News

  • Social Security Medicare Questions October 2012

    Employers are only required to check SSNs and report wages, but aren't required to verify whether individual workers have legal authorization to work in this country. When employers submit wage reports with SSNs that don't match those of Social Security, the reports wind up in the Earnings Suspense File until they can be reconciled. .Someone else is working using your Social Security number: If you still can't determine the cause of Social Security's overpayment claim, check your earnings record with the Social Security Administration for accuracy. Identity theft is soaring and earnings from persons unknown may show up on your work record without your knowledge. It's important to correct your record if this happens to you. If this is the case, in addition to checking your records with Social Security, you will need to contact the IRS. Otherwise, the IRS may send you a notice stating that you failed to report everything you earned and that you might owe taxes. .65 million Americans currently rely on Social Security benefits, yet many still struggle just to make ends meet, to the shame of the nation, millions have worked all their lives, paid into a system, and receive a below poverty line check from Social Security. … Continued

  • Notch Bulletin Notch Reform Has Strong Support In New Congress

    3 Social Security scenarios show vastly different results .Low and middle-income earners pay taxes on all of their earnings. In recent years, however, the share of total wages earned in the U.S. and subject to Social Security payroll tax has declined because the earnings of the most highly paid workers have grown rapidly. Most of the proposals to increase the taxable maximum would also raise benefits of the affected workers by counting earnings above the old cap in the benefit formula. The non-partisan Congressional Budget Office (CBO) has estimated that eliminating the taxable maximum would extend the Social Security solvency as much as 50 years.[1] .We were also told that the Congressman is working on further legislation to raise benefits and further extend solvency which he plans on introducing later this year. We will report on that new bill whenever it is introduced. … Continued

CBO Releases New Budget Report .However, others at Tuesday's hearing focused on the skyrocketing prescription drug costs for Medicare Part D beneficiaries. In his opening statement, Ranking Member Ron Wyden (OR) said, "The fact is, seniors are getting pounded by drug costs. And in my view, there is an enormous amount of work that has to be done to guarantee that seniors have affordable access to the medications they need." .In addition, the Congressional Budget Office (CBO), a federal agency within the legislative branch, does its own forecast of the programs. The CBO produces independent analyses of budgetary and economic issues to support the Congressional budget process. Each year, the agency's economists and budget analysts produce dozens of reports and hundreds of cost estimates for proposed legislation. .How can I get in contact with Medicare? .According to testimony from a hearing on the problem held by the Senate Special Committee on Aging, fraudsters are "hijacking" federal benefits by using personal information such as name, date of birth and Social Security number. One victim who testified, Alexandra Lane, 73, of Florida went through a 50-day ordeal to recover close to ,500 worth of payments, which was not resolved until she turned to Senator Bill Nelson (FL) for assistance. Getting the money back has taken even longer, almost six months, for others. .Seniors are often targeted for their money or identity, commonly with fraudsters asking seniors to send a payment through gift cards, by wire transfer, credit card, or other predatory schemes. Retailers, financial services providers, and wire transfer companies have undertaken efforts to do their part to stop their customers, including seniors, from being scammed. .TSCL has concerns about this approach, since it would mean that Social Security's Old Age and Survivor's Insurance (OASI) trust fund would receive 0.9 percent less in payroll tax revenues, worsening the retirement program's financing. In a recent poll conducted by TSCL, this approach received virtually no support from respondents – less than 1 percent said shifting revenues from one trust fund to another would be the best way to fix the program's solvency. .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? ., editor, and Terry Newell, President, Leadership for a Responsible Society