The iron in water will not rust until it comes in contact with oxygen.
The water in your well is not rusty and probably not the water pipe from your pump to the top, assuming you have a submersible pump.
ETA: Quite possibly the red is rust sediment is stirred up from the bottom of your tank.
This is best done when you are gone for the weekend or overnight.
Turn the breaker off to your well.
Drain your tank.
Your casing is probably 3 to 5" in diameter and is covered by a plate
with the line pipe coming out the middle. Beside the line pipe is a
plug, probably a 5/8 hex, unscrew the plug and pour in the Clorox.
I use a funnel.
At the breaker bump it a couple of times to stir up the Clorox.
Let it sit until tomorrow.
Hook a hose to your tank and place the nozzle at some weeds, it may
kill your grass.
Turn your pump on.
Let the tank fill.
After tank is full turn on all fawcetts, bathrooms, kitchen,
outside, and the tank; flush the commodes. Allow this to continue until
the Clorox is flushed out.
If you have calcification and an electric water heater turn it off, drain it, and pour a couple of gallons of white vinegar in from the top. While you have the water turned off is a good time to do this. Attach a drain hose to the heater to evacuate the now liquefied calcium.
ETA: Caution, make sure the water heater is full of water before turning it back on.