Community, Diversity, Sustainability and other Overused Words
Community, Diversity, Sustainability and other Overused Words
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Ask Rusty – Older Husband and Working Wife Seek Guidance Dear Rusty: I am 74 years old, retired and receiving Social Security. My wife will be 65 in January of 2025. Our hope was to start paying off some credit card expense by her receiving SS when she turns 65, however it appears there would be a substantial reduction to her benefits. Her work income is $37,500 a year, and she wasn't planning on retiring from work at age 65. Because I am 11 years older, we felt it makes sense to use her S...
Ask Rusty – Can I Claim Social Security and Still Work? Dear Rusty: I will be turning 63 soon. Can I apply for Social Security and continue to work? Would I be limited to how many hours or how much I could make? I know my monthly SS amount would be cut by 30%, or somewhere around there, but how would working affect me? I was trying to read up on this, but the $1 and $2 thing confused me. I have an offer to take a work-at-home position and need to decide soon, but it is a cut in income. The c...
Ask Rusty – When Should We Claim Social Security? Dear Rusty: I am almost 63 and my husband will be 61 soon, and we are looking to see when our best time would be to start our Social Security benefits. We would like to know if one of us qualifies for benefits from a previous marriage from 1984 to 1995. And we are wondering if I can start drawing at age 65, in two years, or if it is better that I wait until 67 because my spouse is 2 years younger than me. Also, if I were to continue working l...
Ask Rusty – When Should my Wife Claim Her Social Security Benefit? Dear Rusty: I just saw an article which said that certain spousal options were going away, but there are still good options for when a spouse can claim. I am filing for my Social Security to start in October when I turn 70. My wife's full retirement age (FRA) is in December, and she now plans to file then for half of what my FRA benefit would have been (our original plan was for both to file in August). My wife's main reason f...
Ask Rusty – Should I Claim Social Security at 68, or Wait Until I'm 70? Dear Rusty: I have a question regarding my SS benefits. I turned 68 this month and work part time. I earned $28,000 last year but will probably gross $36,000 to $38,000 this year. My husband collects his SS, and he earned $25,000 last year. I was told by a financial planner that I should apply for my benefits now, instead of waiting until I'm 70. I would collect $1700/month at 68 and $1944/month if I wait. Which is the s...
Ask Rusty – Will my WEP Reduction Go Away if I Continue Working? Dear Rusty: I'm 63 years old and have not yet started my Social Security. I now work for the State of Illinois and will draw a pension from that state's university system. I don't pay into Social Security from this position and, as a result, my Social Security payment will be reduced. But I have also worked elsewhere and contributed to Social Security for 26 years. If I retire from the state university and begin drawing my r...
Ask Rusty – Will Withdrawing from 401(k) Affect My Social Security? Dear Rusty: My full retirement age (FRA) is 66 and 8 months, which I'll reach in September 2024. I'm still working 3 days a week. I want to cash in my 401K and want to know if I have to wait until my FRA for IRS purposes or can cash it in anytime in 2024. I don't want to affect my Social Security or end up paying taxes on my benefits. Signed: Seeking to Avoid Taxes Dear Seeking: We're not experts on IRS matters here at the A...
Ask Rusty – How Can I Get Details about My Social Security Payment? Dear Rusty: How do I find the actual breakdown of the Medicare insurance that I have auto deducted and my actual Social Security payment? I was just looking at a video which explained the 3% Cost of Living Adjustment we will be receiving this year, and it compared the current payout to the new payout. There seems to be a big difference in what I am getting and what they said in the video. Currently my Social Security payments a...
Ask Rusty – Can Someone Work While Collecting Social Security Disability? Dear Rusty: If a person is collecting Social Security disability benefits, can they, at any point, work at all? If they can, what is the maximum they can earn and still keep the disability benefit? I am asking because my husband is still young, but his injuries will not allow him to go back to the job he had prior to his injuries and surgeries. He does not just want to sit at home doing nothing! Signed: Concerned Wife D...
Ask Rusty – Will My Friend's Fiancée be Entitled to a Survivor Benefit? Dear Rusty: I have a very good friend who has cancer and will begin chemotherapy this week. He is 71 years old and is currently receiving Social Security benefits. He has been living with his fiancée for a little more than 2 years, but they have been a couple for about 15 years and will be married in the next few weeks. She is 60 years old. I am naturally concerned about his, and her, future so my questions are: · What...
Ask Rusty – If My Wife Claims Now, Will It Hurt My Social Security Amount? Dear Rusty: I am 69 years old, and my wife turned 70 early this year. I am still working full time. My wife is not working, but she got a letter from Social Security saying she should take her Social Security as soon as possible. My question is: since my wife has reached her full retirement age, can she take her SS without it affecting mine when I claim? I plan to work at least another year, depending on how the e...
Ask Rusty – I'm 65 and Working; Can I Collect Ex-spouse Benefits? Dear Rusty: I turned 65 earlier this year, and I still work full time. I was divorced four years ago after 38 years of marriage, but my ex-husband has been collecting Social Security for at least 10 years now. Can I start collecting Social Security and still work full time? And can I collect my ex-husband's amount if it is more than mine (and what is the best way to achieve this)? When I went to my local SSA office, they said they...
Ask Rusty – We're Planning to Claim at 62; What Do We Need to Know? Dear Rusty: My wife (born May 1962) and I (born April 1963) are retired and will soon be looking to start collecting our Social Security as we each hit 62. As this is new to us, I'm wondering what things we may need to be aware of or consider as we get closer to her 62 birthday in May. Any advice or information will be appreciated! Signed: Planning Ahead Dear Planning: If you and your wife are both retired from working and h...
Ask Rusty – I'm Returning to Work; What Should I Do About Social Security? Dear Rusty: I started collecting Social Security at age 62 earlier this year. I had an opportunity to partner in a new business this year that will allow me to earn about $200,000 in 2024. Because this is significantly above the allowed earnings when collecting early benefits, I need advice on how I handle this with the Social Security Administration. Am I supposed to call them and advise them of my change in income f...
Ask Rusty – Can I Voluntarily Suspend My Social Security Payments? Dear Rusty: My wife retired in 2015 and is receiving Social Security. I am past my full retirement age, and I still work. I recently filed for Social Security benefits and received my first payment earlier this month, and my benefits are around three times my wife's. I now find that, due to other income, I am having some regrets about filing for Social Security, as the taxes will be complicated. So, my questions are: 1. If I d...
Ask Rusty – When Should I Retire and Claim My Social Security Benefits? Dear Rusty: I am 64 years old and having difficulty working due to my arthritis, but I can continue part time as a podiatrist. I do not know the best way to determine when to retire. What is the formula or a way to determine which is a better choice? Signed: Undecided Dear Undecided: There is a difference between deciding when to retire from working and deciding when to claim your Social Security benefits. For the former, yo...
Ask Rusty – How Will My Wife's Social Security Be Affected by her Teacher's Pension? Dear Rusty: My wife, born in 1960, was a Texas school teacher for about 10 years and receives a $1,000 per month pension from that work. She didn't pay into Social Security while teaching, but she paid into it for about 23 years while working elsewhere. I paid into Social Security my entire life, the maximum in most years, so my SS benefit will be much greater than hers. I understand there are some sort of p...
Ask Rusty – How Do Disability Programs Affect Social Security's Budget? Dear Rusty: I read with interest an analysis of the history, reasons, and financial costs of the SSI (Supplemental Security Income) and SSDI (Social Security Disability Insurance) programs. My question is, specifically, what portion of the Social Security budget goes toward SSI and SSDI vs. for regular SS retirement income for those who paid into the fund during their working lives? How are the costs of SSI and SSDI c...
Ask Rusty – Why Is my Age 70 Benefit not Higher Than My January Amount? Dear Rusty: I plan to retire in 2025 (the year I turn 70). Given that I'm still working, I'm delaying my Social Security until that year. I noticed on my Social Security statement that my payment in January of 2025 will not be much different than my age 70 amount in October of 2025. If that is truly the case, would it not be better for me to start taking Social Security payments starting in January of 2025. Am I missing a...
Ask Rusty - What About All the Money Congress Stole from Social Security? Dear Rusty: Is there any way that Congress will vote to pay back the Social Security funds they took for their stupid reasons, and left IOUs in place of the funds? Because of the funds they took going back many years, we didn't have any decent COLAs for a few years. In fact, there were I think 3-5 years that we didn't get any COLA. Please Rusty, can you find out if this is true or false? Help us seniors! Signed: Resentful...
Ask Rusty – Why is Social Security Withholding My Monthly Payments? Dear Rusty: I have been working since I started collecting Social Security when I turned 62. Last year I was apparently overpaid because of my job. I made $37,000 and now the Social Security Administration says I owe them $8,800 dollars because I made too much, and they have withheld my $2000 monthly SS payment. I am close to the maximum allowable again already this year. So, I am looking at quitting my job so I don't go o...
Ask Rusty – I'm a Veteran. How Do I Get My Extra Social Security? Dear Rusty: As a military veteran, I was told that the final amount of my Social Security should be a little higher as a reward for military service. If so, I have two questions: 1. How much is the boost? 2. How can I know that amount has been applied? Signed: Unsure Dear Unsure: We receive questions about this fairly often from our military veterans. I want to first thank you for your service to our country and then assure you t...
Ask Rusty – When Should My Wife Claim Her Social Security Benefits? Dear Rusty: My wife turns 65 in November of 2023. She was born on 11/21/1958. I am a year younger with an 8/1/1959 birthdate. I know my wife is not at full retirement age, but the difference in her SS payment is not much and collecting 3 years of the lower amount far exceeds her waiting until age 68. My question is: because half of my SS is more than her SS, if she retires this year, will she still get 50% of my SS when I r...
Ask Rusty – My State Pension Eliminated My Social Security Survivor Benefit Dear Rusty: My husband of 21 years died in January 2022 at the age of 70. We were both retired at the time of his death, and they immediately stopped his Social Security payments. After many calls to Social Security asking why I was not receiving his benefits, I was finally told since I have my own pension from the State of Ohio that I would receive none of my husband's Social Security. I cannot see why my OH retirement...
Ask Rusty – Why Can't I Collect Survivor Benefits from My Deceased Wife? Dear Rusty: I am a 62 year old widower that is still working full time. While my late spouse was in hospice, I was able to get her to apply for Social Security disability and she received one payment before she passed away two years ago. I was told that I could collect a survivor benefit, so I called my local Social Security office, but they told me that I could not collect any type of benefits from my wife and that all t...
