Congressional Corner Legislation Would Abolish Two Provisions That Reduce Social Security Benefits Of Public Employees
New Medicare enrollees, higher -income beneficiaries, people age 65 and older who have not started Social Security benefits (about 11% of beneficiaries). .In reality, no Social Security reduction is small, because the loss compounds over time. The problem is especially unacceptable when this problem can be prevented by Congress in the first place. Individuals who were born in 1949 and who retired at age 66 with average benefits have lost about ,915 through the end of 2021, due to the reduction in the AWI in 200Their benefits today are about per month lower than what they otherwise would have received had they been born one year earlier. Even worse is the loss over time. Assuming that an individual lives to age 90, retirees born in 1949 would lose an additional ,297 in lifetime Social Security benefits—or even more, if their benefits are higher than average. This type of benefit reduction is known as a "notch" in benefits, and those affected might be referred to as the "1949 notch babies." .Second, three new cosponsors signed on to the Social Security Expansion Act (H.R. 1114), bringing the total up to thirty-six. The new cosponsors are Representative Robert Brady (PA-1), Representative Albio Sires (NJ-8), and Representative Tim Ryan (OH-13). If adopted, H.R. 1114 would enhance Social Security benefits by basing COLAs on the CPI-E, increasing monthly benefits by around , improving the Special Minimum Benefit, applying the payroll tax to income above 0,000, and applying a 6.2 percent tax on investment income for wealthy individuals. … Continued
House Democrats Also Unveil Proposals To Lower Drug Prices
This week, the Social Security and Medicare Boards of Trustees released their highly anticipated annual reports on the financial status of the two programs. One congressional subcommittee held a hearing to discuss the findings, and The Senior Citizens League (TSCL) saw . .TSCL strongly supports adequate administrative budgets for SSA, and we hope that Congress will act with the best interest of seniors in mind when making funding decisions in the weeks ahead. We will follow the appropriations process closely in the coming weeks, and we will post updates here in the Legislative News section of our website. .Sources: "Social Security Benefits Related to Unauthorized Work," SSA Office of the Inspector General, March 2003, A-03-03-2305"Illegal Immigrant Crackdown Looms," Nicole Gaouette, The Los Angeles Times, August 3, 200 … Continued
A 2.5% COLA would boost an average monthly benefit of about ,500 by an additional ,000 over the next ten years through 2030. An emergency 2.5% COLA would boost a monthly ,500 benefit by an extra .50 (0 per year) in 2021, but it would grow to an extra .30 per month by the end of ten years. Another way to think about this, if retirees do not receive a 2.5% COLA, that would be like loosing ,000 in Social Security income over the next ten years. .Millions of Seniors Are Losing Benefits .Under current law, the Medicare program excludes coverage of most routine and emergency dental care, leaving around 70 percent of seniors without comprehensive dental insurance coverage. Will you support the Medicare Dental Benefit Act (S. 22) to ensure that seniors have access to essential health care? .Republicans and Democrats across the ideological spectrum agree that the payment system must be repealed and that the rate of growth in health care spending in the United States is unsustainable. But, even with strong bipartisan support, political hurdles still remain. I believe we must set aside politics and work together to enact a fiscally responsible and permanent solution to solve this problem. We owe it to American seniors to end this perennial threat to Medicare once and for all. .This week, one new cosponsor – Rep. Zoe Lofgren (CA-19) – signed on to Rep. Grace Meng's (NY-6) Notch Fairness Act (H.R. 314), bringing the total up to twelve. If signed into law, H.R. 314 would provide modest compensation to victims of the Social Security Notch, or those who were born between 1917 and 1926. .This week, TSCL delivered letters to several leaders in Congress – including Senate Majority Leader Mitch McConnell (KY), House Speaker Paul Ryan (WI-1), and House Freedom Caucus Chairman Mark Meadows (NC-11) – urging immediate action on the looming debt ceiling crisis. .This tax season is likely to be more uncertain for taxpayers of all ages due to the impact of COVID-19 on business closures, loss of income from earnings and wages, a temporary waiver of minimum distributions from retirement accounts, high medical costs for some people, confusion over tax treatment of working from home, and how stimulus payments and program benefits such as unemployment should be treated for tax purposes. .(Washington, DC) – The Social Security Administration has announced that the annual cost-of-living adjustment (COLA) will increase benefits by 2.0 percent for 201While the increase is the highest in five years, it won't be enough to offset dramatically higher Medicare Part B premium increases for millions of beneficiaries, warns The Senior Citizens League. .Despite increased efforts by SSA, Mr. Bagdoyan emphasized the need for better program evaluation. He said: "SSA has taken some steps to establish an organizational culture and structure conducive to fraud risk management in its disability programs … But it has yet to comprehensively assess these risks or develop a strategic approach to ensure its anti-fraud activities effectively mitigate these risks."