News

  • Legislative Update Week Ending July 27 2018

    Since the start of CPI-E in 1983, the average difference between it and the CPI-W is roughly .25 percentage point per year. Sounds tiny but, like interest, it compounds over time. Had the CPI-E been used to determine COLAs since 2015, your benefit would be about 2% higher today. An average benefit of ,215 per month in 2015 will increase to ,298 per month in 2020. But had the CPI-E been used to calculate the COLAs, that benefit would have been per month more or ,324 in 2020. .According to the National Council on Aging, 34% of older households hold credit card balances, and another 29% still owe money on a mortgage, home equity line of credit, or both. Digging out requires work and making changes. Reducing debt requires increasing income, restructuring your budget, and other changes. Here are some things to consider: .Estimate healthcare cost increases of at least 7% to 10% a year. Recently there has been news of a slowdown in healthcare costs. While that's good, overall Medicare costs still increased about 6 percent and in the past two decades the rate of increase was often about 10 percent per year. To keep a lid on your costs, make sure you compare health and drug plans annually during the Medicare Open Enrollment period that starts October 15th and ends December 7th every year. Switch when you can find a better plan. … Continued

  • Best Ways Save November 2018

    "TSCL strongly believes that earnings under invalid SSNs should be also be invalid for entitlement to benefits," says Hyland. "Document fraud, identity theft and violation of immigration law should not be rewarded with Social Security benefits, especially as Congress considers cutting Social Security cost-of-living adjustments (COLAs)," he states. To learn more and find out how much you could lose by COLA cuts, visit http:// /chained-cola-calculator/. To learn more, visit . .This week, lawmakers in the House and Senate adjourned for a week-long recess. In addition, The Senior Citizens League saw three key Social Security and Medicare bills gain support in the House. .Social Security runs two disability programs – each with separate sources of funding. SSDI provides income to under age 65 adults that is calculated from their own work covered by FICA taxes. Their benefits are paid from the SSDI Fund. The Supplemental Security Income program (SSI) also pays disability benefits, but it's for low-income people without enough of work history to qualify for SSDI. Benefits are funded through both federal (and some state) revenues, and it's means tested like welfare. … Continued

After leaving major decisions on Social Security and Medicare cuts to the New Year, Members of Congress are returning to pick up their debate over entitlements and taxes. With the looming insolvency of the Social Security disability program just two short years away, Congress will be forced to take action to re-set program funding at some point soon. When that happens, cost-of-living adjustment (COLA) cuts could be used to shore up the program. .As outrageous as it is, there are reports of scams involving phony appointments for the COVID vaccine. People have received emails, phone calls or text messages supposedly from local health departments offering to put them on a vaccine registration list that doesn't really exist and then charging them for appointments. .However, there is no denying that the past financial crisis and the ensuing recession coupled with the increasing number of participants entering retirement has taken a toll on the Social Security and Medicare Part A trust funds. In fact, the 2013 Social Security and Medicare Boards of Trustees annual reports found that the Social Security's retirement Trust Fund will be exhausted by 2033 and the Medicare's Federal Hospital Insurance Trust Fund will become insolvent by 202I believe in maintaining the strength of these programs and in order to protect future surpluses of these trust funds, Congress must first enact meaningful reforms to ensure they remain for current and future generations of beneficiaries. .The legislation now calls for a "one-time, one-year increase in the Medicare physician fee schedule of 3.75 percent" in 2021 "to provide relief during the COVID-19 public health emergency." .Trump Expected to Issue Executive Orders about Prescription Drugs .The Senior Citizens League is proud to have endorsed the BENES Act, and we hope the Senate Aging Committee will work to enact this legislation by the end of this year. To stay updated on the progress of the BENES Act, visit the Bill Tracking section of our website. .The Inspector General's Office recently surveyed 4 field Social Security field offices along the border with Mexico in California and Texas. Each office provided services to about 1,000 such beneficiaries every month. Personnel say the number is increasing for three reasons: .Social Security's Disability Insurance program is littered with waste. Last year, for example, .8 billion in overpayments were made to those collecting disability benefits. In addition, the administration has allowed an enormous backlog to accumulate for Continuing Disability Reviews, which are conducted to determine whether a beneficiary has recovered enough to return to work. Currently, every dollar spent reviewing cases yields more than ten dollars in savings; if the backlog were eliminated, more than billion in savings would be returned to the Trust Fund. The potential savings from eliminating waste within Social Security are enormous and could cover the cost of the Notch Fairness Act. Second, Congress could increase the amount of income subject to the Social Security payroll tax – an option that sixty-seven percent of TSCL members strongly supported in this year's Senior Survey. Currently, yearly income earned above 0,100 is not subject to the payroll tax. .Just years before they were set to retire, these individuals learned that they would receive significantly lower benefits than originally anticipated. The problem has grown and compounded over time, and TSCL believes that in order to make the program more equitable, some compensation for the injustice should be provided. We enthusiastically support Rep. Meng's Notch Fairness Act, and we were pleased to see one new cosponsor sign on this week.