Ask Terry Questions Railroad Retirement

Railroad Retirement

By Terry Savage on July 23, 2024 | Financial Planning / Retirement

Will Illinois ever allow us to collect social security and railroad retirement when we have paid into both over the years?

Terry Says

It’s not Illinois that made that rule;  it’s Social Security.  You’re talking about the WEP — Windfall Elimination Provision.

Read more about it here:  The Best Explanation of the Windfall Elimination Provision (2023 Update) – Social Security Intelligence

I doubt that will ever be changed, though many are working toward that end.  It would come only as part of a complete reorganization of  Social Security — a charged political issue if there ever was one!

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