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  • Category Tips For Seniors Savings Page 4

    TSCL supports legislation that would raise the taxable maximum. "TSCL believes that cutting Social Security benefits can't be justified when moderate payroll tax adjustments can keep the system solvent for decades," says TSCL Executive Director Shannon Benton. "Requiring everyone to pay their full share would add years of solvency to the Social Security," Benton says. .28% Of Medicare Beneficiaries Hit Doughnut Hole In 2015 .Visiting with an unvaccinated person who is at increased risk of severe illness or death from COVID-19 or who lives with a person at increased risk … Continued

  • The Senior Citizens League Weekly Update For Week Ending April 24 2020

    People most at risk of owing taxes include: .To learn more, download "When To Start Receiving Benefits" from the Social Security Administration. .We need to focus on putting the "Security" back into Social Security, and providing real relief from rising Medicare costs, by avoiding double digit premium increases to begin with. Congress can accomplish both by providing an emergency COLA in 202That one action would negate the need for any Medicare Part B premium cost shifting and double-digit premium increases. Providing a benefit boost would also reduce the need to adjust Part B premiums for those with the lowest benefits in the future. … Continued

If adopted, S. 61 would allow for the personal importation of safe and affordable drugs from approved pharmacies in Canada. ., editor, and Terry Newell, President, Leadership for a Responsible Society .Important work is also being done on the federal, state, and local levels to build awareness and advance medical research. As part of the bipartisan Congressional Task Force on Alzheimer's, my colleagues and I have been working to address the growth of Alzheimer's. One piece of legislation that I am pushing is the Alzheimer's Accountability Act, which would increase coordination between the National Institute of Health, Congress, and the White House regarding the resources necessary to help treat Alzheimer's. Another bill, the Health Outcomes, Planning, and Education (HOPE) for Alzheimer's Act would help improve early diagnosing of Alzheimer's and strengthen support services for patients and their families. .This failure of the COLA to keep up with rising Medicare Part B premiums and other retiree costs is creating a dilemma that is growing in magnitude, not only for older Americans, but also for the nation's safety net programs like Medicaid. A majority of Social Security recipients depend on their benefits for more than half of their income, and almost half of all retirees have only limited or no retirement savings at all. The lack of adequate growth in benefits over the past eight years is pushing modest income seniors into poverty, forcing even those who started out as middle-income retiree households to rely on Medicaid for help paying Medicare costs, rental subsidies, fuel assistance, food pantries and senior meals programs. .Why should seniors be saddled with the ripple effect of things they don't even buy? That just doesn't make sense. .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." .If I received the ,000 Lump-Sum Settlement, would I then lose my monthly Social Security check? Would the amount of the check be raised to the level that it should have been all along? .TSCL's Board of Trustees Meets with Members of Congress .Have you calculated how much you might need? How much income would be lost if you or your spouse were to pass away? There's a loss of retirement income, particularly when the higher benefit spouse dies. The couple's Social Security benefit is cut by one-third to one-half, and a couple's private pension benefit (if any) is either cut in half, or disappears completely if you have not opted for a joint-and survivor annuity. If you have a large estate, thriving business, valuable real estate and savings, would there be estate taxes to pay? Some families choose to keep life insurance because the death benefits are tax free to heirs, and can give the surviving spouse a financial cushion.