Legislative Update Week Ending December 1 2017
Representative Peter DeFazio (OR-4) introduced H.R. 1170 on February 13, 201It has since been referred to the Committee on Ways and Means. .Hang up if a stranger asks for personal or financial information. .The money that is withheld due to excess earnings is not completely lost. Once you reach full retirement age, the Social Security Administration will recalculate your benefits so that over time you can recover what was withheld. To learn more about getting Social Security benefits while working, visit: https://www.ssa.gov/planners/retire/whileworking.html. … Continued
Chained Consumer Price Index 2
Many seniors are struggling with their vastly diminished retirement accounts following the stock market crash. Additionally, the inventory of unsold houses has now reached record highs and the forecasts for retirees who need to get their cash out of real estate are gloomy indeed. .The Social Security hold harmless provision prevents reductions in net Social Security benefits, when the dollar amount of an individual's Medicare Part B increase is greater than the dollar amount of their COLA. In 2019, Barbara may finally see a small boost of about per month after the deduction for her Part B premiums. .Last week House Ways and Means Social Security Subcommittee Chairman John Larson (D-Conn.) reiterated the need for Congress to prevent an unintended and unanticipated Social Security benefit reduction – caused by the pandemic recession — that will affect certain beneficiaries, after the Congressional Budget Office (CBO) released an updated estimate of this effect. … Continued
(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. .Participants in The Senior Citizens League's surveys indicate that household medical expenses consume a significant portion of their monthly income. More than 39 percent of respondents to a recent survey say that they spend more than 0 per month on Medicare and other healthcare costs. In 2020, the average Social Security benefit is ,460, but the 1.6 percent COLA raised the average Social Security benefit by only .40 per month this year. The following chart illustrates ten of the fastest growing retiree costs since 2000. .Near the end of the hearing, the focus finally shifted to options for fixing the financing shortfall. Charles Blahous and Robert Reischauer offered some suggestions. Mr. Blahous recommended that Congress gradually raise the age of retirement to seventy, that they reduce benefits progressively by modifying the benefit formula, and that they offer more incentives for workers who delay their retirement. Mr. Reischauer offered similar suggestions, but added that he would like to see the taxable maximum raised to cover 90% of wages. .Reduce the annual cost-of-living adjustment (COLA) that beneficiaries receive once they become eligible for benefits. .On Wednesday, Senate Budget Chair Kent Conrad laid out a long-term plan to reduce the deficit. His proposal, called the Fiscal Commission Budget Plan, nearly mirrors the recommendations made in 2010 by President Obama's National Commission on Fiscal Responsibility and Reform. According to Sen. Conrad, it would reduce the deficit by .4 trillion over ten years. .The fall recess continued this week, and Members of the House and Senate remained in their home states and districts to prepare for the upcoming elections, which will occur on Tuesday, November 4th. They are expected to return to Washington following the elections for a "lame duck" session. .Medicare Advantage — Medicare Advantage (MA) plans are popular because they tend to have much lower, or even zero premiums. In addition, many MA plans offer drug coverage. These plans may have deductibles, and charge co-pays for most services, leaving you at risk of more in out-of-pocket costs when you use services. Starting in 2011 for the first time, all plans include a limit on out-of-pocket spending that cannot exceed ,700. .The Medicare report estimated the Hospital Insurance Trust Fund will become depleted in just six more year. .To learn more about Medicare deductibles visit online at www.Medicare.gov or call toll free at 1-800-MEDICARE ( 7).