Dear Rusty:I’m almost 59 and hope to retire from working soon. Should I take Social Security as soon as possible, or wait for the maximum amount?Signed: Planning Ahead Dear Planning Ahead: I’m afraid there’s no simple answer to your question, except “it depends.” It depends on your health; it depends on your need for the […]
Ask Rusty - Social Security Matters 2-17-21 oakdaleleader.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from oakdaleleader.com Daily Mail and Mail on Sunday newspapers.
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By allowing ads to appear on this site, you support the local businesses who, in turn, support great journalism. Wife’s benefits not affected by husband’s state pension Social Security Matters
Dear Rusty: I am 73 and receive a pension from my state’s Police and Fire Pension Fund. I took a full pension, so my wife only gets a widow’s pension when I die, and this is only a fraction of what my full pension is. I also get a small Social Security benefit, about $95 a month, and that amount is pro-rated because of the amount of my state pension. My wife is 71 and receives a Social Security benefit of about $600 a month. When I die, can she get a portion of my Social Security benefit? And will it increase since she will not be getting my full state pension? Signed: Retired Public Servant
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By allowing ads to appear on this site, you support the local businesses who, in turn, support great journalism. Ask Rusty: Should I wait until age 70 to claim? Social Security Matters
Dear Rusty: I have read your answers to the commonly asked question of “When should I claim social security benefits.” You always say one should wait as long as possible (up to age 70) to get the maximum monthly benefit. But I have not seen you address the matter of all the money you could have collected if you start drawing sooner and how many years it will take, if you wait, to recoup all that money.
Dear Rusty: It is common knowledge that over the decades politicians have taken billions if not trillions of dollars out of the Social Security fund to finance other government programs. This information is never published or addressed and having the government repay this money back to SS is never discussed, as it seems to be the most logical solution. When the SS program is financially viable again, future changes to the program can be discussed in a more meaningful way. Signed: Informed Senior
Dear Informed: Iâm afraid that what you refer to as âcommon knowledgeâ is actually a common myth, pervasive on social media but nevertheless not accurate. Here at the AMAC (Association of Mature American Citizens) Foundation we have thoroughly researched this charge and reality is that every dollar ever contributed to Social Security since the programâs beginning has been used only to pay benefits to beneficiaries, or to pay for the cost of running the Social Security Adm