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    The act also recalculates COLAs so future changes would be based on the price of goods and services seniors actually buy, like medications, by using a formula known as Consumer Price Index for the Elderly (CPI-E). Currently, the COLA is based on CPI-W, which evaluates the entire economy, including infant and toddler apparel, nursery care, toys and school fees. .Data indicates that many, if not most, retirees, leave a significant amount of Social Security income on the table because people tend to retire too soon. Consider this: even when you reach your full retirement age, that only represents the point at which you are entitled to start full benefits without reduction for starting benefits early. It does not represent the age at which you would receive the maximum benefit amount, which is age 70. The reward for work and patience can pay off significantly. Once you reach your full retirement age, Social Security benefits are increased by 8% per year (or 2/3 of 1% per month) until age 70. .It will take true leadership in Congress and the White House to save Medicare and face the reality of the situation: if we do nothing, which has been the status quo for years, Medicare as we know it will cease to exist. I am committed to doing all that can be done to ensure a strong and healthy Medicare program for America's seniors. … Continued

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    A number of Social Security recipients told their stories to the members of the subcommittee and explained the problems they face, as well as their desires for improvements to the program. .Should Congress hand over accountability for decisions about Medicare cuts to an unelected board? That's what lawmakers did in 2010 when they passed the Affordable Care Act. The law included a controversial provision to create a Medicare cost-cutting board, known as the Independent Payment Advisory Board (IPAB). ."Miracle cures," which claim scientific breakthroughs or contain secret ingredients, are likely a hoax. … Continued

Sens. Tom Carper (DE) and Tom Coburn (OK) introduced S. 1123 on June 10, 201It has since been referred to the Committee on Finance. .The Social Security Administration recently called a halt to a controversial effort to collect debts that were more than 10 years old. For the past three years the government has confiscated tax refunds of hundreds of thousands of taxpayers, claiming an overpayment of Social Security benefits, even though it had little or no proof, and few exact details, according to media reports. In a letter to Treasury Secretary Jack Lew, Senator Charles E. Grassley (IA) said that government agencies were apparently "not properly notifying individuals or allowing them to inspect records of the debt they supposedly owe, which are violations of the law." .TSCL is continuing to meet with Members of Congress to ask for their support and passage of "The Notch Fairness Act" which was recently re-introduced in the U.S. House by Representative Mike McIntyre (D-NC), and in the Senate by Senator David Vitter (R-LA). The legislation, seeks to correct a disparity in benefits caused the last time Congress overhauled the Social Security benefit formula in 1977. .Early data show that the vaccines may help keep people from spreading COVID-19, but we are learning more as more people get vaccinated. .The estimate of the COLA is updated every month, with the release of new CPI data, so our COLA estimates can change from month to month during the year. Based on the data through August we estimate that the 2022 COLA will be 6% to 6.1%. The actual COLA for 2022 will be announced October 13, 2021. .Sources: "Congress Kills Social Security Claiming Loopholes," Alicia Munnell, Market Watch, November 11, 2015. .This week, the Social Security Fairness Act (H.R.1205, S.915) gained one new cosponsor in Congressman Steve Stivers (OH-15), bringing the new cosponsor total up to 16In the Senate, the bill gained six new cosponsors in Senator Bill Nelson (FL), Senator Sheldon Whitehouse (RI), Senator Elizabeth Warren (MA), Senator Mazie Hirono (HI), Senator Jack Reed (RI), and Senator Patrick Leahy (VT). If signed into law, the Social Security Fairness Act would repeal the Government Pension Offset (GPO) and Windfall Elimination Provision (WEP) – two Social Security provisions that unfairly reduce the earned benefits of millions of public employees each year. .Earlier this year, I introduced the Today's American Dream Act (H.R. 1084) to ensure that mature workers can get those new skills and get back to work. This bill contains two key provisions. The first creates and expands computer skill and resume writing job-training programs, exclusively for workers over the age of 5The second adds greater flexibility to existing programs so they can better target and serve mature workers who have unique skill gaps and needs, often because of family commitments. .Both chambers of Congress adjourned for the President's Day Holiday this week and are expected to return to Capitol Hill on Monday, February 25th. Meanwhile, Alan Simpson and Erskine Bowles, former co-chairs of the National Commission on Fiscal Responsibility and Reform, released a new proposal that would avert the looming sequester and trim .4 trillion from the deficit. In addition, two Members of Congress re-introduced a critical bill that would extend the solvency of the Social Security Trust Fund without cutting benefits.