News
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Alzheimers Drug Could Increase Part B Premiums For Everyone
In the days and weeks ahead, TSCL encourages its members and supporters to contact their elected officials to request their support for a clean and immediate increase in the debt ceiling. For frequent updates on this important issue, follow TSCL on Facebook or Twitter. .Source: Congressional Research Service May 24, 1999 .Four Key Bills Gain Support … Continued
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Social Security Trust Fund
The age. Q & 038; January 2021 Can I Work and Receive Social Security Benefits at the Same Time? .TSCL would like to remind you to contact your Members of Congress while they are still in their home states and districts. Many Senators and Representatives will attend local events or hold town hall meetings this weekend, giving voters an excellent opportunity to have their questions and concerns addressed. We encourage you to contact your Members of Congress to request their support for fair cost-of-living adjustments, Notch fairness, and other key issues. .If the COLA were calculated using the methodology used in 1990, this year's COLA would not be 1.7 percent – it would be 5.2 percent. And if the COLA were calculated using the 1980 methodology, this year's COLA would be 9.4 percent. As a result of the CPI's manipulation over the past three decades, Social Security beneficiaries have lost over 20 percent of their purchasing power, according to our research. Next year's projected zero COLA will put them even further behind. … Continued
The CPI-W gives less weight to medical care and housing costs — two categories that have climbed by more than 7 percent and almost 5 percent, respectively, over the past 12 months — and more weight to gasoline, which has deeply plunged over the past year. Older Americans tend to use more medical services and spend more of their budgets on housing than younger workers. Because the CPI-W excludes the spending patterns of people over the age of 62, it does not include things like rising Medicare premiums, which are one of the fastest growing costs in retirement. .Key Social Security Bills Gain Support .This week, the Senate's Gang of Eight was busy defending its comprehensive immigration reform plan, and The Senior Citizens League (TSCL) saw two key bills gain support. .Recently, three lawmakers – Sen. John Cornyn (TX), Rep. Phil Roe (TN-1), and Rep. Linda Sanchez (CA-38) – introduced the Protecting Seniors' Access to Medicare Act, and it quickly gained the bipartisan support of more than two hundred legislators. Upon introducing the bill, Rep. Sanchez said, "When it comes down to questions of how to cut costs, we think it's better left to the Members of Congress who have constituents that we're answerable to." .The House of Representatives did not return to Washington but on Friday they held a vote on a resolution about whether to start conducting official votes by using proxies. To do so would end more than 200 years of precedent and now allow lawmakers serve as proxies for colleagues quarantined or otherwise stuck at home during the pandemic. .In 2007 an analysis released by TSCL estimated that if 6 million illegal workers were to gain work authorization it would cost Social Security alone more than .6 trillion in benefits through 204Under current law, if illegal immigrants get work authorization at some point they could file claim for Social Security benefits. Currently the Social Security Administration uses all reported earnings to determine entitlement to benefits, including earnings for jobs worked illegally if the worker has kept evidence, like W2s, of earnings. .This year, more than 50 percent of Social Security beneficiaries paid taxes on their benefits, even though many of them only made little more than twice the federal poverty level in income. Do you believe this is fair and, if not, what should be done about it? .Following the meeting at the White House, Congressman Welch told reporters: "It simply makes no sense for Medicare to buy wholesale and pay retail prices. As a businessman, President Trump understands that. I hope he helps us enact our legislation to provide urgently needed relief to consumers and taxpayers." In addition, Congressman Cummings said, "We had a productive meeting today … The President committed to reviewing our proposal, and he seemed enthusiastic about the idea." .TSCL has been getting a steady stream of email from those of you who might potentially be affected by a sizable benefit cut when you. Ask the Advisor: June 2021 What Is Congress Doing to Prevent My Benefits From Being Reduced?
