News

  • How Much Less Do Notch Babies Receive

    Budgeting for changes in health as we age is a challenge. What we can do, though, is give you some pointers in estimating your current costs and setting a healthcare cost budget. .TSCL agrees that doing away with the payroll tax cap would be a fair and responsible solution to the Social Security program's solvency issues. As the negotiations evolve over the coming months, we will continue to monitor them closely, and we will provide updates here in the Legislative News section of our website. .Nine prominent physician groups recently released lists of 45 common tests and treatments they say are often unnecessary. The problem is costing you dearly — as much as one third of every healthcare dollar, researchers say. As someone supposed to be giving you tips on how to save money, I'm embarrassed to admit that earlier this year I was a victim of overzealous medical testing. I'm not on Medicare yet, but what happened to me is happening to millions of those of you who are. … Continued

  • Medicare Remains Focus Of Attention To Cut Federal Spending

    Social Security was never designed to be the sole source of retirement income. It replaces around 40 percent of the average earnings of its beneficiaries. Pensions and savings form the two other major streams of retirement income, but people who retire with all three sources of retirement income are rare. Even worse, recent research from the National Institute of Retirement Security found that more than 40% of older adults have no retirement income other than Social Security. .Second, the Social Security 2100 Act (H.R. 1902) gained one new cosponsor in Representative Jimmy Gomez (CA-34), bringing the cosponsor total to 16If signed into law, H.R. 1902 would strengthen Social Security benefits by improving the cost-of-living adjustment (COLA), increasing monthly benefits by 2 percent, creating a new Special Minimum Benefit equal to 125% of the poverty line, providing a tax cut to Social Security beneficiaries, applying the payroll tax to annual income over 0,000, and gradually increasing the payroll tax rate by 0.25%. .Few Employers Withholding Payroll Taxes … Continued

Before the Affordable Care Act, seniors could deduct out-of-pocket medical costs that exceeded 7.5 percent of their Adjusted Gross Income (AGI). Starting in 2017, however, the law increases this threshold to 10% of a person's AGI – effectively lowering how much can be deducted at the end of the year and increasing how much seniors will pay in taxes. .If you have a question about a treatment or test found online, talk to your health care provider or doctor. If you have a question about a medication, call your pharmacist or the FDA. The FDA's Division of Drug Information (DDI) will answer almost any drug question. DDI pharmacists are available by email, [email protected], and by phone, 1-855-543-DRUG (3784) and 301-796-3400. .Americans are anxious to get back to normal after over a year of being limited in their activities because of the pandemic. For many seniors, as well as others, that includes vacationing, and vacationing includes trips on cruise ships. .In the final weeks of the 111th Congress, TSCL will continue working to prevent cuts to Social Security benefits that are already insufficient for too many of our nation's seniors. .In addition, one new cosponsor – Rep. William Keating (MA-9) – signed on to the Strengthening Social Security Act (H.R. 3118). The cosponsor total is now up to sixty-three. If signed into law, H.R. 3118 would reform the Social Security program in three ways: it would adjust the benefit formula, resulting in more generous monthly benefits; it would base COLAs upon the CPI-E, resulting in more accurate annual increases; and it would lift the cap on income subject to the payroll tax. The bill would extend the solvency of the Social Security Trust Fund responsibly, without cutting benefits for seniors. .To learn more about the WEP, download the Social Security Administration Publication No. 05-10045 here — https://www.ssa.gov/pubs/EN-05-10045.pdf. .We end the update this week with some hopeful news regarding Alzheimer's disease. According to a report from National Public Radio, there is evidence that vaccines that protect against the flu and pneumonia may actually protect people from Alzheimer's, too. The evidence comes from two studies presented last Monday at this year's Alzheimer's Association International Conference, which is being held as a virtual event. .Single — your annual income is less than ,090 (,507.50 per month) and resources less than ,820 per year. .The increased amounts are phased out for incomes over 0,000 for married couples filing jointly and qualifying widows or widowers, 2,500 for heads of household, and ,000 for all other taxpayers.