News
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Cola 0 3 Year Retirees Report Costs Grew Lot
Source: Congressional Research Service May 24, 1999 .Medicare Advantage Plans May Offer New Supplemental Benefits, .A huge inconsistency between U.S. immigration law and Social Security threatens to undermine the income security of millions of U.S. senior citizens and the disabled. In 2004 Congress passed legislation requiring immigrants to have work authorization at the time a Social Security number is assigned or at some later time, in order to become entitled under Social Security.(1) Therefore, immigrants who obtain authorization to work in this country may eventually claim benefits based on all earnings. … Continued
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Ask The Advisor June 2014
But that's not all Congress must do before October The Secretary of the Treasury has warned that if Congress doesn't raise the debt ceiling very soon the government will default on its bills sometime in October. The "full faith and credit" of the U.S. government is at stake here and the repercussions of a government default are not totally known but they could be disastrous. .At Wednesday's hearing, many lawmakers seemed to agree that Congress should begin working seriously towards a long-term plan, but it was clear that there is no consensus on what that plan should look like. One member of the committee, Senator Bob Corker (TN), said he would support a plan similar to the Simpson-Bowles proposal of 2010 that would increase Social Security's age of eligibility and adopt the "chained" CPI, among other things. .Progress Report: Getting Congress On Board For Key Senior Issues … Continued
As we all know, senior citizens are the most likely to be hospitalized or die from the Covid-19 virus -- by a wide margin. .Obamacare is not the first government program in which major implementation glitches had disastrous consequences for large numbers of beneficiaries. In 1977 changes that Congress made to the Social Security benefit formula created a major inequity in benefits that cost retirees tens of thousands of dollars in Social. Seventeen Co-sponsors for The Notch Fairness Act While Congress has been holding hearings and considering changes to Social Security, TSCL has been successful in gaining co-sponsors for The Notch Fairness Act. The bill, introduced in the House and Senate by Representative Mike McIntyre (NC-17) and Senator David Vitter (LA), would provide Notch Babies born from 1917 through 1926 their choice of ,000 paid. Risk of Deeper Benefit Cuts When Congress Waits The Notch Fairness Act In House And Senate .Many expected immigration reform to be a focal point of the President's speech, however, his remarks on the topic were vague and very brief. In one short paragraph, he said, "Republicans and Democrats in the Senate have acted. I know that members of both parties in the House want to do the same … So let's get immigration reform done this year." TSCL has some serious concerns about comprehensive immigration reform, since it would further strain the Social Security and Medicare Trust Funds. We strongly feel that any efforts to reform the system should include loophole-closing legislation that would prevent immigrants from receiving benefits based on a history of illegal work. .On Tuesday, Alan Simpson and Erskine Bowles released a revised version of their "Moment of Truth" report, which was drafted by the National Commission on Fiscal Responsibility and Reform in 20In the new framework, the two recommend averting the sequester – the billion in automatic cuts that are scheduled to hit in just one week – and replacing it with .4 trillion in deficit reduction. .A Fifth Coronavirus Relief Bill Unveiled in the House of Representatives .Should I Continue to Pay Into Social Security for Other Work I am Doing Now? .Johnson conducts research on the growth of the prices of goods and services that form a major part of a retirees' household budgets. According to Johnson, Medicare beneficiaries' out-of-pocket spending for prescription drugs was a total cost of ,097 in 2020 (including what beneficiaries and their drug plans pay). "Although drug plans vary, under the standard Part D benefit, the beneficiary is responsible for about 25% of that amount, and drug plans cover the remaining 75% up to an initial coverage limit which is ,130 in 2021," Johnson says. .The Social Security 2100 Act (H.R. 1391), introduced by Representative John Larson (CT-1). Like the FAIR Social Security Act, this bill would base COLAs on the CPI-E. It would also provide a 2 percent benefit bump for the average beneficiary and create a new minimum benefit set at 25 percent above the poverty line. In addition, more than 11 million seniors would see a significant tax cut, since the bill would double the income threshold for the taxation of benefits from ,000 per individual to ,000, and from ,000 per couple to 0,000. .Town Hall Question: Comprehensive immigration reform would make millions eligible for Social Security benefits based on work done without legal authorization. What is your position on the current policy that allows entitlement based on work done under invalid Social Security numbers, and would you consider supporting legislation that would close this loophole?
