Ask Rusty
Ask Rusty – Did We Err by Starting Wife’s Benefit Now?
Dear Rusty: I hope we haven’t made a mistake! My wife just applied for her Social Security benefit. She was born in May 1962, and the estimated amount of her benefit is $1280 / month. Her work income last year was $5,616; however, mine was about $65,000. I do not plan on taking my benefit until…
Read MoreAsk Rusty – Can I Get Extra Social Security for my Military Service?
Dear Rusty: Please help. I served from 1964 to 1966 in the US Army. I have been trying to contact Social Security in order to request extra benefits for veterans. The telephone is a recording, and you never get to speak to anyone. The web site at www.ssa.gov is useless to me. I went to…
Read MoreAsk Rusty – Should I Wait until 70 to Claim Social Security?
Dear Rusty: I am a married woman, at my full retirement age, and the primary earner in my marriage. How do I know if I should take my Social Security now or wait till 70? I will lose quite a bit if I take it now. How will it affect my taxes if I take it…
Read MoreAsk Rusty – About Claiming Social Security when I have a Health Savings Account
Dear Rusty: I have reached my full retirement age (66 plus 8 months) and plan to apply for Social Security this month, but I’ve seen articles which say that when I apply, I must also take Medicare Part A. This, even though I am continuing to work and am covered by my employer’s health insurance (a…
Read MoreWhy’s Social Security Moved to General Fund?
Ask Rusty – Why was Social Security money moved to the General Treasury? Dear Rusty: Why were the Social Security funds moved from the Social Security account to the General Fund with the government? Is it not then called a tax making it an entitlement? That then gives the government control of our retirement. Most…
Read MoreAsk Rusty – Clarification of Medicare IRMAA and MAGI
Dear Rusty: I am confused by an article in my local newspaper which said that “MAGI” (modified adjusted gross income), on which my Medicare Part B premium is based, is my Adjusted Gross Income, plus any non-taxable interest, plus 50% of the social security I received. The part that is confusing is the 50% part. When…
Read MoreAsk Rusty – About Social Security Benefits for Someone with Multiple Ex-spouses
Dear Rusty: If a financially well-off individual had multiple ex-spouses, could it happen that the multiple ex-spouses could each be collecting Social Security based on their own financial situation as compared to their rich ex-spouses? Thus, multiple payouts by SS? Just curious, because there are probably many people in this situation as a result of…
Read MoreAsk Rusty – About When to Claim Social Security and Taxation of Benefits
Dear Rusty: I am 65 and currently working full-time. Can I apply for and start receiving my Social Security benefit? I’d expect to have to pay income tax on it if/when I do. Signed: Curious Worker Dear Curious Worker: If you are working full time, you should likely delay claiming Social Security at this time.…
Read MoreAsk Rusty – About Investing Social Security Money in the Stock Market
Dear Rusty: For most folks collecting Social Security, you get back what you put in within 3-5 years, so for those that scream – “SS is not an entitlement, it is my money”- that is not entirely accurate beyond 3-5 years. For me personally 4.4 years is the number. But had I been able to invest…
Read MoreAsk Rusty — I Use only VA; Can I Get Back Medicare Taxes Paid?
Dear Rusty: I’m 72 years old with 20 years of military service. I am retired collecting Social Security, my military pension, and State retirement benefits. According to my SSA statement, over my working lifetime I paid $14,302 into Medicare, but I never used that medical plan. I only bring in $33,000 in annual income. Can…
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