People who don't work for the railroad can't imagine how r.r. retirement could last, here is why it will.
We as railroaders normally ,as mentioned,don't live as long as most workers once we retire.
My Great Granddad wasn't alive when r.r. retirement was started.My Granddad never retired even at age 69 with 53 years of service.My Dad retired Oct of 2002.He passed away March of this year (2008).My mothers Dad never got to retire he passed at 57,and her Granddad was retired about 10 years before he died.
Now my Uncle in Va. has been retired since 1982.He's been one of three railroaders in my family,which there was several around 10 including myself since the 1880's,that have drawn retirement.
At age 60 with 30 years of service,we are considered taking a early retirement,with around a 24% cut in pay.We do pick it back up at age 62.Our spouces also pick up around 46% of what are net is when they turn 60.
So with all this considered, even with fewer folks paying into retirement as say 20 years ago,it will be here for quiet a while.
There's a lot in the fund.But the goverment would love to grab it.
And those tiers keep getting harder and harder to pay out of.We can do that each year for a couple of months.Thats not having to pay into it because of how much we make in a year vs. the tier rate.
Now just imagine if s.s. would have been privatized.It would be broke in no time.Or checks would be cut down !
Now something the r.r.'s have started for us a few years back are 401k's.But mine has taken a hit lately.