News

  • Update For Week Ending September 25 2021

    Budgeting for changes in health as we age is a challenge. What we can do, though, is give you some pointers in estimating your current costs and setting a healthcare cost budget. .Many seniors are struggling with their vastly diminished retirement accounts following the stock market crash. Additionally, the inventory of unsold houses has now reached record highs and the forecasts for retirees who need to get their cash out of real estate are gloomy indeed. . You bring up an important gap in our Social Security protections. In order for children to qualify for a Social Security dependent benefit, that benefit would need to be based on an account of a parent who meets eligibility requirements for Social Security and is deceased, disabled, or retired. The parent would need to meet the eligibility rules in order for your grandson to receive a benefit based on the parent's account. However, if the biological parent has not yet met all eligibility rules then, in order to receive a Social Security benefit, you would need to first adopt the child so that he qualifies for a benefit based on your account. … Continued

  • Will Social Security Last As Long As You Do

    The Fair COLA for Seniors Act of 2017 (H.R. 2896) gained two new cosponsors in Representative Zoe Lofgren (CA-19) and Representative Eleanor Holmes Norton (DC-01), which brings the total cosponsors up to two. If signed into law, H.R. 2896 would provide a mid-year COLA to Social Security beneficiaries of 3.9% to account for an insufficient increase in 2017, and it would apply the CPI-E to future Social Security COLAs. .By the end of this year, lawmakers could enact legislation that would trim Social Security benefits, threaten access to care for Medicare beneficiaries, and make millions of immigrants eligible for benefits based on illegal work. With so much currently at stake, it is more important than ever for seniors to learn about – and possibly challenge – the positions of their elected officials. .A husband's death can mean enormous financial hardship for women. Under current law it generally means a big drop in Social Security income, going from two Social Security payments each month to just one. When the husband passes away, the widow gets a benefit that's 100% the amount the deceased spouse was entitled to, if higher than her own retirement benefit. For example, if the couple received a combined benefit of ,400 per month, and the husband's benefit is ,600, then the widow would just get the ,600 and lose her own 0 per month in benefits. … Continued

Contact Social Security and ask about placing a "block" on your account. This would prevent changes from being made regarding your address and payment deposit. The "block" would require that you visit your local Social Security office in person to authorize changes. .This week, two new cosponsors – Reps. Mike Burgess (TX-26) and Lamar Smith (TX-21) – signed on as cosponsors to the No Social Security for Illegal Immigrants Act (H.R. 1716). The cosponsor total is now up to thirty-one. .In addition to congressional committee work in the 116th Congress, several new bills have been introduced that would reduce prescription drug costs. Several of them – including the following three – have already won bipartisan support in the new Congress. .Progress Stalls on CR Work .The revenues that would be collected based on the 12.4% Social Security tax (the total paid by employee with the employer match) was ,071,619, and averaged 3,581 per CEO. .COLAs Going To Be Flat In 2014 .According to the IRS, advance payments of the Child Tax Credit will be made from July through December to eligible taxpayers and will be up to 50% of the credit. Advance payments will be estimated from your 2020 tax returns, or 2019 returns if the 2020 returns are not filed and processed yet. .The federal government shutdown that occurred from midnight December 22, 2018, until January 25, 2019, was the longest in U.S. history. It was so disruptive that an analysis from Standard and Poor's (S & P) estimated that the shut down cost the U.S. economy .6 billion. While the government shutdown was terrible for all affected, failing to raise the U.S. debt limit, also called the debt ceiling, could make the recent shut down look like a tea party. .Enrollees in Medicare Advantage (MA) plans should take a careful look at changes in their health plan for 201These Medicare health plans have new leeway to offer new supplemental benefits. While some of the new benefits may be valuable to some families, other changes, which give plans greater leeway to "tier" the co-pay structure for healthcare providers, may mean higher out-of-pocket costs when non-preferred or out-of-network providers are used.