current year.

Cost-of-living increases are calculated in both the tier I and tier II portions of a railroad retirement annuity. The tier I portion, like social security benefits, will increase by 2.5 percent, which is the percentage of the CPI rise.

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Furnishing Evidence to Support Your Claim

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Your Duties as Representative Payee

The following is excerpted from the RB-5 pamphlet

Events Which Must Be Reported to the RRB

A representative payee is responsible for knowing what events will affect the beneficiary's continuing right to monthly benefits. The payee is also responsible for promptly reporting the occurrence of such events to the RRB.

The events are as follows:

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Q&A: Railroad Retirement Age Reductions

While railroad employees with less than 30 years of railroad service may retire at age 62, their railroad retirement annuities are subject to early retirement (“age”) reductions if they retire before attaining their full retirement age. There is no age reduction for those who retire with 30 years of railroad service.

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Q&A: Dual Benefit Payments

January 8, 2025

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Q&A: Reporting Events and Activities That Can Affect Payment of Railroad Retirement Annuities

January 8, 2025

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Q&A: Working After Receiving An Annuity

Retirees, and those planning retirement, should be aware of the railroad retirement laws and rules governing benefit payments to annuitants who work after retirement, whether they have retired based on age and service or on disability.

The following questions and answers describe these railroad retirement work restrictions and earnings limitations on post-retirement employment, as well as how these rules can affect retirees engaging in self-employment.

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Q&A: Buyouts and Railroad Retirement Benefits

Railroad employees frequently ask the Railroad Retirement Board (RRB) how accepting a buyout from a railroad employer affects their future eligibility for benefits under the Railroad Retirement and Railroad Unemployment Insurance Acts. The following questions and answers provide information on this subject.

1. Would leaving railroad work and accepting a buyout mean that an employee forfeits any future entitlement to an annuity under the Railroad Retirement Act (RRA)?

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