Community, Diversity, Sustainability and other Overused Words
Community, Diversity, Sustainability and other Overused Words
Sorted by date Results 51 - 75 of 108
Ask Rusty – Must I Pay Income Tax on Social Security Benefits? Dear Rusty: I do not recall the rules on my income tax obligation for Social Security benefits. Can you please explain these rules to me? Signed: Senior Taxpayer Dear Senior Taxpayer: I'll be happy to review the rules about income tax on Social Security benefits for you. If your combined income from all sources is low enough, your Social Security benefits aren't subject to being taxed by the IRS. But some of your Social Security b...
Ask Rusty – Will My Husband's Benefits Continue After He Dies? Dear Rusty: My husband is 65 and I am 55. He has recently been diagnosed with terminal lung cancer. My question is, will I continue receiving his full social security check every month after his passing? Will the amount decrease? Signed: Tearful Wife Dear Tearful Wife: So sorry to hear of your husband's condition. If he is now receiving Social Security benefits, when he passes your husband's Social Security payments will stop. You w...
Ask Rusty – Can a Widower Get Full Survivor Benefits Early? Dear Rusty: My wife passed from COVID-related heart disease in 2020, just short of her 65th birthday. I will be 66 in May 2023. Do I have any recourse for a part of her benefit? Online at ssa.gov it says I can retire 4 months early due to her passing. Is that true? I'm confused on these issues. Signed: Confused Widower Dear Confused: Our condolences on the untimely loss of your wife. To answer your question, you are already eligible t...
Ask Rusty - I'm Working; Why Hasn't My Social Security Benefit Increased? Dear Rusty: I will be 72 in July. I started taking my Social Security at age 64 after a job loss and other items that came up. So, my plan to wait past 68 evaporated, but I have continued to work since that time at a considerably smaller amount. I have contacted Social Security about increasing my "entitlement" since my earnings of late are considerably more than my first few years of earnings. Using the formula of the...
Ask Rusty – About Payroll Tax and Income Tax on Social Security Dear Rusty: Is it possible for you to go over how the Federal withholding tax is computed on Social Security benefits? Signed: Curious Taxpayer. Dear Curious: I'm not sure if you're asking about how FICA (or self-employment) tax on your earnings from work is determined, or if you're asking about how much income tax to have withheld from your Social Security benefit, so I'll address both: The 7.65% FICA tax withheld from your e...
Ask Rusty – Should I Claim Early Due to Social Security's Financial Condition? Dear Rusty: I plan on retiring at 62, one year from now. I have been coached to (if financially possible) leave my Social Security earnings for my wife to collect in the future if I die, considering that she was a homemaker for the majority of her income earning years. My instinct is to get Social Security coming (I understand I'm settling for a lesser amount at age 62) as soon as possible considering the forecast o...
Ask Rusty – Do Immigrants Get Social Security Benefits? Dear Rusty: I am 90 and a long time Social Security recipient - I signed up at age 62, which I now know was not wise, but I digress. We see from various sources that immigrants, legal and illegal, get Social Security benefits merely by attained age, regardless of contributions. Is that true? Signed: Curious Nonagenarian Dear Curious: Rest assured that illegal immigrants (or "illegal aliens," "undocumented workers" or whatever one chooses t...
Ask Rusty – My Husband Still Works; Must He Enroll in Medicare at age 65? Dear Rusty: There is confusion between my husband and me on when he should file for Medicare. My husband will be 64 in July. While he does plan on continuing to work to age 67 and continuing with his employer's insurance plan, I believe there's a requirement that he file for a certain part of the Medicare retirement plan at age 65, otherwise there's some penalty at some point in the future after retirement. There's lots o...
Ask Rusty – I'm Confused About Taking Medicare and Social Security Dear Rusty: I just turned 64 and now get stuff about Medicare and Medigap and so on. I really don't know how to retire when it's time. What should I do? What am I looking for? Am I eligible for anything as of now? I'm so confused about all this that I don't even know if I can retire when it's time. Maybe I should just continue working so I don't have to try to figure this out. Signed: Confused Dear Confused: Deciding when to r...
Ask Rusty – About Survivor Benefits for Minor Children Dear Rusty: My nephew died suddenly at 50 years of age and left 2 children, ages 17 and 14. He was divorced, but they were married for more than 10 years, and his ex-wife works as a nurse. My nephew worked for more than 10 years during his lifetime. I want to know if the children are eligible for survivor benefits and the amount of benefits they will receive, and if their mother's income will affect their eligibility. Also, will my n...
Dear Rusty: I am originally from Switzerland. I moved to the States, got married in 2012, and became a US Citizen in 2016. I never worked in the United States but have 44 years of Social Security contribution in Switzerland and have received a pension from there since I turned 62 (I'm now 64). Is it correct that I cannot apply for Social Security here in the States on my husband's account unless he is collecting his Social Security benefit? He will turn 62 this year but is still working and...
Ask Rusty – Will My Social Security Benefits Ever Be Non-Taxable? Dear Rusty: If we take our Social Security at our full retirement age (66 years and 6 months for both of us) and we both continue to work, what are the income tax consequences? Is there an age at which we can still work and draw Social Security without tax consequences on our benefits? Signed: Overtaxed Couple Dear Overtaxed Couple: Regardless of when you claim your Social Security benefits, whether those benefits are subject t...
Ask Rusty – Will I Have Any Social Security Benefits? Dear Rusty: I'm 60 years of age and wonder if I will have any Social Security retirement benefits. After all, I did purchase them. Signed: Uncertain Dear Uncertain: Your eligibility for Social Security benefits depends upon your lifetime earnings history from work, from which Social Security FICA taxes were withheld. If you have worked, contributed to SS while working, and have earned at least 40 "quarters" of credit, you will be entitled t...
Ask Rusty – Is My Analysis of my Wife's Social Security Correct? Dear Rusty: I am 63 and my wife is exactly 4 ½ years younger than me to the day. I plan to file for Social Security when I turn 70. My earnings history is considerably higher than my wife's. I talked with a person at the local Social Security office, and she suggested that my wife file at 62 based on her own record then convert to her spousal benefit when I file at age 70. However, from what I can tell, if she files before h...
Ask Rusty – How Do I Get Back Benefits Withheld Due to the Earnings Limit? Dear Rusty: If I work and take Social Security before my full retirement age, how can I find out how I will be paid back the money withheld after I pass the earnings limit? Signed: Returning to Work Dear Returning: What you're referring to is that Social Security limits how much you can earn while collecting early benefits (before your full retirement age, or "FRA"). The earnings limit for 2022 is $19,560 and if your e...
Ask Rusty – I Have Medicare Advantage - Why Is a Medicare Premium Deducted from my Social Security? Dear Rusty: My wife and I have a Medicare Advantage Plan, and we do not use Medicare for our claims. However, we still have the Medicare premium deducted from our Social Security checks. Is this correct? Signed: Wondering Dear Wondering: If, after age 65, you choose to take Medicare outpatient coverage of any kind you must pay that Part B premium, even if you decide to acquire a Medicare A...
Dear Rusty: I recently took a big pay cut in my job. Several older friends have advised that I not continue to work much longer in this reduced paying job because it will affect my Social Security when I get ready to start drawing it. I'm currently 62 and thought about working until around 65. Friends are advising that my SS check will be smaller due to the decrease in pay. I have tried calling my local and National Social Security office and can't get anyone to answer the phones to see if this...
Ask Rusty – Should I Take Social Security Even If I Don't Need It? Dear Rusty: I am 66 years plus 8 months old, am still working making six figures, and can support myself. I'm a healthy, self-employed single woman and have a State Pension (from a divorce settlement). I will work part time, probably through next year and until I am 70 years old or more. What should I do about my Social Security - take it or "bank it" in Social Security? Signed: Fully Independent Lady Dear Fully Independent: When...
Ask Rusty – I Have VA Coverage; Should I Get Medicare Part B? Dear Rusty: I am a 74 year old veteran enrolled with the VA. I have never had Medicare Part B. Should I? My only source of income is Social Security. Signed: Retired Veteran Dear Retired Veteran: First, thank you for your service to our country. Like you, I use the VA for certain healthcare needs but, unlike you, I am also enrolled in Medicare Part B. The decision on whether to have both is a personal choice only you can make, but I'l...
Ask Rusty – How Do I Apply for Social Security Benefits? Dear Rusty: I would like some advice concerning Social Security. In January I will be 62.5 years old. I was laid off two years ago and have not had a steady income since (though I still have bills to pay). I also did not qualify for unemployment. Therefore, what little I had for "retirement" is now gone. For this reason, I have been seriously considering applying for Social Security as soon as I'm able. I remember reading something that s...
Ask Rusty – Social Security's WEP is Unfair – I Want My Money Back! Dear Rusty: How can a foreign company pay into the US Social Security system? I worked in Barbados before I immigrated to the USA and earned a pension there. Now my US Social Security benefits are reduced because I receive a pension from Barbados. One has nothing to do with the other and I want my money back! Signed: Angry Immigrant Dear Angry: Foreign companies don't pay into the U.S. Social Security system, and neither do res...
Ask Rusty – Should I Take My Widower Benefit Now? Dear Rusty: I lost my wife 7 years ago. I was told that I could possibly collect 30 to 35% of her benefit as a widower benefit when I turned 60. I will be 61 soon. Would it make sense to pursue this if it is true? I am still working full time. Would this affect my ability to collect Social Security on my own account once I retire? Signed: Working Survivor Dear Working: Survivor benefits for a widower can be paid as early as age 60 if you have n...
Ask Rusty – About Computing COLA and Congressional Pay Increases Dear Rusty: What determines the amount of the cost of living increase for Social Security as compared to the cost of living increase for Congress? Last year Social Security got less than 2 percent, while Congress got a 10 percent cost of living increase. Why the double standard? What items are used to determine the cost of living increase? Signed: Inquiring Mind Dear Inquiring Mind: I'm happy to explain how the annual Cost of L...
Ask Rusty – Why Is My Medicare Part B Premium So High? Dear Rusty: Social Security is deducting $297 per month for my Medicare Part B coverage. I have what's called a "Windfall Elimination Provision" because I receive a pension from my former State employer. Prior to my 65th Birthday in July of this year, Social Security was paying me $764 per month, but when I turned 65 they reduced my amount to $467 per month. I read that the Part B premiums for 2021 are $148.50, so I wonder why I'm paying d...
Ask Rusty – About Paying SS Tax While Still Working Dear Rusty: Upon being let go in 2009 at age 65 from my full time job of 30 years, I immediately applied for Social Security for my wife and I to live on while seeking employment. Not finding anything full time, I ended up working part time for the past 9 years driving a school bus for an hourly wage. Even though my wife and I are collecting Social Security, my wages are still being taxed for it. While I don't feel this is fair, the real rub (t...
