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  • Ask The Advisor August 2015

    Give family recipe or ethnic specialty cooking lessons. As a child I learned how to make Pennsylvania German egg noodles from scratch from my grandmother. These were a highly treasured holiday gifts. My arms still ache remembering how long I had to roll the dough to get those noodles thin enough for my grandmother! Give out an invitation to special grandchildren or friends for lessons in making favorite traditional foods from scratch. .Retirees' budgets take a beating when prescription drug prices rise faster than the annual cost – of – living adjustments (COLAs). But new legislation moving in the Senate would address that problem. The drug bill would require drug manufacturers to pay rebates when prices rise faster than inflation. Lobbying groups for drug manufacturers don't like the idea. .It also included a second round of direct payments of ,200 per person, and up to ,000 per household. The bill also extended the 0 per week federal unemployment insurance benefit through January, which expired at the end of July. … Continued

  • Legislative Update For Week Ending August 7 2015

    If you or someone you know is struggling to make their Social Security benefits stretch from one month to another, there are two Medicare programs that can help with medical costs for those eligible — Medicare Savings Programs which cover some Part B costs, and Medicare Extra Help which provides help with prescription costs. .Some Republicans said such proxy voting is unconstitutional and would subject any legislation passed with such procedures to court challenges. However, Democrats countered by citing letters from two legal scholars who argued the Constitution gives the House and Senate the power to determine their rules and procedures and the courts have declared them off limits to legal challenges. .According to studies performed for TSCL, many Notch Babies, particularly those who rely on Social Security for most, if not all, of their income, are at risk for living near or below the federal poverty level. For example, Notch Babies who retired in 1984 at age 65 with average benefits of 0 per month, would receive about ,839 this year. In the 48 contiguous states and Washington DC, that's only 8% above the federal poverty guidelines and qualifies for various assistance programs. … Continued

Before doing anything else make sure you have a realistic budget, and think long term. You want your income and savings to be adequate as long as possible, 30 years or even longer is not unrealistic for someone your age. In developing a budget, look back over at least three years to include large expenditures for periodic home maintenance and repairs, transportation, medical costs and other large costs. Include what you pay in taxes. Once you get an expense figure, allow for at least 3% per year for inflation. Then tally up your income and assets, including the value and expected income from retirement accounts and pensions, if any. .My husband survived cancer but his healthcare costs depleted our savings. Do you have suggestions for coping with debt in retirement? .People most at risk of owing taxes include: .The Notch Fairness Act In House And Senate .At the time of writing this week's legislative update, the bill had not yet been approved on the House floor. However, its passage is expected by early next week. Despite bipartisan support in the House, its prospects in the Senate remain uncertain. Lawmakers in that chamber have not yet acted on their version of the bill (S. 141). .The Notch Fairness Act, which was introduced by Rep. Mike McIntyre (NC-7) in March, would provide compensation to Notch babies, or those born between the years 1917 and 192Just years before they were set to retire, these individuals learned that they would have significantly lower benefits than they originally anticipated. TSCL feels that this is an inequity that was brought about because of the Social Security Act Amendments enacted and signed into law in 1977. .In an interview this week, Rep. Charles Boustany (LA-3), who sits on the House Ways and Means Committee, revealed that the negotiators have hit a road block. They are struggling to come up with an offset for the bill, which could cost as much as 3.2 billion. Rep. Boustany said, "We're running out of time. We may end up with another one-year patch before it's all over. But, you know, we'll keep working, see if we can get to something." TSCL sincerely hopes that those on the three committees will successfully merge their bills to create a permanent, sustainable path forward. We will keep a close eye on the evolving negotiations in the coming weeks, and we will continue to urge lawmakers to repeal and replace the SGR. .The following Members of Congress, among others, will hold town halls this weekend: Sens. Jim Risch (ID), Pat Roberts (KS), Deb Fischer (NE), Tom Coburn (OK), and Charles Grassley (IA), and Reps. Mark Amodei (NV-2), Lou Barletta (PA-11), Dan Benishek (MI-1), Kathy Castor (FL-14), Tim Huelskamp (KS-1), Bill Johnson (OH-6), Derek Kilmer (WA-6), Mark Meadows (NC-11), Markwayne Mullin (OK-2), Kristi Noem (SD), Todd Rokita (IN-4), Keith Rothfus (PA-12), Rob Woodall (GA-7), Joe Barton (TX-6), Julia Brownley (CA-26), Mike Coffman (CO-6), Jim Gerlach (PA-6), Dennis Heck (WA-10), Beto O'Rourke (TX-16), and Mark Takano (CA-41). .He gradually gained backing from more of his fellow Republicans in the Senate, often persuading them one-by-one to make shows of support since last summer. Democrats in the Senate were essential to getting the legislation even out of the Finance Committee, which approved it with the support of 13 Democrats and six Republicans in July 2019.