News

  • Notch Bulletin November 2010 Advisor Feed

    In 1983 government economists changed the way housing costs were measured in the CPI. Housing represents almost 50% of the expenditures of people age 65 and older, and thus changes to that expenditure category tend to have a big impact. Rather than basing housing costs on some measure of home prices, after 1983 the Bureau of Labor Statistics estimated costs "based on what homeowners theoretically would pay to themselves in order to rent their own homes from themselves. The BLS then estimates how much homeowners raise the rent on themselves each month," according to Williams. .TSCL is hopeful that Congress will pass these commonsense solutions as soon as possible to restore the solvency of the Social Security and Medicare programs. For more information on legislation that would strengthen these programs, visit the Bill Tracking section of our website. .The latest report from the Congressional Budget Office says that after passage of recent massive tax and budget legislation, over the next decade the federal deficit is now expected to be .7 trillion higher than estimated in June of 201"To put that in context, that's close to the total amount of money that the federal government would need to cover the reserves held by the Social Security Trust Fund over the next 13 years," Johnson points out. … Continued

  • Category News Press Releases Page 11

    The average retired worker receives just ,500 year in Social Security benefits. .Increase income. On average, older Americans get about 34% of their total income from Social Security; 33% from earnings; 11% from personal assets such as money in IRAs, 401(k) plans and taxable accounts, and 22% from pensions. To boost income, they could invest more aggressively in higher-yielding and perhaps more risky assets, such as long-term bonds and high-dividend-paying stocks; go back to work; or if they are still working, take on more hours. .Our surveys are the key means to educate the public on issues, and for Members of Congress, to gauge how people think. Survey results can turn up the heat during an election year. This month, TSCL launches our annual 2020 Senior Survey, and we urge you to participate. This is our most important survey of the year, and your responses count. … Continued

This year, The Senior Citizens League has heard from supporters like never before about some extreme costs of prescription drugs. One supporter told us she pays ,800 for a three-month supply of insulin as a type 2 diabetic. She said: "I do not have that kind of money! My doctor has been giving me samples to keep me afloat but I cannot expect him to do that forever … I will have to sell my house to pay for insulin." .Noncitizens who began receiving benefits before 1997, and who never received legal work authorization, can receive benefits. In addition, individuals who never obtained work authorization, but who received a SSN prior to 2004, and now live abroad, could potentially receive a benefit. .Earnings from work could cause Social Security to withhold your benefits. Should you be successful in your job search, your earnings could affect what you receive in Social Security benefits. Social Security will deduct in benefits for every you earn above the annual limit, which is adjusted annually and is ,720 in 201If for example, you started a job and earn ,000 in 2017, you would earn ,280 more than the exempt ,720. That means Social Security with withhold about ,140 in benefits. If you are receiving a reduced survivors monthly benefit of 5, or ,100 annually, then you would receive only 0 in benefits for the entire year of 201You would receive no benefits at all for 10 months out of the year. .Is Social Security A Ponzi Scheme? How Much In Social Security Income Can I Expect To Get? .Almost 53% of retirees say they don't have dental insurance, and more than 55% of that group say they have postponed dental procedures due to costs, according to TSCL's recent Senior Cost Survey. Despite limits on what dental insurance covers, it may provide some help, especially for routine preventive care, but finding the right coverage takes some shopping around, and you may need to wait for more than a year before coverage starts for more extensive services like crowns and bridge work. .For the last couple of weeks we've also reported on a hearing by the House Committee on Oversight and Reform regarding the prices that drug companies are charging for some of their drugs that are critical for the health of many seniors. .First, the bipartisan Social Security Fairness Act (S. 521, H.R. 141) gained eight new cosponsors in the Senate and the House, bringing the cosponsor totals up to thirty and 165, respectively. The new cosponsors are: Senator Dianne Feinstein (CA), Senator Kyrsten Sinema (AZ), Representative Sean Casten (IL-6), Representative Susan Davis (CA-53), Representative Elaine Luria (VA-2), Representative Colin Allred (TX-32), Representative Ed Case (HI-1), and Representative Filemon Vela (TX-34). .This week, TSCL delivered letters to several leaders in Congress – including Senate Majority Leader Mitch McConnell (KY), House Speaker Paul Ryan (WI-1), and House Freedom Caucus Chairman Mark Meadows (NC-11) – urging immediate action on the looming debt ceiling crisis. .The second bill is H.R. 1215, which would establish an office within the Federal Trade Commission and an outside advisory group to prevent fraud targeting seniors and to direct the Commission to include additional information in an annual report to Congress on fraud targeting seniors.