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Best Ways Save November 2018
Increasing the payroll tax cap. Under current law, the 12.4 percent payroll tax is applied only to the first 7,200 in earned annual income. Individuals earning more than that pay nothing in Social Security taxes on the rest of their earnings. Several proposals now before Congress would modify this policy so that higher income workers contribute more fairly to the program. .This week, the Ways and Means Committee advanced a bill that would repeal the Affordable Care Act's (ACA's) Independent Payment Advisory Board (IPAB), and The Senior Citizens League (TSCL) saw one key bills gain support. .Confirmation Process Begins for Burwell … Continued
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Ask The Advisor May 2016
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." .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? .But not all beneficiaries will come out ahead. Some treatments have little or no competition, and patients needing those drugs might not see any extra savings. And for people who don't take pricey drugs, monthly Part D costs are likely to rise because premiums are expected to go up when insurers won't be able to keep rebates to improve bottom lines. … Continued
There are, however, a number of ways that unauthorized workers can, and do, become entitled to benefits based on illegal work (see our "FAHow "Undocumented" Workers Are Becoming Entitled To Social Security" from the May 2012, Volume 17, Number 4 issue of The Social Security & Medicare Advisor. Despite a 2004 law forbidding illegals from claiming Social Security benefits, they are able to do so if at some point their status changes and they receive work authorization — as would happen under an amnesty. With work authorization, noncitizens can file a claim for Social Security benefits. Under current law when determining entitlement for benefits, Social Security uses all earnings for calculating the primary benefit amount, even if the earnings were for unauthorized work using fraudulent documents. All the individual needs to do is to supply evidence of the earnings, such as old W2s, and earnings in the ESF file would be "reinstated" to the account of the claimant. .An Emergency COLA in 2021 Would Prevent Economic Insecurity and An Unprecedented Medicare Part B Premium Increase for Older Americans. .Democrats have delayed the start of the program in part because of its cost and an agreement to limit the overall spending in the Biden budget bill to .5 trillion. There is some talk on Capitol Hill of offering seniors limited vouchers to use toward dental benefits before 2028 as a compromise. .TSCL (TREA Senior Citizens League) consists of vocally active senior citizens concerned about the protection of their Social Security, Medicare, and veteran or military retiree benefits. TSCL was first established as a special project of The Retired Enlisted Association (TREA). On January 1, 1995, TSCL became an independent 501[c][4] citizens' action organization. .Should Congress hand over accountability for decisions about Medicare cuts to an unelected board? That's what lawmakers did in 2010 when they passed the Affordable Care Act. The law included a controversial provision to create a Medicare cost-cutting board, known as the Independent Payment Advisory Board (IPAB). .Medicare supplemental or Medigap policies tend to charge higher premiums, but cover most or all of the co-insurance costs for brief hospitalizations or doctor visits and other Medicare covered services. Medicare Advantage plans generally work in just the opposite fashion. Currently premiums are very low, but there could be considerable out-of-pocket co-payment costs should you require health care services. .In the months ahead, TSCL's legislative team will closely monitor proposals that would impact older Americans, and we will continue to advocate for legislation that would strengthen and modernize the Social Security and Medicare programs responsibly, without enacting harsh benefit cuts. .Retired seniors have been far more accepting of vaccines than their working-age counterparts. Their full vaccination rate is about 82%, according to the U.S. Centers for Disease Control and Prevention. Because they're susceptible to severe illness, even relatively few unvaccinated seniors mean more deaths -- and more crowded hospitals -- than would occur in a larger pool of younger adults. .Individuals at full retirement age (66 in 2017) who retire with an average monthly benefit of ,300 would receive about 0,000 over a 25-year retirement assuming a 2.2% cost-of-living adjustment. Since you were born in 1955, your full retirement age is 66 + 2 months. But even people who retire at full retirement age are leaving money on the table when starting benefits prior to reaching age 70. Waiting until age 70 allows benefits to grow 8% per year.
