TSCL opposes these cuts for a number of reasons. Medical practices in particular have been hurt by the pandemic and should not have to face lower Medicare reimbursements. .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. .In 2014 the Congressional Budget Office estimated that the average tax payment of Social Security households equaled 6.7 percent of benefit income — an amount that is estimated to grow to 9 percent of benefits by 203"That growth is likely to occur much more rapidly due to changes in the tax law, which uses a more slowly growing consumer price index to adjust the tax code," Johnson says. .In the midst of all this, a new study by The Senior Citizens League (TSCL) found that the drop in average wages in recent years coupled with no cost-of-living-adjustments (COLAs), and projections of extremely low COLAs, is reducing the amount retirees can count on in Social Security benefits over their retirement. .Here are two actual cases from the Social Security Administration's Office of Inspector General, and estimates of what the cost would be over a 20-year period by Advisor editor, Mary Johnson. .Know what debt you have. Make a list of your mortgage, any home equity line of credit (HELOC), credit cards, and any other debt. Making minimum payments may keep you out of collections, but that strategy doesn't pay off debt. Prioritize your loans by the amount of interest, and whether the interest (such as for a mortgage) is tax deductible. Work out a plan to pay off the highest non-deductible interest loan first, while making the minimum payments on other loans. As you get a loan paid off, start on the next highest interest loan. .This week, The Senior Citizens League's (TSCL) Board of Trustees and legislative team held meetings with several Members of Congress and their top staff. In addition, the Board of Trustees presented one Member of Congress – Rep. Mike McIntyre (NC-7) – with the 2012 Seniors Advocate Award. TSCL also saw support grow for a critical piece of legislation this week. .The findings come as the nation finds itself in a growing a retirement crisis. Even before the coronavirus - caused recession, the U.S. Government Accountability Office estimated that about 48 percent of households headed by people aged 55 and over had no retirement savings. That situation has been made even worse in 2020 and 2021 as older workers have lost jobs or seen their work schedules reduced due to the pandemic. .This week, HHS announced several important numbers that will affect Social Security and Medicare benefits beginning in January. On Monday, the Centers for Medicare and Medicaid Services (CMS) announced that the Medicare Part B monthly premium will be left unchanged in 2014, and it will be set at 4.90. The Part B deductible will also be left unchanged, and it will remain at CMS officials noted on Monday that the past five years have been among the slowest-growing for Part B premiums in the Medicare program's history.