News

  • Update For May 8 2021

    Some 48 percent of participants in The Senior Citizens League latest survey, reported that they expect to pay income taxes on a portion of their Social Security benefits for the 2020 tax year. That's down from 53 percent who reported paying income taxes on their Social Security benefits for the 2019 tax year. But that wasn't the only change. Far fewer retirees also indicated that they would not pay tax on their Social Security benefits — 32 percent for 2020 tax year versus 41 percent for the 2019 tax year. .What is the purpose of this test? —Is the test being ordered for a possible (asymptomatic) disorder when you have no symptoms or clear sign of disease? Or, is it needed to confirm a suspected diagnosis? .And, in case you had any doubts about why you need that Medicare Advantage plan in the first place, here are the general types of costs if you have Medicare Advantage plan coverage compared with having traditional Medicare with a Medigap supplement. … Continued

  • Legislative Update June 2021

    The first is H.R. 446, the Protecting Seniors from Emergency Scams Act. .At Wednesday's hearing, many of the Subcommittee members expressed their support for this model of paid family leave, while others spoke about the detrimental impact it would have on the Social Security program. Senator Sherrod Brown (OH) – Ranking Member of the Subcommittee – said in his opening statement: "Using your retirement security to fund paid time off from work when you have a child is not paid family leave at all – it's robbing from your retirement to be able to care for loved ones now … I want to work together, but a plan that's a first step toward privatizing Social Security – the bedrock of our social safety net – is no place to start." .Johnson says that the federal government is looking at the wrong market basket to determine the annual change in prices in the goods and services used by retired and disabled Americans. According to Johnson, had the government used a more appropriate inflation index that measures costs experienced by people age 62 and older, the Consumer Price Index for the Elderly (CPI-E), retirees would get a COLA of 2.1 percent instead of 0.3 percent in 201"But instead, the COLA is based on the increased price of goods normally purchased by younger working adults," she notes. … Continued

As we have written recently, Grassley's main problem in getting his bill passed in the Senate is opposition from his fellow Republicans. Grassley said he needs at least 25 Republican co-sponsors to get his bill (S. 2543) to the floor of the Senate for a vote. Ten Republicans other than Grassley have so far made public shows of support for the legislation. .Advocates who help retirees enroll in these programs say that, even if your income is slightly above the eligibility limits, you might still qualify because certain types of income and assets may not be counted. .Can We Trust Congress After Surprise Social Security Cuts? .Terry: Anchors are used in many settings — for example, by sellers of goods and services (e.g. home renovation estimates). They are also used in public policy discussions. When someone at the local, state, or federal level suggests a policy or piece of legislation, that opening proposal becomes the anchor around which people negotiate. Other options get far less attention - or may not even enter our minds. Be wary when making a decision in which someone else has created a choice that seems in his or her favor but may not necessarily be in yours. Never make a decision without considering other options. .Grassley has previously said he needs at least 25 Republican co-sponsors to get his bill to the floor and sees backing from the White House as important in getting more votes. About a dozen Republicans other than Grassley have so far publicly expressed support for the legislation. .Here are two actual cases from the Social Security Administration's Office of Inspector General, and estimates of what the cost would be over a 20-year period by Advisor editor, Mary Johnson. .Likewise, AstraZeneca, a top competitor, has received a BARDA promise of up to .2 billion for commercializing a product derived from research at the University of Oxford. . What does it mean when a Member of Congress says he favors changing Medicare from a "fee-for-service" model to one where the patients would pay based on health outcomes? Is he suggesting that Medicare should stop covering treatments if the patient can't or doesn't improve? .Sources: 0.3% COLA Announced, The Social Security Administration, October 19, 201"Long Term Impact of Low COLA Growth," Mary Johnson, TSCL, August 31, 2016.