• Square-facebook
  • X-twitter
  • Instagram

Opinion

Hot air or dead air?...

My friend Rex Tackett, as community- minded as anyone I’ve ever known, is admired for always taking the high road, and--when necessary--the high wire as well. He takes life on with cheer, always confident of sunrise tomorrow, no matter how many clouds--dark as they may be--fluff up the sky today.

Ask Rusty – Will withdrawing from 401(k) affect my Social Security?

Dear Rusty: My full retirement age (FRA) is 66 and 8 months, which I’ll reach in September 2024. I’m still working 3 days a week. I want to cash in my 401K and want to know if I have to wait until my FRA for IRS purposes or can cash it in anytime in 2024. I don’t want to affect my Social Security or end up paying taxes on my benefits. Signed: Seeking to Avoid Taxes Dear Seeking: We’re not experts on IRS matters here at the AMAC Foundation so I can’t address 401(k) questions, but we can provide information on your Social Security circumstances and how 401(k) withdrawals may affect your SS. I assume from your question that you are now receiving early Social Security and wish to avoid any tax consequences thereto by cashing in your 401(k), as well as from working. Here’s what you need to know:

Ask Rusty – How can I get details about my Social Security payment?

Dear Rusty: How do I find the actual breakdown of the Medicare insurance that I have auto deducted and my actual Social Security payment? I was just looking at a video which explained the 3% Cost of Living Adjustment we will be receiving this year, and it compared the current payout to the new payout. There seems to be a big difference in what I am getting and what they said in the video. Currently my Social Security payments are $1,431. My Medicare insurance is supposed to be $165, which means my total Social Security is about $1,596. On the video it said all retired workers are getting $1,848 with the new increase to take it to $1,938.00. There are a couple hundred dollars there that I seem to be missing out on. Can you help me understand that difference? Signed: Confused Senior Dear Confused Senior: What you’re asking for is an itemized breakout of your gross Social Security benefit, any deductions being taken therefrom (e.g., your Medicare Part B premium), the amount of your COLA increase, and your net Social Security payment for 2024. If that is the case, the best way to get this detail is in your personal “my Social Security” online account, which provides all the information mentioned. You can access your online account at www. ssa.gov/myaccount, and if you don’t already have that online account set up, you’ll need to first establish your online access credentials (instructions for how to do that will be at that website).

L.O.P. – A modest proposal...

Several years ago, a wise guy--or perhaps a wise gal--sent an email that latched on and won’t let go. It read: “In your column today, I discovered several dozen well-chosen words.” Oh, that it could have been left at that, without a second sentence: “Unfortunately, they were intermingled among 600 that weren’t.” Ouch! Such could be said of most of my weekly meanderings that will have spanned 21 years come February.

Quakes prompt officials to limit disposal wells

The Texas Railroad Commission has suspended nearly two dozen permits that allow oil and gas companies to inject saltwater into the ground, which regulators say has contributed to increased earthquakes of greater magnitude in West Texas. The Austin American Statesman reported the 23 disposal wells hold hundreds of thousands of barrels of produced water, which is a toxic brine.

Ask Rusty – Can someone work while collecting Social Security benefits?

Dear Rusty: If a person is collecting Social Security disability benefits, can they, at any point, work at all? If they can, what is the maximum they can earn and still keep the disability benefit? I am asking because my husband is still young, but his injuries will not allow him to go back to the job he had prior to his injuries and surgeries. He does not just want to sit at home doing nothing! Signed: Concerned Wife Dear Concerned: Actually, the Social Security Administration (SSA) encourages those collecting SSDI (Social Security Disability Insurance) benefits to attempt to go back to work and they provide considerable leeway for them to do so.