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  • Category Issues Notch Bills Feed

    Terry: The anchor effect is the psychological tendency to rely too much on the first piece of information we get in the process of making a decision. For example, when you go to buy a house, the list price becomes the starting point (the "anchor") for negotiations, even if it is a very poor reflection of the home's true value. When you get a solicitation for a charitable donation in the mail, it often lists suggested contributions, starting with the highest figure they hope you will select. That high figure becomes the anchor for your thinking about what to give. .We know that other prevention steps help stop the spread of COVID-19, and that these steps are still important, even as vaccines are being distributed. .Thus, if you need to replace lost income right away, and you don't have a lot of savings or other resources to finance a waiting period for benefits, your husband may be better off simply filing a claim now for Social Security retirement benefits. While those benefits would be reduced due to starting benefits prior to his full retirement age, the application process is straightforward and can be accomplished easily online. Benefits could be started on the effective date you choose. … Continued

  • Legislative Update For Week Ending October 28 2011

    Today we are going to be hearing from people in their own words about Congress's neglect to help the very citizens we are sworn to serve. .Under current law, the Social Security COLA is determined by the percentage change in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). This index surveys the spending patterns of younger working adults under the age of 62 and doesn't include the households of people who are retired. But older and disabled Social Security recipients allocate their budgets differently than younger working adults, spending a larger share of their income on medical and housing costs which, in many years, tend to rise faster than overall all inflation. .Upon introducing the bill, Rep. Negrete McLeod said: "For seniors living on a fixed income, this could greatly impact their quality of life … We must protect seniors and ensure those who are most vulnerable do not face greater economic insecurity due to rising medical expenses." By preventing the threshold hike from occurring, her bill would save the average senior nearly 0 a year in qualifying tax deductions. TSCL enthusiastically supports H.R. 4104, and we look forward to working with Rep. Negrete McLeod in the coming months to help build support for it. In the meantime, we encourage our members and supporters to contact their representatives to request their support for it. To find contact information for your elected officials, click HERE. … Continued

TSCL was pleased to hear that SSA decided to reverse the policy this week after receiving complaints from beneficiaries. TSCL's policy consultant Mary Johnson told Karen Damato this week, "We are grateful for a reprieve, even a temporary one." Policy analyst Jessie Gibbons also told Mary Beth Franklin of Investment News: "We believe the administration made the right decision to rescind their new cell phone texting requirement while they continue to pursue more options." .That estimate is based on consumer price index (CPI) data through August, but it could significantly change with the September CPI data. Estimating the COLA this year has been far more challenging than in previous years due to the impact of hurricanes Harvey and Irma, which are affecting the prices of gasoline, food, housing and other costs. "We've got a hurricane wild card this year," Johnson says. "When the COLA is announced in October 13th, my 1.8 percent estimate could be off the mark," she says. "This is especially so when you take a look at what happened after Hurricane Katrina in 2005," Johnson notes. .And, there's more! "The Best Ways to Save" has helped hundreds of thousands of seniors live better in retirement with valuable tips for getting the most out of Social Security and Medicare benefits and stretching retirement income. To request your free special issue send for postage and handling to: The Senior Citizens League, ATTN: BWTS, 1001 N. Fairfax St., 101, Alexandria, VA 2231Or visit TSCL on the web at . .The measure has bipartisan backing in the Senate, as well as support from some moderate House Democrats. However, it is facing opposition from House leaders who say the legislation is a roundabout way to cut Social Security benefits. .A new study by the Journal of the American Medical Association says that the Medicare Part D program could have saved roughly .7 billion in 2017 if doctors and patients had actively opted for generic drugs instead of brand name drugs. .There are two types of U.S. debt: debt held by the public, like U.S. savings bonds, and debt held by government accounts. The Social Security Trust Fund is the single biggest government account holding U.S. debt, with the federal government owing the Trust Fund about .8 trillion. Since 2010, the program has paid out more in benefits than it receives in cash revenues, requiring the U.S. treasury to borrow to pay the interest due on the non-marketable bonds or I.O.U.s held by the Trust Funds — money that is needed to pay the benefits of current beneficiaries. According to a recent TSCL poll, 95 percent of older voters say that money owed to the Social Security Trust Fund should be repaid in full. .Although no other generation has yet been affected by a similar Notch, that could change in the future. Congressional inaction on Social Security's long-term financing problems could give birth to a whole new generation of Notch Babies. During recent hearings on the need for making Social Security more sustainable as Baby Boomers near retirement, David Walker, the Comptroller General of the United States, confirmed this saying "Doing nothing means that we are going to head to a precipitous decline in benefits. Remember the Notch Baby problem?" he asked. "This would be a Notch Baby problem magnified multiple times and it should not be allowed to happen." (10) .Up to 85 percent of Social Security benefits can be subject to taxation if an individual has a combined income of ,000 and married couples filing jointly have a combined income of ,000. Had income thresholds been adjusted for inflation, they would be about ,902 for individuals and ,515 for joint filers in 2020. "Combined income" is determined by adding one's adjusted gross income, plus any tax - free interest income, and one - half of Social Security benefits. .One rule, known as "most favored nation," would require Medicare to tie the prices it pays for drugs to those paid by other wealthy countries. The other rule would limit rebates paid to middle men (called "pharmacy benefit managers" or "PBMs") by drug makers in Medicare.