News

  • Best Ways To Save September 2015

    Increasing the amount of wages that is taxed for Social Security, which is currently limited to 7,200. Higher - wage earners currently pay no Social Security taxes at all on income earned over that amount. .The good news is that both issues tend to be non-partisan. However, the bad news is that both cost a considerable amount of money, which means more federal spending. That's why the bills we support that would fix those issues have been tied up in committee for so long and have not been able to move through either the House or Senate. .This week, lawmakers in the House debated legislation to repeal the controversial Medicare cost-cutting panel, the Independent Payment Advisory Board (IPAB). In addition, The Senior Citizens League (TSCL) saw one key bill gain four cosponsors. … Continued

  • Legislative Update Week Ending May 19 2017

    Most of the negotiators seem relieved to have reached a compromise, but it's clear that neither party is thrilled with the concessions they had to make. In a telling statement, one of the twenty conferees, Rep. Henry Waxman (CA-30), said of the deal: "It's not so bad that I would vote against it." Another conferee, Rep. Kevin Brady (TX-8) stated however, "At the end of the day, we have prevented a disruption to our economy, avoided a tax increase on working families. and ensured our local doctors will not be punished merely for treating seniors in Medicare." .Immigration reform that provides work authorization, and a pending Social Security Totalization Agreement with Mexico, could mean that a very substantial amount of earnings in the ESF file would be reinstated in the future. Because earnings are used to determine both the number of quarters of coverage worked for insured status, and is used to calculate the initial benefit, this poses a substantial liability to the Social Security Trust Fund worsening its solvency. .I'm 63, married, and recently earned about ,000 a year until I got laid off in March. My wife is younger but only receives a small income from providing part-time day care services. We don't have any savings. I'm not receiving any Social Security now. Can I receive Social Security benefits and get unemployment benefits? … Continued

To get your health services through Original Medicare. If you are enrolled in a Medicare Advantage plan, deductibles and co-pays may apply to these preventive services. Check with your plan to see what costs and rules apply. .TSCL has filed three lawsuits under the Freedom of Information Act requesting copies of the agreement and other information and has placed ads in The Washington Times in opposition to the proposed agreement. We will continue to closely monitor the totalization matter. .Social Security Trust Fund is the biggest government account holding U.S. debt — and the U.S. Treasury owes the Trust Fund more than .8 trillion. .This week, lawmakers released the text of legislation that will comprehensively reform the tax code if adopted, and The Senior Citizens League (TSCL) delivered letters to Capitol Hill outlining three tax-related changes that would strengthen the Social Security program. In addition, TSCL endorsed two new bills that would reduce prescription drug costs, and several key bills gained support. .Investors already smell big money for a COVID-19 vaccine. .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 latest report from the Congressional Budget Office says that after passage of recent massive tax and budget legislation, over the next decade the federal deficit is now expected to be .7 trillion higher than estimated in June of 201"To put that in context, that's close to the total amount of money that the federal government would need to cover the reserves held by the Social Security Trust Fund over the next 13 years," Johnson points out. .He predicted that lawmakers will pass a six-month "doc fix" later this month in order to buy more time for the offset discussions. If Congress takes that route, the temporary pay patch would expire at the end of September – the same time that funding for the Children's Health Insurance Program (CHIP) will run out. Rep. Price suggested that a permanent repeal of the SGR would likely be rolled into a package with CHIP's reauthorization. .New Medicare Enrollees in 201Because these people are new to Medicare, they pay the full amount in 2017 when they sign up.