• Ask The Advisor February 2021

    "The ability to withstand major downturns in the economy is particularly important in retirement, yet extraordinarily difficult for today's retirees and those nearing retirement," says Johnson. "There are a number of factors that are reducing available retirement income from traditional sources," Johnson says. .(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. .Other Legislation Also Targets Scams and Fraud Against Seniors … Continued

  • Social Security Benefits Lose 33 Of Buying Power

    For progress updates or for more information about these and other bills that would strengthen Social Security and Medicare programs, visit the Bill Tracking section of our website or follow TSCL on Twitter. .Most individual taxpayers will pay lower taxes, at least in the first few years, tax analysts say. But the tax cuts affecting middle-to-low-income people are temporary, and are set to expire in just eight years, by the end of 2025, while the tax cut for families in the very top income bracket is permanent. That's expected to leave the majority of taxpayers with higher tax bills down the road — something most people living on fixed income simply can't afford. TSCL is still assessing the expected impacts of the new legislation. .Earnings are vital to the amount you receive because your wages form the basis of your Social Security benefit. SSA calculates your benefit based on your highest 35 years of earnings. When you sign up for a "my Social Security" account, the estimate will list every year of earnings on file. Count them up! Ideally you will have more than 35 years of earnings. But that may be hard for some workers to achieve, particularly those who spent time at home raising a family or providing caregiving for older family members (often women). … Continued

SSA Rescinds New Online Security Policy .Key Bills Gain Support in Congress .The Social Security cost-of-living adjustment (COLA) for next year is likely to be the highest seen by retirees since 198Based on the most recent CPI data through August, I estimate that the COLA will increase Social Security benefits by 6%-6.1% in 202This would be the highest increase that I've forecast. Your Social Security Benefits Buying Less , editor .I Thought My Co-pay Would Be Why Did I Have To Pay 3.45? .Source: "Analysis of Plan 2 of The President's Commission on Social Security," Congressional Budget Office, July 21, 2004. .Shopping For a Better Drug Plan NOW Can Put More Money in Your 2020 Budget .Chairman Larson also mentioned the Know Your Social Security Act and heralded it as a great bill. But it hasn't been reintroduced. Also, he did not mention his own bill, the Social Security 2100 Act, which he introduced in the previous Congress but has not done so in this Congress. .Social Security Cost-of-Living Adjustment – Ensuring for a fair, accurate, and guaranteed COLA. . I lost my job a few months ago and at age 64, recently started Social Security retirement benefits. I just found out that I can work and still receive benefits at the same time. Can you tell me how this works? I thought. Ask the Advisor: January 2021 My Husband Had a stroke at 6Would He Qualify For Social Security Disability?