News

  • The Senior Citizens League Update For Week Ending February 21 2020

    If these aren't challenges enough, The Senior Citizens League (TSCL) recently estimated that the Social Security benefits of the first wave of baby boomers have taken a hit from the economic downturn. Due to two years of no cost-of-living-adjustments (COLAs), and lower than expected COLAs, as well as an unprecedented drop in wages over the past decade, retiring seniors' benefits based on average earnings could be impacted as much as ,000. This impact is compounded when the losses in personal retirement savings and 401(k) plans are accounted for. .In his opening statement, Budget Committee Chairman John Yarmuth (KY-3) said: "[Social Security] is facing serious long-term funding shortfalls, with promised benefits facing cuts as high as 20 percent as soon as 2035 if Congress does not act. Cuts of this level would be devastating for the individuals who rely on Social Security … Congress has a responsibility to act and honor the promise of retirement security." .With a majority of seniors today depending on Social Security for at least half of their income over a 20 to 30 years retirement, TSCL opposes proposals that would cut the benefits of current retirees and those nearing retirement. We are continuing to monitor this proposal and waiting to see what legislation may develop. While TSCL believes that changes are needed to ensure that Social Security continues pay scheduled benefits, changes must be kept as small as possible, and phased in over as long a period as possible to allow for future retirees to learn about and adjust their plans. … Continued

  • Chaining Colas Still Under Consideration 2

    Seventy-eight percent of older voters participating in TSCL's survey say they support raising payroll taxes, eliminating the taxable maximum wage cap so that everyone pays Social Security taxes on all earnings over 8,500. Unlike low - and middle - income wage earners, the highest earners today only pay taxes on the first 8,500 in earnings and enjoy a huge Social Security tax break on all on wages over that amount. A clear majority — 62% of survey participants — also favors very gradually increasing the payroll tax rate by 1% each for workers and employers. Taken together, both changes would provide enough financing to keep the program solvent for more than 50 years. .Indeed, during the 2005 debate over Social Security reform, one of the leading proposals would make changes to the benefit formula similar to those made in 197The proposal would tie the calculation of the initial retirement benefit to changes in price inflation. According to an analysis of a leading proposal by the Congressional Budget Office, when benefits are charted on a graph as shown here, they illustrate a "precipitous decline" in benefits and an all too familiar "V" shaped Notch. . Find out which drug store has the lowest cost-sharing before you fill. Your cost sharing can be dramatically higher depending on where and how you fill your prescription (retail versus mail order). Make sure you are using a preferred vs. standard network pharmacy and compare the prices of retail pharmacies with getting a 90-day supply from your drug plan's mail order pharmacy. For example, if you are enrolled in the Wellcare Wellness Rx plan and get your Eliquis from a standard in-network pharmacy, your copay for Eliquis after the 5 deductible would be during the initial coverage phase, and 7.38 in the Part D coverage gap. However, if you get your Eliquis from a preferred in-network pharmacy the co-pay is .00 during the initial coverage phase and 3.36 in the coverage gap. Depending on where you live, and your drug plan's mail order pharmacy, sometimes you may save a little more using mail order. … Continued

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%. .Carefully protect personal information, including your full name, address, bank account, and Social Security numbers. Never give that information out to unsolicited callers. .The Medicare Trustees estimated that the base monthly Medicare Part B premium in 2012 would be 6.60. For seniors who became eligible for Medicare in 2010, that may be a modest savings. Those seniors are probably paying a base premium of 0.50 for Part B. But most seniors will pay more. You should plan accordingly as well since any increases in your Medicare supplemental plan and drug coverage and out-of-pocket costs, would very likely offset what little savings you may get on Part B. .Do you have a mortgage? A recent survey by national mortgage banker American Financing found that 44% of Americans between the ages of 60 and 70 have a mortgage when they retire. Of that group, almost one-in-three expect to be paying on their mortgage for at least eight more years. Life insurance can cover mortgage payments if you die, and a term life policy can be timed to end with debt payments. .Do not respond to calls or texts from unknown numbers, or any others that appear suspicious. And remember that government agencies, banks, credit card companies, or utility companies will never call you to ask for personal information or money. . Check to see if Eliquis is covered by your drug plan and the cost sharing for the tier in which it is listed. Many drug plans have five tiers covering preferred generics, generics, preferred brands, non-preferred brands and specialty drugs. Check to see where Eliquis fits in on these tiers (probably preferred or non-preferred brand). It's not uncommon for insurers to move a drug from preferred brand to non-preferred brand status, causing you to pay more out-of-pocket. For example, your plan in 2019 may have charged a co-pay of for preferred brands, but if Eliquis was moved into a non-preferred tier in 2020 you might have to pay 50% co-insurance or about 5.00. .Instead, locality pay increases are intended to keep the salaries of current federal workers competitive with private sector jobs in the same locality pay area. The Bureau of Labor Statistics measures non-federal compensation in a particular market and compares it to federal pay for federal employees who perform similar work in the same region. The gap between the two helps determine the locality pay adjustment for a specific area in a given year. .This week, lawmakers in the House debated legislation to repeal the controversial Medicare cost-cutting panel, the Independent Payment Advisory Board (IPAB). In addition, The Senior Citizens League (TSCL) saw one key bill gain four cosponsors. .In context, DeSantis seemed to be making a point about the safety of flying on a plane rather than the role airplanes played in spreading the virus from place to place.