News

  • Issues Notch Track Bills Feed

    This is a major blow to military retirees whose reasons for settling around a military base included getting the health care they were promised when they agreed to serve a career in the Armed Forces. .According to the study, the Social Security Cost-of-Living Adjustment (COLA) has increased benefits just 38% since 2000, while typical senior expenses have jumped 81 percent, more than twice as much. Seniors with average Social Security benefits in 2000 received about 6 per month, a figure that rose to ,129.80 by 201However, those seniors would require a Social Security benefit of ,477.00 per month in 2013 just to maintain their 2000 level of buying power. .Since you are still working and still under your full retirement age, you might consider reporting your estimated income to Social Security for 2019, and possibly for the months prior to turning your full retirement age next year. However, that would mean that your Social Security benefits would be withheld for even more months, and you might not receive any Social Security benefits at all in 201At the end of the year, you would have to notify Social Security of what you actually earned for 2019, and the calculation would be revised. If too much was withheld, you would get a refund. If not enough was withheld, you would have to pay the difference. Once you turn your full retirement age then, you will be able to earn as much as you want, and not be subject to Social Security earnings restriction rules for new earnings after turning age 66. … Continued

  • Congress Rolls Back Medicare Part B Increase Of 52 But No Emergency Cola

    Chairman Larson also mentioned the Know Your Social Security Act and heralded it as a great bill. But it hasn't been reintroduced. Also, he did not mention his own bill, the Social Security 2100 Act, which he introduced in the previous Congress but has not done so in this Congress. .Drug companies deserve a reasonable profit for taking on this urgent task of creating a COVID-19 vaccine. But we deserve a return, too. .I turn 66 in August of next year, and plan to start Social Security retirement benefits. How much may I earn in 2021 without reducing my benefits? … Continued

To pay for the boost, advocates propose lifting the payroll taxable maximum so that higher earners pay Social Security taxes on their fair share. In 2017 workers pay Social Security taxes on the first 7,200 in income. But the highest earners, like highly paid CEOs, don't pay anything on earnings over that amount. .The SEC chairman would appoint a director to lead the task force, which would include staff from several offices at the commission. Task force members would not receive additional compensation. .While others want to privatize and dismantle Social Security, I'm fighting to honor our commitments to retirees and fix a broken system. .Unlike Medigap plans, Medicare Advantage plans charge a co-payment every time you visit a doctor, use a lab, or have a brief hospital stay. In fact, Medicare Advantage plans can charge a very hefty 5 — 5 per day co-payments for hospital stays that generally would cost nothing at all under Medigap supplements for the same period. Seniors, especially those who are older, and who might require hospitalizations or have chronic health conditions, may wind up spending as much or even more out-of-pocket in a low, or no premium Medicare Advantage Plan as they would with under a Medigap plan. Medicare Advantage plans appear to be more advantageous for seniors who: ."The Congressional Budget Office said in 2019 that the bill would likely hamper some pharmaceutical development due to lower ‘potential global revenues' but predicted that ‘the effects of the new drug introductions from increased federal spending under the bill on biomedical research would be modest and would almost all occur more than 20 years in the future.' On the other hand, it estimated that the bill would save more than 0 billion in drug spending over the next decade." .Resource online: StopMedicareFraud.gov .Prior to 1984, Social Security benefits were excluded from taxation. Today, from 50 to 85 percent of Social Security income can be subject to taxation depending on two income thresholds. For taxpayers with incomes between ,000 and ,000 (individual) or ,000 and ,000 (filing jointly), up to 50 percent of Social Security benefits may be taxable. For individuals with incomes above ,000 or couples filing jointly with incomes above ,000, up to 85 percent of benefits may be taxable. .TSCL enthusiastically supports H.R. 807, H.R. 1902, S. 1909, and H.R. 1205, and we were pleased to see support grow for them this week. For progress updates on these and other TSCL-backed bills, visit the Bill Tracking section of our website. .Married living with spouse — annual income is less than ,360 (,030) and resources less than ,600 per year.