News

  • Legislative Update Week Ending March 16 2018

    Alexandria, VToday's seniors are living longer and spending more years in retirement — which is why a Social Security cost-of-living adjustment (COLA) that keeps up with rising costs is essential protection, says The Senior Citizens League (TSCL). Yet Social Security benefits have been growing at record lows over the past five years — an average about 1.4% per year — less than half the average rate of growth in previous years. .A major reason that the COLA is so low is the consumer price index that the government uses to calculate the increase. Under current law, the COLA is tied to the increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). That index surveys the spending patterns of younger working adults and does not include the market basket of goods and services that is more typical of people age 62 and over. The CPI-W gives greater weight to goods and services that younger workers spend more on, like gasoline prices and electronics, which have dramatically dropped in price over the past two years. It gives less weight to housing and medical expenses even though those two categories have experienced bigger price jumps over the past two years, and are the two biggest spending categories for older consumers. .Please visit our Notch Reform Section for the most up-to-date information. … Continued

  • Q December 2016

    Indeed, the Social Security Administration does not "promise" a specific amount of benefits, but they do not promise to replace a specific percentage of pre-retirement earnings either. Both benefit amounts and "replacement rates" can change at any time if Congress and the Social Security Administration deem it necessary. Prior to the 1977 changes, the replacement rate was not a stable percentage. For people who retired under the 1972-73 flawed formula (those born 1913 through 1916), replacement rates grew from 39% to a high of 54%. The new benefit formula led to a lower, more stable replacement rate of about 43%, as well as lower benefits. .On Thursday, TSCL held its first ever town hall meeting with great success in North Carolina's 11th Congressional District. TSCL would like to thank Congressional Candidate Mark Meadows for taking time out of his busy schedule to address concerned members and supporters. .Elder abuse affects an estimated 14.1 percent of all non-institutionalized older adults each year, and for every case reported, another twenty-three cases go unnoticed. It is a serious and ongoing problem that Congress must tackle as soon as possible in order to ensure the retirement security of seniors. … Continued

Rapidly climbing prices for consumer goods and services are making financial choices for older adults especially challenging this year. But eventually, these higher prices might mean a higher Social Security cost of living adjustment (COLA) for next year. In the meantime, older consumers are struggling to figure out how to pay for. Buying Power of Social Security Benefits Wiped Out by Soaring Inflation An abrupt jump in inflation in February and March of this year wiped out a short-lived improvement in the buying power of Social Security benefits in 2020, according to TSCL's latest study on rising senior costs. The study, which compares the growth in the Social Security cost of living adjustments (COLA)s with increases in the. Are We Experiencing the Return of Inflation? , editor .Last year, under Shkreli's direction, Turing Pharmaceuticals made headlines for buying the rights to a decades-old anti-infective drug and hiking its price from .50 per pill to 0 per pill. Lawmakers on both sides of the aisle had tough questions for Turing's representatives at Thursday's hearing, and each of them expressed their dismay for the price gouging that is occurring in the pharmaceutical market. .This legislation will also create "Social Security Administration Senior Centers" as pilot projects in 10 SSA field offices that will work to streamline the application and delivery processes of federal, state and local programs that serve low-income elderly or disabled individuals. .According to Rep. Roskam, the bill would enhance data sharing between states and agencies so that they can more easily catch scammers, and it would modernize outdated fraud prevention systems. Upon introducing the bill, Rep. Carney said, "In this Congress, it's not easy to find areas where Democrats and Republicans agree, but fighting waste, fraud, and abuse while saving billions of taxpayer dollars just makes sense." .No change to the taxation of Social Security benefits: Up to 85% of Social Security benefits can be subject to taxation. When that provision was first enacted into law in 1983, it was expected to affect only 10% of households with Social Security income. But unlike tax brackets, the income thresholds subjecting Social Security benefits to taxation have never been adjusted. Today, just as in 1983, individuals with incomes greater than ,000 (or ,000 for married couples filing jointly), pay taxes on their Social Security benefits. According to TSCL surveys, roughly half of all households receiving Social Security pay tax on a portion of their benefits. Not only are the numbers who pay the tax growing, but people are paying taxes on larger portions of their Social Security income as well. .This week, House Republicans revived the AHCA after lawmakers affiliated with the Freedom Caucus endorsed a new version of it. A new amendment put forth by Congressman Tom MacArthur (NJ-3) would allow states to opt out of the ACA's essential health benefits mandate and allow them to do away with a provision that prevents insurers from charging sick individuals more for their coverage. .Legislation to allow the importation of less-costly FDA-approved prescription drugs from Canada and other nations is still pending in Congress, and TSCL continues to work for enactment. Seniors like you and your wife who order prescription drugs by mail from Canada faced a particularly tough decision about Medicare Part D. Either you enroll in a Part D plan and quite likely pay more than you do now, or don't enroll and face the risk of paying a steep penalty if you change their mind and sign up after the May 15 deadline. .Recently one of our readers asked "Is there a percentage as to how much less NOTCH BABIES receive monthly?" Although not many studies exist, according to one study of average earners born from 1917 through 1926, the disparity in benefits with other retirees seems to average about 26%. .We urge you to contact Members of Congress and ask them to co-sponsor "The Notch Fairness Act." Suggest that by cutting the rate of improper payments due to waste, fraud and abuse, your elected lawmakers can correct the most improper payment of all, the disparity in benefits caused by the Notch and erroneous government assumptions.