News

  • Tag Social Security

    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. .The 2100 Act, if signed into law, would increase Social Security benefits by 2 percent, cut taxes for over 11 million seniors, increase the minimum benefit to 125 percent of the poverty line, and make COLAs more fair and accurate. It would also take measures to increase the solvency of the trust fund beyond the next seventy-five years, through the year 2100. .The most widely-discussed proposals to revamp Social Security include raising the eligibility age, making the benefit formula less generous, and reducing the Social Security cost-of-living adjustments (COLAs). Reducing COLAs would impact the lifetime Social Security benefits of all current beneficiaries, as well as affecting future retirees. Under discussion is a proposal that would reduce COLAs by switching to a more slowly-growing, "chained" consumer price index to calculate the annual benefit boost. In fact the new tax law, recently did something similar. Indexing of income tax brackets, the standard deduction, and other parameters of the tax code for inflation was tied to a chained COLA. That means that people will pay higher taxes over time, as the standard deduction becomes less generous, while rising income would tend to push older taxpayers into higher brackets. … Continued

  • Congressional Corner Older Americans Need Stable Economic Future And Reliable Healthcare

    The Congressional Budget Office recently estimated in their September budget outlook that Medicare outlays for 2020 would rise about 12 percent — roughly double the rate forecast by the Medicare Trustees in their April 2020 report. This suggests that the Medicare Part B premium increase for 2021 could be about .40 per month higher in 2021, rising from 4.60 to 2.00. But even this estimate does not include the impact of cost shifting due to protecting people with low Social Security benefits from reductions due to the high Medicare Part B increase. . I lost my job a few months ago and at age 64, recently started Social Security retirement benefits. I just found out that I can work and still receive benefits at the same time. Can you tell me how this works? I thought. Ask the Advisor: January 2021 My Husband Had a stroke at 6Would He Qualify For Social Security Disability? ."A COLA that reflects real cost changes is essential, and of far greater value for protecting income in retirement than a measure that reflects how people are forced to reduce their standard of living when costs rise," Johnson says. "One gives a modest boost, the other would tend cap the growth in Social Security benefits over time." … Continued

Social Security Notch Reform – Working towards benefit equality for older Americans. .Use the Contact Congress feature on the Home page of this site to obtain the names, addresses and other information on your Congressional delegation. You can even e-mail directly and sign our on-line petition in this full featured legislative action center. Click Guide to Contacting Congress to go to this section now. .Insurance Industry Predicts Premium Increase .We have a deep moral obligation to ensure our seniors receive quality, affordable healthcare. We have an equal obligation to our children to pass on an America rich in opportunity and free from the bonds of debt. That is why resolving this problem is one of my top priorities. .Individuals at full retirement age (66 in 2017) who retire with an average monthly benefit of ,300 would receive about 0,000 over a 25-year retirement assuming a 2.2% cost-of-living adjustment. Since you were born in 1955, your full retirement age is 66 + 2 months. But even people who retire at full retirement age are leaving money on the table when starting benefits prior to reaching age 70. Waiting until age 70 allows benefits to grow 8% per year. .On Tuesday, two Senate Committees – the Budget Committee and the Homeland Security and Governmental Affairs Committee – held confirmation hearings to question Congressman Mick Mulvaney (SC-5), who was nominated by President Trump to serve as Director of the Office of Management and Budget. If confirmed, he would lead the office that develops the administration's federal budget and advises the White House on fiscal matters. .Two Key Bills Gain Support .Resource: Essential Retirement Planning for Solo Agers, A retirement and aging roadmap for single and childless adults, Sara Zeff Geber, PhD .To get your health services through Original Medicare. If you are enrolled in a Medicare Advantage plan, deductibles and co-pays may apply to these preventive services. Check with your plan to see what costs and rules apply.