Later Life
After retirement, Budd spent five years as chairman of the Chicago Transit Authority. He arranged the donation of the Burlington's corporate records to the Newberry Library. Though he supported many publication which chronicle the history of the Burlington, Budd himself turned down a professorship at Northwestern University, claiming his lack of qualifications. In 1949, he founded The Lexington Group in Transportation History, which holds annual meetings to this day.
Ralph Budd retired to Santa Barbara, California, in 1954, and died on February 2, 1962.
His son, John Marshall Budd John M. Budd, also became president of the Great Northern Railway, and together with Robert Stetson Macfarlane of the Northern Pacific Railway, worked from 1955 until 1970 to merge the Hill Lines into the Burlington Northern Railroad (today's BNSF Railway).
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