News

  • Benefit Bulletin July 2014

    Last week we told you that President Trump issued four executive orders concerning prescription drug prices. We explained that we at TSCL are taking a "wait and see" approach because of concerns about the orders and the limitations that are involved with them. .If you delay starting benefits, past your full retirement age, your benefit will grow by 8% of the full retirement benefit amount per year until age 70, at which point your benefit would be about ,50To learn more about your Social Security benefits, and to get estimates visit the Social Security Administration's website at www.SSA.gov. .Another Social Security reform bill – the Social Security for Future Generations Act (H.R. 2855) from Congressman Al Lawson, Jr. (FL-5) – gained one new cosponsor this week. The new cosponsor, Congressman Gregorio Kilili Camacho Sablan (MP-1), is the nineteenth lawmaker to officially sign on to the bill. If adopted, it would strengthen and improve the program by adopting the CPI-E, applying the payroll tax to income over 0,000, creating a new benefit for widows and widowers, and increasing the Special Minimum Benefit so it equals 125 percent of the poverty line. … Continued

  • No Cost Of Living Adjustment

    TREA Senior Citizens League Backs New Approach to Correcting the Notch .The Social Security Administration calculates benefit withholdings based on the amount you report that you will earn for the year, and then will withhold all benefit payments for a certain period of months to cover excess earnings. For example, say you received a Social Security benefit payment of 0 per month in 2007 (,800 for the year). Let's say that during 2007 you worked and earned ,450 or ,490 over the earnings limit (,450 - ,960). Social Security would withhold ,745 in benefit payments covering slightly more than 6 months of your payments. .Three Key Bills Re-Introduced in Congress … Continued

The Low-Income Home Energy Assistance Program (LIHEAP) is a federal program that can help eligible households with their heating and cooling costs. The program varies by state and, depending on where you live, can help with such things as: .Action on Capitol Hill was slow this week as Members of the House returned to their districts for a week-long recess, and most Members of the Senate kept their focus on a transportation bill and a series of judicial nominations. However, on Thursday, four Senators unveiled a drastic plan to phase out Medicare. .This week, Members of Congress remained in their home states and districts for the month-long August recess. .DeSantis' claim that airplanes have not been "vectors" for the spread of the coronavirus is untrue, according to experts. A "vector" spreads the virus from location to location, and airplanes have ferried infected passengers across geographies, making COVID-19 outbreaks more difficult to contain. Joseph Allen, an associate professor of exposure assessment science at Harvard University called airplanes "excellent vectors for viral spread" in a press call. .This week, Members of Congress returned to Capitol Hill from the month-long summer recess to begin working on legislation that would avert a government shutdown on October 1st – the start of the 2014 fiscal year. Lawmakers have agreed that they would like to pass a stopgap bill to extend funding for federal programs through December 15th. They feel that a temporary measure will grant them the time needed to work out a more substantial fiscal package before the end of this year. .Similarly, Sen. Mike Lee (UT) wrote in a statement: "The Fifth Circuit should be commended for its well-reasoned decision to prevent President Obama from implementing his lawless executive amnesty program. Our immigration system is in desperate need of reform. But that reform must be agreed to and passed by Congress, not unilaterally imposed on the American people by the executive branch." .Few employers outside the federal government and the military have taken up the option. Costco Wholesale Corp., United Parcel Service Inc. and FedEx Corp. are among employers that have said they aren't participating. .Members of Congress remained in their home states and districts to continue the summer recess this week. They are expected to return to Capitol Hill on Tuesday, September 6th. In the meantime, most Members of Congress will be holding town hall meetings in their home states and districts, presenting constituents with excellent opportunities to have their most pressing questions answered. TSCL encourages its members and supporters to attend these events and to voice their concerns about important Social Security and Medicare issues like inadequate cost-of-living adjustments and skyrocketing prescription drug prices. .A recent study by TSCL, which examines the price changes in the goods and services typically purchased by retirees, found that Social Security benefits lost 30 percent of their buying power since 2000. The loss of buying power jumped 7 percent in just one year, rising from 23 percent in 2016, to 30 percent in 201The steep one-year loss of buying power occurred as costs rose far more rapidly than the COLA and it is an early indication that the COLA for 2018 will likely be higher than usual.