Ask Rusty
Why’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…
Read MoreHave 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…
Read MoreCan Wife Claim Now and Get His Half Later?
Dear Rusty: My wife will reach her full Social Security benefit at 66.5 years of age which is just under 2 years away for her now. If she were to begin to get her monthly check now (i.e. early), would that prevent her from being eligible for the spousal benefit to receive half of what…
Read MoreAsk Rusty – Working Septuagenarian Asks About Disability Benefits
Dear Rusty: I retired at my full retirement age, am now 79 and will be 80 in December. I have been working consistently since. I get a meager Social Security benefit, only about $800 due to my federal retirement offset. Most jobs I have held since filing and collecting SS have involved very labor-intensive work,…
Read MoreAsk Rusty – I was Self-Employed and Don’t Have Enough Credits for Social Security
Dear Rusty: For a thirty-year period, I was making a living as an independent contractor and freelancer. I was working on behalf of myself. Thus, I was only paying state and federal taxes when applied. Due to changes in the employment landscape, I wish to apply for benefits at age sixty-four, as receiving said SS…
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