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To help older Americans withstand the financial impacts of the COVID-19 pandemic, and provide more adequate retirement benefits, The Senior Citizens League supports legislation that would provide a boost in Social Security benefits for all retirees, and would tie annual cost of living adjustments to a more representative seniors' consumer price index, the Consumer Price Index for the Elderly (CPI-E). To learn more about efforts to strengthen Social Security benefits, visit . . Four Key Bills Gain Support in Congress .If your husband's company had 20 or more employees, and your husband's former employer still has the same health coverage, you and your husband may have the option to temporarily continue to get healthcare coverage under your husband's former employer plan as provided by the Consolidated Omnibus Budget Reconciliation Act (COBRA). That coverage now, however, is likely to be more expensive than it was while your husband was an active employee, and it's only a short-term option. These are two reasons why both you and your spouse should explore other options promptly. … Continued
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Finally, six new cosponsors signed on to the Social Security Fairness Act (S. 896 and H.R. 1795) this week, bringing the total up to ten in the Senate and eighty-three in the House. The cosponsors are: Sen. Brian Schatz (HI), and Reps. Adam Kinzinger (IL-16), John Duncan, Jr. (TN-2), Raul Ruiz (CA-36), Bill Foster (IL-11), and Randy Neugebauer (TX-19). If signed into law, the bill would repeal the Government Pension Offset (GPO) and the Windfall Elimination Provision (WEP) – two provisions that unfairly reduce the earned Social Security benefits of millions of state and local government employees each year. .This week, TSCL endorsed two new bills from Congressman Lloyd Doggett (TX-35) – the Transparent Drug Pricing Act (H.R. 4116) and the Competitive DRUGS Act (H.R. 4117). If signed into law, the bills would promote transparency in the prescription drug industry and prevent anti-competitive pay-for-delay deals, in which brand-name drug companies pay generic drug makers millions of dollars to delay the introduction of their generic medicines to the market. .In addition, the Congressional Budget Office (CBO), a federal agency within the legislative branch, does its own forecast of the programs. The CBO produces independent analyses of budgetary and economic issues to support the Congressional budget process. Each year, the agency's economists and budget analysts produce dozens of reports and hundreds of cost estimates for proposed legislation. … Continued
When my husband and I were planning the timing on our Social Security benefits, our financial advisor suggested that we could maximize our payout if I started with a spousal benefit based on my husband's account, while letting my own retirement benefit grow. I continued to work and started the spousal benefit at age 66, my full retirement age. Now I am 70, but have not received any notice from Social Security about my own retirement benefit. Does this mean I won't get anything higher than I already receive? .In a letter of support, Art Cooper – Chairman of The Senior Citizens League's Board of Trustees – wrote: "The Senior Citizens League's supporters – most of whom are enrolled in the Social Security program – question why Congress has not yet acted to address the funding challenges of the Social Security Administration in order to ensure the service that beneficiaries have earned and deserve … As such, The Senior Citizens League salutes you for introducing the Social Security Administration Fairness Act." .Should Social Security benefits be adjusted annually using a locality – based payment rate? Some of you, particularly those of you who are retired federal employees know far more about locality - based pay adjustments than I do. I hope you folks can set us straight on a new legislative proposal that would use locality- based pay adjustment rates to adjust Social Security benefits. My question to you — is this a good idea? Why or why not? .Recent healthcare cost data have the experts perplexed. According to a new analysis from actuaries of the Centers of Medicare and Medicaid Services, national healthcare spending in 2011 grew at just 3.9 percent. This is the third consecutive year it's grown so slowly, making it the slowest pace in the more than 50 years such data have been tracked. Federal officials don't know for sure if it's a temporary fluke due to prolonged recessionary effects, or part of a long-term trend. .The good news is that reducing drug costs appears to have bipartisan support. Two critical congressional committees – the Senate Finance Committee and the House Oversight and Reform Committee – have launched investigations into the pricing practices of the pharmaceutical industry. .At the same time, new claims for Social Security benefits are growing, as many older workers who have lost jobs file for Social Security benefits earlier than planned. The combined impact increases pressure on Social Security to address solvency issues. A future solvency option supported by more than 72 percent of The Senior Citizens League's survey participants is to apply the Social Security payroll tax to all earnings, instead of just the first 7,700 in wages. The survey was conducted from mid - January through April of this year. .(Washington, DC) – Social Security recipients are likely to get an annual cost of living adjustment (COLA) of 6 to a 6.1 percent in 2022, according to The Senior Citizens League (TSCL). The COLA that becomes payable in January of 2022 would be the highest since 198"Our forecast is based on CPI data through August, and there is still one more month of consumer price data to come in before we get the official announcement in October, says Mary Johnson, Social Security policy analyst for The Senior Citizens League. .Sen. Bernard Sanders (VT) introduced S. 500 on March 7, 201It has since been referred to the Committee on Finance. .About 30 percent of the "other than legal " immigrants who were living in the U.S., and age 62 in 2000, would be eligible to receive retiree benefits.