News

  • Legislative Update Week Ending October 6 2017

    With many seniors spending 30 or more years living in retirement, a COLA that keeps up with rising costs is essential protection for making retirement savings last, and for preventing seniors from falling into poverty. Yet over the past five years, Social Security benefits have grown on average about 1.4% per year — less than half the average rate of growth in previous years. Recent projections by the Congressional Budget Office for 2015 suggest another low COLA of 1.6% next year. .Currently, the two vaccines available are produced by Moderna and Pfizer. However, a vaccine from Johnson and Johnson could become available within the next few days. And there could be one or two more available in a few more weeks. .Jessie Gibbons – TSCL's senior policy analyst – told Karen Damato of Money, "We're concerned that the abrupt change will cause a lot of confusion and frustration among older Americans, many of whom don't have reliable access to text-enabled cellphones." In addition, Mary Johnson – a policy consultant for The Senior Citizens League – told Mary Beth Franklin of InvestmentNews, "Based on what we know at the moment, the alternative to checking online is either calling SSA's 1-800-772-1213 line, or trekking out to a local Social Security office where you take a number and wait in line." She also said, "The Senior Citizens League feels that online security is vital, but feels alternate options should be offered." … Continued

  • Category Issues Social Security Faqs

    'It´s not clear why the administration hasn't made a bigger push to line up votes to get a bill through the Senate and a deal with Congress, given strong public support to lower drug costs,' said Tricia Neuman, a Medicare expert with the nonpartisan Kaiser Family Foundation. .Congress first approved the WEP in 1983 as part of a large package of Social Security reforms that included increasing the full retirement age. The stated intent was to remove an unintended advantage for workers who collect non-covered pensions, but also did some work in jobs covered by Social Security. .This week, The Senior Citizens League was pleased to see support grow for four key bills that would improve the Social Security and Medicare programs if adopted. … Continued

What is it going to cost? Is there a less expensive alternative? .Source: "Analysis of Plan 2 of The President's Commission on Social Security," Congressional Budget Office, July 21, 2004. .With it looking increasingly likely that Social Security beneficiaries will receive the highest COLA in seven years —about 3.3% in 2019 — proponents of "chaining" the COLA are likely to try to argue that the COLA under current law overpays recipients. Proponents of using the chained consumer price index to calculate the COLA claim that the chained consumer price index (CPI) is more "accurate" in calculating the COLA because it takes into account how people substitute other items when prices change. .In addition, one new cosponsor – Rep. John Larson (CT-1) – signed on to the Strengthening Social Security Act (H.R. 3118), bringing the total up fifty-eight. If signed into law, the bill would reform the Social Security program in three ways: it would adjust the benefit formula, resulting in more generous monthly benefits; it would adopt the Consumer Price Index for Elderly Consumers (CPI-E), resulting in more accurate cost-of-living adjustments (COLAs), and it would lift the cap on income subject to the payroll tax. It would extend the solvency of the Social Security Trust Fund responsibly, without cutting benefits for seniors. .This week, lawmakers returned to Capitol Hill following a week-long holiday recess. They have just one week to reach a deal to fund most of the federal government past Friday, December 7th. Should they fail to reach an agreement before then, part of the federal government will shut down like it did earlier this year. .This week, House Republicans revived the AHCA after lawmakers affiliated with the Freedom Caucus endorsed a new version of it. A new amendment put forth by Congressman Tom MacArthur (NJ-3) would allow states to opt out of the ACA's essential health benefits mandate and allow them to do away with a provision that prevents insurers from charging sick individuals more for their coverage. .While Congress continues to discuss similar changes to the Social Security benefit formula today, Notch Reform remains a legislative priority for TSCL. TSCL estimates that 2.7 million Notch babies and their spouses or widows would benefit from passage of The Notch Fairness Act. The legislation would provide Notch Babies, born 1917 through 1926, ,000 payable in four annual installments, or an improved monthly benefit. Representative Mike McIntyre (NC-7) introduced the legislation in the House where it has 17 cosponsors, and Senator David Vitter (LA) has introduced a corresponding bill in the Senate. TSCL continues to work for passage. .Single — your annual income is less than ,090 (,507.50 per month) and resources less than ,820 per year. .Social Security is one of the only types of retirement income that provides a small increase annually to keep up with inflation. But in recent years, inflation as measured by the government's Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) has been almost non-existent, averaging just 1.2 percent per year since 2010, less than half the 3 percent inflation averaged the decade prior to 2010.