SO what kind of retirement can someone expect when they hire out at 56 years old? They won't be able to work until they're 86 for a full pension. So if he hires in at that age and works until he's 67, then what? It doesn't seem worth it to me. Does he lose out on what he would've gotten under Socialist INsecurity? Would it be some sort of an "inbetween" arrangement, or what?
When I hired in the 70's, the railroads wouldn't HIRE someone over 40--and even then, probably sought much younger men. That was before age discrimination laws. It pretty well guaranteed that a fella could hire in (like me), make 30 years, and retire at 60 with a full pension. The pension system was geared for people who were basically expected to hire right out of high school, work their entire career on the railroad and retire. They weren't expecting OLDER men to come in, work a few years, and retire, like that nothing system socialist insecurity! Back then, being "older" was the same as having a club foot or being color blind! It truly works against the older worker in many ways. For one thing, there is no "2nd tier" in SSI, and additionally, the older worker doesn't get a chance to contribute as much into the system before retirement, so he has less money to retire on. Sometime ago, there was a group of new hires (and older workers) on here that thought they were going to waltz in , work 10-15 years, and walk out the door with the SAME pension as those who worked for the full 30 years. It is based on 360 months of what is called "Creditable Service". If you ain't got the months, you ain't got the full monty; it's as simple as THAT!
I don't have to deal with this issue since I was in "under the wire". So what CAN an older worker expect? It is certainly something to consider when embarking on a railroad career.