News
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Ask Advisor February March 2019
How do you envision your perfect day in retirement? Are you the type that needs to be busy with work and projects to feel fulfilled, or do you look forward to spending time puttering around on your own, traveling or just enjoying leisure? Note how you like to spend your time. .People most at risk of owing taxes include: .The responsibility is on you to notify the SSA of your age, and file an application for retirement benefits based on your own earnings, if higher. As you continue working past age 66, the retirement benefit you receive based on your own earnings continues to grow. That retirement credit is only applied until age 70; however, there's no additional increase thereafter, so put in your claim now. … Continued
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Congressional Corner Fighting Back Against Senior Scammers
Paula's total premium costs came to 2.90 per month for the rest of 2007 rather than 0 per month, a savings of .10 per month in premiums alone. In addition, because she found a more appropriate drug plan, she will save an estimated additional .25 per month in drug costs in 2007. .There is widespread support among older Americans for a benefit boost. TSCL surveys have found that 83% of survey participants think Congress should increase Social Security benefits by about 2% of the average benefit, roughly per month (0) in 202Sixty-two percent of survey participants also favor a more generous annual cost of living adjustment (COLA) by tying the annual inflation adjustment to the Consumer-Price Index for the Elderly (CPI-E), and 50% favor enacting a guarantee that COLAs would never be lower than 3%. .The extensions will cost approximately 0 billion over ten years, and billion of that will be paid for by spending cuts and revenue increases. The remaining 0 billion, however, will be added to the budget deficit. … Continued
Democratic leaders believe the measure could save almost half a trillion dollars if it were to pass. And while it would be much more likely to be brought up for a vote, the uncertainty about whether it could pass in the Senate remains. .After receiving no cost-of-living adjustment (COLA) this year, Social Security beneficiaries will finally receive a raise effective January 1st. But the increase in benefits is so small, it will be the lowest payable COLA ever in the history of the program — raising a ,000 benefit by just .00. .DeSantis' claim that airplanes have not been "vectors" for the spread of the coronavirus is untrue, according to experts. A "vector" spreads the virus from location to location, and airplanes have ferried infected passengers across geographies, making COVID-19 outbreaks more difficult to contain. Joseph Allen, an associate professor of exposure assessment science at Harvard University called airplanes "excellent vectors for viral spread" in a press call. ."To lower the expected cost of these new benefits, House Democrats have proposed introducing the new dental benefits starting in 2028, ramping up the coverage over five years." .This week, the CBO released its report on the long term budget outlook, which found that the federal debt is projected to increase from today's rate of 74 percent of GDP to 106 percent of GDP in twenty-five years if no major changes are made. The nonpartisan agency said the trend cannot be sustained indefinitely, and already, the total amount of debt held by the public is "higher than at any point in U.S. history except a brief period around World War II." .So far, 800,000 federal workers have been furloughed, and Members of the House have begun taking a piecemeal approach that would send some of them back to work by providing funding for certain agencies. However, the Senate has rejected each bill. Leaders in that chamber believe a piecemeal approach will set a bad precedent and give the opposing political party "veto power over what is funded and what isn't," according to Sen. Chuck Schumer (NY). .When the Social Security Administration announced that the cost-of-living adjustment (COLA) for 2016 would be zero, a stunning thing occurred. The Medicare Trustees projected that the monthly Part B premium would increase by an unprecedented .50 (52%) between 2015 and 2016— from 4.90 to 9.30 per month. What does this have to do with the situation today? .Sources: Impact of Alien Nonpayment Provisions on Field Offices Along the Mexican Border, Social Security Administration Office of the Inspector General, February 2011 A-08-10-20140. Impact of Unauthorized Employment on Social Security Benefits, Social Security Administration Office of the Inspector General, December 2006, A-14-05-14042. .The President believes tying drug prices in the U.S. to those in other countries will bring down the prices here. However, the effect of his order won't be seen for some time and will only cover certain prescription drugs. The executive order requires that the secretary of Health and Human Services immediately test a payment model for Medicare to pay "no more than the most-favored-nation price," meaning the lowest price paid in other developed countries, for specific "high-cost" prescription drugs and products.
