Best Ways Save July 2015
This week, two new cosponsors signed on to the Strengthening Social Security Act (S. 567 and H.R. 3118), bringing the total up to three in the Senate and thirty-nine in the House. The new cosponsors are Sen. Sherrod Brown (OH) and Mark Pocan (WI-2). If signed into law, the bill would reform the Social Security program in three ways: it would adjust the benefit formula, resulting in more generous benefits; it would adopt the Consumer Price Index for Elderly Consumers (CPI-E), resulting in more accurate cost-of-living adjustments (COLAs), and it would lift the cap on income subject to the payroll tax. The Strengthening Social Security Act would extend the solvency of the Social Security Trust Fund responsibly, without cutting benefits for seniors. .One important factor to consider is the ability to receive benefits and work at the same time without reduction once you have reached full retirement age. The additional income could mean you would pay somewhat more taxes, but it may also be a way to save more earnings for retirement, or, for major investments like repairs and maintenance to retrofit a home for retirement or to replace an aging car. .Second, four new cosponsors signed on to the Social Security Fairness Act (H.R. 141), bringing the total up to 16The new cosponsors are Representatives Jimmy Gomez (CA-34), Bradley Byrne (AL-1), Ann Kirkpatrick (AZ-2), and Josh Harder (CA-10). This bipartisan bill, if adopted, would make the Social Security program more equitable by repealing the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO). These two provisions of law unfairly cut the Social Security benefits of millions of teachers, police officers, and other state or local government employees, often by 40 percent or more. By repealing both provisions, the Social Security Fairness Act would ensure that public servants receive the Social Security benefits they have earned and deserve. … Continued
27 Of Seniors Spend Up To Half Of Their Social Security On Healthcare Costs
But last Monday the drug company executives announced they would not be going to the White House meeting. A spokesman for PhRMA, the giant lobbying group for many of the biggest drug manufacturers, said the White House talks were a distraction. .This week, three new cosponsors – Reps. Rosa DeLauro (CT-3), Alcee Hastings (FL-20), and Robert Scott (VA-3) – signed on to the Strengthening Social Security Act (H.R. 3118). The cosponsor total is now up to thirty-three. If signed into law, the bill would reform the Social Security program in three ways: it would adjust the benefit formula, resulting in more generous monthly benefits; it would adopt a Consumer Price Index for the Elderly, resulting in more accurate cost-of-living adjustments; and it would lift the cap on income subject to the payroll tax. TSCL enthusiastically supports the Strengthening Social Security Act since it would extend the solvency of the Trust Fund responsibly, without cutting benefits. We were pleased to see support grow for it this week, and we look forward to helping build support for it in the coming months. .According to the report, CMS has not expanded the recovery audit program to Medicare Advantage by the end of 2010 as was required by the Patient Protection Act. Recovery audits have been used for years in other Medicare programs to recover improper payments. TSCL believes Congress must provide stronger oversight to ensure that scarce Medicare dollars are spent appropriately and to prevent private insurers from boosting profits by gauging both taxpayers and older Americans. … Continued
Lowering drug prices is one of the highest priorities of TSCL and we will be working very hard to get legislation passed this year. .Working longer, especially if you are earning more now than you did in jobs in the past, can also help increase your benefit because the Social Security Administration uses your highest 35 years of earnings to calculate your initial retirement amount. If you've worked less than 35 years, then the extra years of work will help fill in the earning gaps in your record. .On October 22, 2014, TSCL's Executive Director was interviewed on Fox Business about the 2015 COLA announcement. .Just years before they were set to retire, these individuals learned that they would receive significantly lower benefits than originally anticipated. The problem has grown and compounded over time, and TSCL believes that in order to make the program more equitable, some compensation for the injustice should be provided. We enthusiastically support Rep. Meng's Notch Fairness Act, and we were pleased to see one new cosponsor sign on this week. .But last Monday the drug company executives announced they would not be going to the White House meeting. A spokesman for PhRMA, the giant lobbying group for many of the biggest drug manufacturers, said the White House talks were a distraction. .When asked whether you prefer to get your Social Security benefits directly deposited electronically to bank accounts or received by mail, 9 percent of seniors still prefer receiving checks. .Nineteen percent (19%) postponed filling one or more prescriptions due to price spikes caused by coronavirus shortages or supply chain disruptions. .By Congressman Peter Roskam (IL-06) .U.S. law requires that, in order to meet the requirements, ANP beneficiaries must "establish physical presence" in the United States to receive benefits. One of the easiest options is to "enter the U.S. for any part of 1 day before 30 days elapse."