Opinion

Dear Rusty: I am collecting full Social Security benefits at age 72 and also working full time. Why is the Federal Government still taking money from my paycheck? I have written to Social Security experts on this issue, and they tell me “It’s the law.” That is not a good answer for me. Approximately $4,400 was taken from my pay in 2023 for Social Security and, yes, I get a pittance of a COLA increase, but not equal to what I pay. No one has been able to fully explain the Federal Government’s thought process on taxing me for Social Security when I am getting full Social Security benefits. Can you? Signed: Working Senior Dear Working Senior: Far be it from me to try to explain the federal government’s thought process on anything, but I can explain why those already collecting Social Security benefits must continue to pay Social Security payroll taxes while working.

Early voting in the March 5 primary election ends Friday with a host of candidates on the ballot in both parties, including president, U.S. Senate, all 38 Texas U.S. representatives, all 150 Texas House representatives, and down to local races for district attorney, sheriff and other positions.

Texas’ prime grilling season is only weeks away. I await in the shadow of a conundrum, not knowing whether to mark off calendar days with giddy anticipation or be “gloomed” like Charlie Brown stumbling away from another setback.

Dear Rusty: My wife is on Medicare and receiving Social Security benefits each month. We built a house and used money from our investments to pay for it. We knew we would pay taxes on that withdrawal, but my wife got a letter from Social Security saying that because the money we withdrew was listed as income, her 2024 Medicare premium went up over $500. And since Medicare is taken out of her Social Security, that results in a $6,000 loss to our budget.

h IghlIghTs A federal judge is expected to rule quickly on the constitutionality of a Texas law about to go into effect that institutes new state penalties for illegal border crossings. During a hearing last week, U.S.

Dear Rusty: I have a question regarding my SS benefits. I turned 68 this month and work part time. I earned $28,000 last year but will probably gross $36,000 to $38,000 this year. My husband collects his SS, and he earned $25,000 last year. I was told by a financial planner that I should apply for my benefits now, instead of waiting until I’m 70. I would collect $1700/month at 68 and $1944/ month if I wait. Which is the smarter move? Signed: Seeking Answers Dear Seeking: I’m sure your financial advisor would agree that your decision on when to claim your Social Security comes down to just a few basic things – 1) how badly you need the money, 2) your life expectancy, and 3) whether you will receive a spousal boost from your husband when you claim.

In our mind’s eye, most of us old-timers recall taking on life in slow motion when contrasted with today’s starts, stops and swerves now endured by the masses by day and by night. If identified with a fable, we were the turtles, and jet-setters of today are the hares.

It’s an old joke from the 1990s, pulled from the files each time the Super Bowl rolls around. Late Congressman Charles Stenholm, a distinguished Christian statesman from Ericksdahl (near Stamford) popularized the yarn in Texas, claiming that it originated in Washington, DC.

Dear Rusty: I appreciate your recent article dispelling the myth that politicians have stolen Social Security money. As a CPA, I dispel this myth repeatedly to clients who falsely claim SS funds have been raided. But another thing I deal with often is how SS benefits are calculated. I know the formula for determining each person’s benefit amount is complex, but I have had to explain numerous times that those who put the most into Social Security get the lowest rate of return and those who put the least in get the highest return based on the way the benefit formula is structured. I get tired of people complaining that monthly Social Security payments are higher for retired doctors and other highly paid individuals. Can you please explain how Social Security is weighted in favor of lower income workers? Signed: Tired of the Misunderstandings Dear Tired: Please don’t be frustrated. Because of the program’s complexity, Social Security is prone to misunderstanding, and educating the misinformed is an important professional duty we share. Here’s how each person’s SS benefit is determined: The first thing to know is that each person’s SS retirement benefit is not based on their financial contributions to the program. Social Security’s purpose is to provide a benefit which replaces a portion of the person’s pre-retirement income, so the SS benefit is based on actual lifetime earnings, not on the payroll taxes withheld from those earnings.

Lt. Gov Dan Patrick joined with the world’s largest investment firm to pitch investors on building natural gas power plants in Texas at a summit held last week in Houston.