Ask Rusty

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…

Dear Rusty: I will be 62 on November first and I have chosen to take my benefits early. I know that my benefit will be less than it would be if I waited and that does not concern me, but I don’t want to be without income for a long period of time. I know…

Dear Rusty: Can my wife claim her benefits now (at 63, and we know about the reduction for claiming early) and then, when I retire at 66 years and 10 months of age almost 3 years from now, can she switch over to spousal benefits based on my benefit amount? She worked at a higher…

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…

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…

Dear Rusty: I’m turning 95 this year and am caretaker for my wife in our 70th year of marriage. I served before 1968 (1951-53) during the Korean War. How do the “special extra credits for military service” work for me? Is it retro-active? My wife, who only worked a short time, gets half of my…

Dear Rusty: I live in Michigan and my senior disabled father lives in rural Kentucky. His income is part Social Security and part disability. I talked to a local credit union near his home and explained I would like to open a joint account. They said as long as he comes in with his ID…

Dear Rusty: My wife will be 65 next year, and her full retirement age is 66 years plus 10 months. Can she collect 50% of my Social Security benefit at her full retirement age and then get her own higher personal amount at age 70? Her own amount at her full retirement age is $1,100…

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.…

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…