Q & A
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…
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…
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…
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…
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…
Ask Rusty – Does Paying SS Tax Now Increase My Benefit?
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…
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…
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…
Ask Rusty – I’m Terminal; What Are My Wife’s Options as My Survivor?
Dear Rusty: I’m 60 and my wife is 62. I have terminal Stage IV prostate cancer, but my wife is in pretty good health. If I draw at 62 would that affect my wife’s survivor benefits? When should she start…
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…