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  • What Happened To Our 2 8 Trillion Social Security Trust Fund

    Although no other generation has yet been affected by a similar Notch, that could change in the future. Congressional inaction on Social Security's long-term financing problems could give birth to a whole new generation of Notch Babies. During recent hearings on the need for making Social Security more sustainable as Baby Boomers near retirement, David Walker, the Comptroller General of the United States, confirmed this saying "Doing nothing means that we are going to head to a precipitous decline in benefits. Remember the Notch Baby problem?" he asked. "This would be a Notch Baby problem magnified multiple times and it should not be allowed to happen." (10) .Last year a premium support plan that passed in the House prompted a firestorm of opposition from seniors and critics concerned that the plan cut federal spending too much — shifting too great a portion of costs -- and would make Medicare unaffordable for beneficiaries. But premium support itself is nothing new, nor would it "end Medicare as we know it." To the contrary, seniors already know it, and like it. Medicare operates two premium support programs — Medicare Part D, and Medicare Advantage. .Senate Group Proposes Medicare Phase-Out … Continued

  • H R 242 Medicare Prescription Drug Price Negotiation Act

    The Social Security Administration recently announced that the annual cost-of-living adjustment (COLA) will raise benefits by 2.8% for 201The average retirement benefit of ,400 will increase by .20 per month, to ,439.20. The Medicare Part B premium increase for 2019 will be 5.50 per month — just .50 per month more than the 4 in 201The COLA, the highest in 7 years, and a low Medicare Part B premium increase, should mean most retirees can finally expect a modest boost in net Social Security benefits. .On Tuesday, President Donald Trump addressed the nation in his first State of the Union. In his speech, the President reflected on the strong economic growth of the country and he shared his hopes for the year ahead. The President said he plans to push .5 trillion in infrastructure investments, to secure the southern border with Mexico, and to offer a pathway to citizenship for 1.8 million immigrants known as "Dreamers." .Source: Fiscal Year 2010 Inspector General Statement, Social Security Administration Office of the Inspector General, November 2010. … Continued

Unless something is done, TSCL calculates there may be no COLA for next year. .What is TSCL? .Despite these known challenges, President Trump recently signed an Executive Order which allows the deferral of payroll taxes, including Medicare taxes, if the taxpayer is affected by a federally-declared emergency like the coronavirus. The Executive Order doesn't apply to all workers, only those earning up to 0,000 annually. The average worker will be able to put off paying just under 0 for the term of the deferral, September 1, 2020 – December 31, 2020, or about per week. The move is only temporary, and workers will be required to repay the taxes next year. .Sources: "Income of the Population 55 or Older," 2008, Social Security Administration. "Health Care On A Budget," Kaiser Family Foundation, June 2011. .In addition, we strongly recommend that you attend classes or workshops about Social Security. Check with your local senior center, community colleges and universities, libraries or area agencies on aging. If you have some retirement savings in an IRA or 401(k), many of the companies handling your retirement money offer some benefit counseling advice that can help you calculate how much longer you may need to work to reach a more optimal level of retirement savings. .— who have no Medicare supplement through a former employer. .The SNAP Simplification for the Elderly Act will build upon the success of the USDA's Elderly Simplified Application Project by extending the SNAP recertification periods for households from 12 to 36 months if all adult household members are elderly, disabled or enrolled in Medicaid or the Medicare Savings Program. .If adopted, S. 61 would allow for the personal importation of safe and affordable drugs from approved pharmacies in Canada. .Members of Congress returned to their home states and districts this week for a holiday recess that will last for two weeks. Members of the House are expected to return to Washington on Tuesday, April 9th, and Members of the Senate are expected to return on Monday, April 8th. Budget negotiations will likely resume at that time, as President Obama is slated to release his own plan for 2014 on April 8th.