Community, Diversity, Sustainability and other Overused Words
Community, Diversity, Sustainability and other Overused Words
Sorted by date Results 76 - 100 of 108
Ask Rusty – Is Waiting until 70 Still the Best Plan to Maximize Social Security? Dear Rusty: My wife started her Social Security at 62 in March 2017 and I filed a Restricted Application to collect a spouse benefit from her shortly thereafter. Our plan is for me to file for my own Social Security later this year when I turn 70. Then my wife will file for her spousal benefit from me. Our life expectancy is 93 & 96. Is this still the best plan for maximum payments? Signed: Planning Ahead Dear P...
Ask Rusty – Is Taxing Social Security Fair? Dear Rusty: Taxing Social Security benefits isn't fair. It would benefit everyone if seniors could earn as much as possible without having their Social Security taxed. We would still be paying into Social Security which would help the fund. I also feel that all people earning over $100,000 should pay into Social Security because they can afford it. This would help fund Social Security without hurting anyone financially. Many seniors are struggling fina...
Ask Rusty – About the Basics of Applying for Social Security Dear Rusty: I am planning to apply for Social Security in May of 2022 and would like to understand how to file. I will be taking it when I am 62. Signed: Ready to Retire Dear Ready to Retire: Congratulations on your upcoming retirement! You should apply for your Social Security benefits about 3 months before you wish benefits to begin (you will tell them the month you want benefits to start when you apply). Since you plan to apply a...
Ask Rusty – If I Die, What Happens to the Social Security Taxes I Paid? Dear Rusty: I have heard that when my wife and I pass, the government keeps all we have paid into social security. Is this correct? Signed: Curious Senior Dear Curious: The Social Security taxes paid while you and your wife were working weren't deposited into a personal account for each of you; rather they were used to pay benefits to those collecting Social Security at the time. That's the way the program has worked s...
Ask Rusty – Is My COLA Increase Based on My Current SS Benefit? Dear Rusty: I started collecting SS when I turned 70 to maximize my income. One factor that is never mentioned is that the annual cost of living increase appears to be based on the previous year's payment. I've talked to others who are about my age (77) and we talked about how much of an adder we will receive. Those who collected earlier always get much less than I do. So, it appears that the annual increase is based on previous y...
Ask Rusty – Will My Social Security Be Reduced in the Future? Dear Rusty: I started Social Security about 2 years ago and I thought that the monthly benefit amount stated to me by Social Security in their letter was guaranteed. That written amount was what I based my decision on to retire. Now I hear on the news that we may have to take a 24% reduction in the future. That will make me and millions of other seniors homeless. Was the original amount a guarantee of monthly income, and can the g...
Ask Rusty – Will Retiring Early from Work Affect my Social Security? Dear Rusty: I stopped working at age 55, well before my full retirement age of 66 years and 10 months. I had over 35 years working prior to retiring from work. I don't intend to start collecting Social Security until my full retirement age. Will I be penalized for all those years between when I stopped working and my full retirement age? Signed: Planning Ahead Dear Planning Ahead: Will you be "penalized?" No, because whenever y...
Ask Rusty – About Including "COLA" in Benefit Projections Dear Rusty: In your reply to "Confused Senior" about when to claim Social Security benefits, I noticed that you did not take into account any compounded annual increases in benefit payments. While these are not guaranteed and are dependent upon the economy, they do affect the difference in total amount that can be drawn between eligibility age, full retirement age, or age 70. Would you please address this? Signed: Stickler for Details D...
Ask Rusty – Is It Always Best to Wait Until Age 70 to Claim Social Security? Dear Rusty: I'm 66 years old and still (self) employed as a home builder. I have not taken Social Security benefits yet, and don't need to at this time. If relevant, my business struggled when I first started it five years ago, but did well last year, and I'll have my highest earning year in my life this year and possibly next year as well. My question is, and it may be dumb, is it always best to delay Social Security u...
Ask Rusty – Will Paying Social Security Tax Now Increase My Benefits later? Dear Rusty: I started drawing my benefits at age 62 due to being laid off from my job at age 60. I have continued working part time and been paying Social Security and Medicare taxes ever since. I am now 66. I have been told that even though I continue to pay these taxes, it will not help increase my monthly social security benefit. Is that true? Signed: Working Beneficiary Dear Working Beneficiary: Paying into Social S...
Ask Rusty – My Social Security Income Hurts When I File My Taxes Dear Rusty: I am getting hammered with taxes on my Social Security (SS). I am retired and draw a meager work pension and SS benefits. When my wife and I filed our joint tax return we owed the IRS a substantial amount of money - they took 85% of my SS in taxes. We are just barely over the minimal amount of income allowed for SS tax exemption. Is there anything I can do so I do not have to pay all this money at once at the end of t...
Ask Rusty – If I Apply Now, When Will I Get My First Social Security Payment? Dear Rusty: If I were to apply for my Social Security retirement (I'm 68 on August 1, 2021), when could I realistically expect to receive my first check? Signed: Ready to Claim Dear Ready: Social Security suggests applying for benefits 2 - 3 months before you wish them to begin, to allow time for processing your application. When you apply, you will specify the month you wish your benefits to start, and that is when y...
Ask Rusty – Disability vs. Survivor Benefit Dear Rusty: I have a question regarding Social Security. I'm 54 and applying for disability. I've had rheumatoid arthritis since I was 19. My son, 16 years old, receives survivor benefits from my deceased ex-husband. We were married for 20 years. I was told by Social Security that my monthly payments, if they found me eligible for disability, would be $1418 a month. When would I be eligible to collect my ex-husband's Social Security benefit? He made c...
Ask Rusty – Should I Claim Family Benefits? Dear Rusty: I was born in 1956 and my wife in 1961. I've got 45 years of SSA earnings, and I will have income in 2021. We have 4 minor children, the youngest born in 2012. When is the best time for us to apply for benefits? Are we eligible for family benefits? My statement infers that we are. Signed: Older Dad Dear Older Dad: Born in 1956, your full retirement age (FRA) for Social Security purposes is 66 years and 4 months. If you claim your SS benefit...
Ask Rusty – When Should I Claim My Survivor Benefit? Dear Rusty: My wife passed away in 2014. I'm 60 years old and have been retired since August 2020. I know I'm entitled to survivor benefits, but my question relates to when to file for them. To say the information online is confusing is an understatement. Some background. My wife was born in 1960 and would have turned 62 next year. I was born in 1960 and turned 60 this past April. I do not plan on taking my SS until age 67 (I could wait u...
Dear Rusty: My husband and I were only married 5 years before he passed away from cancer. I am 61 and was told by SS that I don't qualify to receive his survivor benefits because we weren't married long enough, and because I made more money than him when he was alive. I still work fulltime and plan to continue until my full retirement age. Am I able to collect any of his benefits? Why can his daughter collect his benefits, but I cannot? Signed: Frustrated Widow Dear Frustrated: You were given...
Dear Rusty: When my father passed away and we went to update my mother's Social Security benefits, a question arose that I was confused by. We were asked "Do you want to claim just your father's benefit (which was larger) or claim my mother's benefit and the difference between the two?" Either way it would come to the same amount. Is there a reason to claim one way over the other? Perhaps a caveat that we are unaware of? Is there a loophole that we are missing that may potentially benefit the...
Ask Rusty – Can I Get a Higher Benefit Now Because I'm Older? Dear Rusty: I started getting Social Security at age 62 and I am now 77. Can I get a higher benefit now that I'm older? Signed: Needy Senior Dear Needy Senior: Probably not. When you first start collecting your Social Security retirement benefits (e.g., at age 62 or any other age) your SS benefit amount is permanently established and will change thereafter only if: · A Cost-of-Living Adjustment (COLA) is granted (which is usually do...
Ask Rusty – Will My UK Pension Affect My US Social Security? Dear Rusty: I am 57 years old, was born in the UK, and since 1988 have worked in the US. I have always paid US taxes and Social Security. For the last 20 years, my annual income has typically been well north of $100K. In recent years I have made voluntary payments to the UK National Insurance system looking to claim a retirement benefit from the UK as well as from the US. My concern is that if I claim the UK benefit, this will a...
Ask Rusty – Will My Retirement Benefits Be Cut Because of My State Pension? Dear Rusty: I took early retirement at 20 years from the Louisiana public school system in 1996. Since then, I have continued to work in private schools (except for 2 years in public). I now have over 20 years in the Social Security system. Are they going to take money out of my tiny early LA retirement check or lower my Social Security check? Is it true I can continue working and draw Social Security? I have reached f...
Ask Rusty – Should My Wife Wait Until Age 70 to Claim? Dear Rusty: I'm 74 and receiving my Social Security benefits. My wife is 68 and we are delaying her benefits until she's 70. But I read an article about a wife receiving half of her husband's benefit, which makes me wonder if my wife waiting is smart. Please let me know your thoughts. Signed: Wondering Dear Wondering: Your wife waiting until she is 70 to claim her own SS retirement benefit may be a smart move, but only if her age 70 b...
Ask Rusty – Will Applying for SS Disability Hurt SS Retirement Benefit? Dear Rusty: My husband turns 65 later this month. He has started having health issues - so much so that we are thinking about talking to his doctor about Social Security Disability. How would this affect him in applying for his Social Security benefits? Should we exhaust disability efforts before applying for his retirement benefits? Signed: Concerned Wife Dear Concerned Wife: In order to qualify for SS Disability I...
Ask Rusty – When Is the Best Time to Claim Social Security? Dear Rusty: I will be 64 in May of this year, and I'd like to know the best time to claim Social Security. Signed: Anxious to Retire Dear Anxious: First, please understand that there is no one "best time" to claim your Social Security benefit, because when you should claim depends upon several factors, such as: • Your current health • Your life expectancy • Your immediate financial need • Whether you are married • Whether you are sti...
Ask Rusty – My Social Security Card Is Incorrect – What Should I Do? Dear Rusty: My sister and I have the same first and last names but are distinguished by our "middle" names. Our last name consists of two family names, which gives us both four, with only our middle names unique. We received two Social Security cards with the same name (middle name excluded), each with a unique number, but with our last name misspelled. So, my questions are: · Which card is mine, and which is my sisters? · Is i...
Ask Rusty – Will Taking 401K Distributions Affect My Social Security Benefit? Dear Rusty: I'm 63 and retired from work, but not drawing Social Security. I have accumulated just over $300,000 in my rollover 401K IRA. My wife is still working full time, so we have medical, dental and vision coverage. I have a few questions: 1) When I take IRA distributions throughout the year, do those dollar amounts get reported to Social Security as income? 2) If not, will my SS benefit change (will I be penaliz...
