• Legislative Update For Week Ending August 22 2014

    Last - don't let all the political spin about Social Security scare you. The program is not going broke. Social Security does face a long-term financial challenge. Even when the Social Security Trust Fund becomes exhausted there would still be sufficient assets from payroll taxes to pay about 75 percent of promised benefits. Although that isn't a fair or acceptable outcome — a far more likely one — Congress will take action to correct the imbalance. .Alexandria, VA (June 14, 2011) Cost-of-living-adjustments (COLAs) are "overpaying" Social Security recipients, and the government needs to switch to an "improved" method of measuring inflation that will give them a "small trim". That's what deficit negotiators from both sides of the aisle are saying in making the case for the government to switch to a more slowly-growing Consumer Price Index (CPI) for calculating the annual Social Security boost. .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. … Continued

  • Legislative Update For Week Ending May 30 2014

    Social Security was never designed to be the sole source of retirement income. It replaces around 40 percent of the average earnings of its beneficiaries. Pensions and savings form the two other major streams of retirement income, but people who retire with all three sources of retirement income are rare. Even worse, recent research from the National Institute of Retirement Security found that more than 40% of older adults have no retirement income other than Social Security. .TSCL is concerned because even though illegals approved for the program don't gain legal status, they do gain work-authorized Social Security numbers. This work-authorized number is all that the government requires to later allow non-citizens to file a claim for Social Security benefits. Under current law, the government uses all earnings to determine entitlement, as well as the amount of the initial retirement or disability benefit, even if jobs were worked illegally. .In the latest issue of Best Ways to Save, retirees, and those nearing retirement learn: … Continued

In order to pass it all 50 Democratic Senators would have to support the legislation. If that were not the case there would have to be enough Republican Senators voting "yes" to reach at least 50 votes in favor of passage. .Do you know what the poverty line is? It's ,880. Who could live on that? .Ask the Advisor: August 2021 Why Can't Legal Guardians Receive Social Security Benefits on Behalf of Grandchild? .The Preserve Access to Affordable Generics and Biosimilars Act (S. 64), also introduced by Senators Grassley and Klobuchar, would prohibit anti-competitive pay-for-delay deals that keep much cheaper generic and biosimilar medicines off the market. .Other Goods and Services: (tobacco and smoking products, haircuts and other personal services, funeral expenses). .Mary: What is the "anchor effect" and could you give an example? .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. .When the Office of Inspector General matched the 6.5 million Social Security numbers against the Social Security Administrations file, it found 67,000 of the numbers were used to report wages for people other than the cardholders, a sign the numbers were used for illegal work. According to the Associated Press, one Social Security number was used 613 different times. An additional 194 numbers were used at least 50 times each. .TSCL would like to thank Reps. Mike McIntyre (NC-7), G.K. Butterfield (NC-1), and Charles Gonzalez (TX-20) for taking the time to discuss the issues that are most important to our members and supporters. TSCL also met with Jeremy House, Legislative Assistant to Rep. Butterfield, Conrad Risher, Legislative Assistant to Rep. Gonzalez, Tommy Walker, Legislative Assistant to Rep. Diana DeGette (CO-1), Rebecca Shaw, Legislative Assistant to Rep. Chris Gibson (NY-20), and Nathaniel Ferguson, Legislative Assistant to Rep. Scott Rigell (VA-2).