News

  • Ask The Advisor July 2013

    According to a Social Security Administration Issue Paper, when Congress first enacted the tax on Social Security in 1983, it was estimated to affect only 10 percent of Social Security recipients. But the income thresholds have never been adjusted for inflation in more than three decades. "Today, the taxation of benefits hits almost everyone with any income in addition to Social Security benefits —even people with the most modest of bottom lines," Johnson says. "An older couple with ,000 is living at just 155% of the federal poverty level," Johnson points out. Had the income thresholds been adjusted for inflation since 1983, the ,000 threshold would be ,940 and the ,000 threshold would be ,284 according the Bureau of Labor Statistics. .The majority of seniors aged 65 who get Social Security depend on it for at least 50 percent of their income. Average benefits today only total about ,200 a year. .The annual Medicare Advantage Open Enrollment period starts January 1 –March 3During this time, you will be allowed to switch to another MA plan or return to Medicare and a stand alone plan. However, if you give up your MA plan in favor of returning to original Medicare, that does not necessarily mean you would be able to buy a Medigap supplement. Medicare supplement insurers are not required by law to cover pre-existing conditions, other than during certain periods (when you first sign up for Part B or if you qualify for a Special Enrollment Period.) … Continued

  • Legislative Update For Week Ending May 25 2012

    In the coming weeks, TSCL will continue to monitor the "myRA" and immigration reform issues that President Obama spoke about on Tuesday evening. We will provide updates here in the Legislative News section of our website as more details become available. .The orders were issued on a Friday which left little time for analysts to review them and comment prior to the weekend. However, since then we have learned new information, we want to share with you. .The Senior Citizens League enthusiastically supports the two bills mentioned above, and we were pleased to see support grow for them this week. For more information about these and other bills that have been backed by The Senior Citizens League, visit the Bill Tracking section of our website. … Continued

According to the 2020 Social Security Trustees report, which does not include estimates of the impact of the coronavirus, Social Security is expected to receive about 3.3 billion in payroll tax revenues this year. "That estimate is higher than it actually will be, since it was based on just a 5 percent unemployment rate," Johnson notes. "Currently the unemployment numbers are roughly four times higher than that," she points out. In addition, the Coronavirus Aid, Relief and Economic Security Act (CARES Act), allows employers to defer the employer portion of payroll taxes in 2020 for up to two years. .The Part A deductible, however, is charged "per spell of illness" and it's feasible that you could have to pay it more than one time in a year should you require multiple hospitalizations the same year. .In addition, you will need a plan to cover the portion of costs that Medicare does not pay which are considerable, either a Medicare supplement (Medigap plan) with a Part D plan for drug coverage or Medicare Advantage plan that includes drug coverage. Spending on Medicare and health insurance premiums comprise the biggest share of healthcare costs, nearly two-thirds of overall senior healthcare spending. .The value of my 401(k) fell in March of this year and still hasn't fully recovered. I turned 70 in April. Will I be forced to sell investments at a loss in order to withdraw the required minimum amount? .CBO Director Douglas Elmendorf made the report to President Obama's Fiscal Commission which is developing a plan to shrink the national deficit by 2015 — a target that TSCL believes will be extremely difficult to achieve without deep cuts to Social Security and widespread tax increases on middle-income taxpayers. .Sources: "The Supplemental Poverty Measure: 2016," U.S. Census Bureau, September 201"How Many Seniors Are Living in Poverty? National and State Estimates Under the Official and Supplement Poverty Measures in 2016," Kaiser Family Foundation, March 2, 2018. .TSCL supports legislation that would get rid of the taxable wage cap and require all workers to pay their fair share into Social Security. .In fact, according to TSCL's annual survey of senior costs, Social Security benefits have lost more than one-third of their buying power since 2000 because COLAs underpay recipients. TSCL supports using the CPI-E to determine COLAs that better take into account the spending patterns of older people. For well over a decade, TSCL has lobbied Congress to make the COLA more fair and accurate. TSCL is mobilizing seniors nationwide to contact Members of Congress. .TSCL's Board Visits Capitol Hill