News

  • Ask The Advisor November 2019

    Wall Street economists are in the midst of a growing debate over whether we are in for "the return of inflation." (Oh, go ahead and snort. I did too when I first read about this.) .The judge's order stops the implementation of the rule until the completion of the notice and comment process. .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: … Continued

  • Legislative Update For Week Ending October 16 2015

    During his campaign for President, and several times since, he has promised that he would protect Social Security and Medicare. Yet a payroll tax cut would result in untold damage to the stability of both programs and bring them dangerously close to insolvency. .The Social Security Fairness Act, if adopted, would make the Social Security program more equitable by repealing the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO). These two provisions of law unfairly cut the Social Security benefits of millions of teachers, police officers, and other state or local government employees, often by 40 percent or more. By repealing both provisions, the Social Security Fairness Act would ensure that public servants receive the Social Security benefits they have earned and deserve. .The "Notch" refers to a major inequity in Social Security benefits that affects seniors born from 1917 through 192According to Social Security Administration data through December 31, 2012, there are about 4.2 billion Social Security beneficiaries born during the Notch years. TSCL estimates that The Notch Fairness Act would cost about .5 billion over four years and could be paid for by doing a better job of eliminating fraud and erroneous payments. … Continued

TSCL is happy to hear that. However, we also know that the big drug companies are spending millions of dollars lobbying heavily against legislation in Congress that would lower drug prices. So, we remain skeptical of his intentions until we actually see a proposal or proposals to do what he claims the drug companies want to do. .The new study takes a closer look at the Social Security "hold harmless" provision. Typically, Social Security benefits tend to grow slightly each year as COLAs compound over time. But when the Medicare premium increases more than an individual's COLA that can trigger this special provision of law. Hold harmless protects Social Security benefits when the dollar amount of an individual's annual COLA increase is not sufficient to cover the increase in the Medicare Part B premium increase. If the increase in Medicare Part B premium would cause an individual's net Social Security benefit to be less than it was the year before, then the Part B premium is reduced to ensure the individual's Social Security benefit does not decline. .However, an estimated 15 million Medicare beneficiaries – including new enrollees, those who are dually eligible for Medicare and Medicaid, high-income beneficiaries, and beneficiaries who do not receive Social Security benefits – will see large premium and deductible hikes in January if Congress does not act before October 15th, less than one week from now. .I would like to know how, at this point, you project a Social Security COLA at 6.1%. Inflation would have to continue on an upward path through September for that to happen. — R.Q., NJ .Rather than working on bipartisan legislation to solve the rural healthcare crisis, many of my colleagues have instead chosen the fantasy of "free" healthcare for all. In reality, "Medicare-for-all," as they call it – would put more than 1,000 rural U.S. hospitals in 46 states "at high risk of closure" among other devastating consequences, according to experts. .Chairman Larson also mentioned the Know Your Social Security Act and heralded it as a great bill. But it hasn't been reintroduced. Also, he did not mention his own bill, the Social Security 2100 Act, which he introduced in the previous Congress but has not done so in this Congress. .TSCL Wants to Know: Did You Wind Up Owing Uncle Sam? .Social Security Reform – Work for solutions that extend the Trust Fund's solvency and strengthen the program without enacting harmful cuts. .A 2.5 or 3 percent COLA would be sufficient to boost an average monthly retiree benefit of ,500 by .50 to .00 respectively. That would be enough to cover a substantial Part B premium increase in 2021.