Community, Diversity, Sustainability and other Overused Words
Community, Diversity, Sustainability and other Overused Words
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Ask Rusty – Have I Saved Social Security Money by Claiming at 62? Dear Rusty: I had to start collecting Social Security at 62, and I am 75 now. I believe that in the last 13 years I have saved Social Security money, so I do not know why I cannot draw my full benefits now. If I had started drawing at 65 at $1,200 per month, then I would have drawn $16,400 per year. Instead, I got $680 per month from 62 to 75, or $8,160 per year, or about $106,000 over 13 years. Compare that to the age 65 a...
Ask Rusty – About How Medicare Premiums Are Determined Dear Rusty: Please explain the Medicare premium increase based on income reported to Social Security? For those of us that waited to draw Social Security until age 70, and who are still working - drawing a salary, and planning to retire at age 75 after RMDs kick in at age 73 - how do we make sure that Social Security reports our earnings accurately, so we don't wind up with increased Medicare premiums? Why not charge increased Medicare p...
Ask Rusty – Does Some of my Social Security Payment Include Repayment of my Contributions? Dear Rusty: I have a question about my Social Security benefits. Would I be correct to assume that part of the monthly Social Security income I get is a repayment of what I contributed to the fund while I was working? If so, how much of my monthly benefit payment is my own money coming back to me? Signed: Curious Beneficiary Dear Curious: I'm afraid that is not how Social Security works. The money you c...
Ask Rusty – Should I Retire at 65 or 67? And What About Earnings & Taxes? Dear Rusty: I'm just trying to figure out how to determine whether to retire at 65 or 67 and, if I retire, approximately how much could I make outside of my Social Security without being overly taxed. Signed: Thinking About Retiring Dear Thinking: Deciding when to retire is serious business, because it affects your future and what your retirement income will be going forward. Thus, it's good you are taking the time to full...
Ask Rusty – Widower's Retirement Stymied by Social Security's "WEP" and "GPO" Rules Dear Rusty: My wife passed away 4 years ago. I want to retire so called SSA and was told I can collect my own SS at 62, reduced by WEP. My wife's SS was greater than mine, but they said I do not qualify for hers at age 60 because of the GPO. This seems odd that I get zero for her, however I can collect mine at the two thirds reduction at 62. Is this true? This zero dollar amount places my retirement on hold f...
With Social Security's finances in the spotlight these days, especially since COVID-19 devastated the U.S. economy, there is no shortage of ideas for how to reform the Social Security System (SS) to restore it to financial solvency. Some proposals have originated in Congress (Social Security 2100 Act) and others have been floated by various "think tanks." In the latter case, some independent "outside-the-box" proposals advocate entirely scrapping the existing Social Security Act in favor of a...
Ask Rusty – About Repaying Social Security Money Taken by Politicians Dear Rusty: It is common knowledge that over the decades politicians have taken billions if not trillions of dollars out of the Social Security fund to finance other government programs. This information is never published or addressed and having the government repay this money back to SS is never discussed, as it seems to be the most logical solution. When the SS program is financially viable again, future changes to the p...
Ask Rusty – I'm 66. When Should I Claim Social Security? Dear Rusty: I'd like to get advice on when I should begin taking my Social Security benefit. I turned 66 in October of 2020. Signed: Pondering Retirement Dear Pondering: Deciding when to claim your Social Security benefit is a personal choice which should consider several factors, most importantly: • Your need for the money at this time • Your current health and expected longevity • Your marital status Since you have already reached...
Ask Rusty – Should a Working Widow Claim Now or Wait? Dear Rusty: My husband died 13 years ago at age 50. I am now 64, never remarried, and work full time making a healthy income. I have never claimed any of his benefits. What are my best options? Signed: Working Widow Dear Working Widow: You have several options available as both a widow and a worker entitled to your own Social Security benefit. 1. You could collect a reduced survivor benefit (only) from your deceased husband and allow your o...
