News

  • October 2012 The Wall Street Journal

    Changes to federal immigration policy affect the revenues that Social Security and Medicare receive and would also increase the number of people eligible for benefits in the future, according to the Congressional Budget Office. Both Social Security and Medicare face solvency and funding challenges. .The Social Security Administration (SSA) website provides free calculators which are somewhat useful to estimate retirement benefits, but they don't provide guidance on when to claim your benefit. These calculators require you to input information, and you will receive rough estimates. A much more useful estimate with less work can be obtained when you set up your "my Social Security" account. You can receive benefit estimates based on your own earnings records that the SSA actually has on file for you. Still, these estimates lack the most recent earnings information, and don't give you a monthly estimate if you were to retire mid - year. .In addition, should your husband improve and regain the ability to work, he would be allowed to earn ,580/month in 2021 before his benefits would be temporarily reduced due to Social Security's earnings restriction rules. Under disability rules, your husband could not earn more than ,310/month without losing eligibility for disability benefits altogether. Should your husband continue to improve, he could earn more by the year he attains full retirement age. … Continued

  • Social Security Medicare Questions July 2014

    Although it's illegal for immigrants to work in this country without a valid Social Security number, millions of illegal workers readily obtain forged or invalid Social Security numbers and show them to employers to get jobs. Employers use the invalid Social Security numbers for reporting earnings to the Social Security Administration. .How the Coronavirus Pandemic Is Affecting the Finances of Older Households .Rep. Phil Roe (TN), who served as a witness at the Energy and Commerce hearing, introduced legislation in January to repeal the IPAB. The bill currently has bipartisan support and more than 160 cosponsors. While some, including President Obama and his Fiscal Commission, have proposed strengthening the authority of the IPAB, most at this week's hearings expressed their support for legislation that would eliminate it. … Continued

Action on Capitol Hill this past week was limited as Congress re-convenes this week. Meanwhile, a Congressional Management Foundation (CMF) report indicates the effects of House member office budget cuts, and the Congressional Budget Office released a report that would save Medicare 500 billion dollars. .As the coronavirus continues to be among the major news stories each day, attention has turned to the drug supply in the U.S., not because of the cost but because of the vulnerability of the supply of prescription drugs for use in the nation. .Second, two new cosponsors – Senator Amy Klobuchar (MN) and Senator Cindy Hyde-Smith (MS) – signed on to the bipartisan Concentrating on High-Value Alzheimer's Needs to Get to an End (CHANGE) Act (S. 2387), bringing the total up to eight. If adopted, it would direct the Centers for Medicare and Medicaid Services to create programs that would promote early identification of Alzheimer's disease, improve support for family caregivers, and provide continuous care for those battling many forms of dementia. .Sen. Mazie Hirono (HI) introduced S. 960 on April 15, 201It has since been referred to the Committee on Finance. .For decades, Medicare and Social Security have lifted millions of people out of poverty and provided seniors with affordable, high-quality healthcare and reliable financial support. In Congress, we have a responsibility to strengthen and modernize Medicare and Social Security for today's seniors and future generations. That's why, earlier this year, I worked with my colleagues on both sides of the aisle to oppose proposals by the Center for Medicare & Medicaid Services (CMS) to cut Medicare Advantage and limit access to prescription drugs. Thanks to these bipartisan efforts, CMS reconsidered these proposals. .I've heard a lot of confusing advice on when to start Social Security. I'm divorced, single, and I turn 63 this year. I know that by waiting, my benefit will grow, but I'm not sure how much longer I will have my job. I need to augment my income now, especially to afford my health insurance costs. I don't have much in retirement savings. What are my best options? .The legislation is called a "CR" - a continuing resolution, which means the government will be funded for a short period of time and for the most part it will be at the same funding levels as in fiscal year 201The CR will last until Nov. 21 at which time one of three things must have happened. Either they will have finally passed all the funding bills needed for the rest of the fiscal year; or they will have passed another CR; or we will have another government shut-down. .(Washington, DC) – Half of retirees participating in a new survey by The Senior Citizens League (TSCL) say they paid income taxes on a portion of their Social Security benefit income for the 2019 tax year. "There was no change from previous years in the 50 percent of retiree households who report that they pay tax on a portion of their benefits, despite the 2017 tax reform law, says Mary Johnson, a Social Security and Medicare policy analyst for The Senior Citizens League. .The proposal to switch to the chained CPI has come up numerous times during past budget negotiations over lifting the federal debt limit. Most recently the proposal appeared last December in a 2016 House bill that would reform Social Security, and in an alternate fiscal year 2017 budget proposed by the Republican Study Committee. The proposal remains a key provision of debt reduction plans, because so many federal benefit programs and the tax code are adjusted using the CPI. The CPI-U has recently been proposed to index Medicaid payments in the Senate health bill. Economists have estimated that adopting the chained CPI would cut Social Security by 0 billion over ten years.