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  • Unprecedented Growth In W2s For Illegals Threatens Social Securitys Solvency

    In places where state officials claimed that in-person inspections have taken place, the reports found no issues in most cases, even as Covid-19 claimed more than 31,000 deaths in nursing homes. Less than 3 percent of the more than 5,700 inspection surveys the federal government released this month had any infection control deficiencies, according to a report on Thursday by the Center for Medicare Advocacy, a nonprofit patient activist group. .You make an excellent point! The Senior Citizens League (TSCL) uses the most recent data for the consumer price index for urban wage earners and clerical workers (CPI-W), the index that is used to calculate the annual Social Security cost of living adjustment (COLA). New data is released monthly from the Bureau of Labor Statistics. ."Turning our backs on trading partners during a crisis could damage our relationships long after this pandemic ends," the Pharmaceutical Research and Manufacturers of America (PhARMA) and dozens of other business and trade groups wrote in a letter to the administration. … Continued

  • Legislative Update For The Week Ending September 16 2011

    Inflation has been at historic lows in recent years and seniors received a 1.7 percent COLA this year. "For every 0 worth of expenses seniors could afford in 2000, they can afford just today," says study author and Advisor editor Mary Johnson. .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. .According to the report, CMS has not expanded the recovery audit program to Medicare Advantage by the end of 2010 as was required by the Patient Protection Act. Recovery audits have been used for years in other Medicare programs to recover improper payments. TSCL believes Congress must provide stronger oversight to ensure that scarce Medicare dollars are spent appropriately and to prevent private insurers from boosting profits by gauging both taxpayers and older Americans. … Continued

Alexandria, V An overwhelming majority of seniors oppose two Medicare changes that are among the most widely - discussed reforms in Congress, according to a new survey by The Senior Citizens League (TSCL). Eighty-one percent of seniors strongly oppose a proposal that would impose a significantly higher annual deductible while restricting supplemental Medigap plans from covering the cost. Only 1 percent of those responding favored the idea. Seventy - four percent also strongly oppose replacing Medicare with a premium support system of private health plans, and giving beneficiaries a premium subsidy or voucher to shop for a new health plan. Just 5 percent said they favored this idea. "Both plans shift costs to seniors, something the vast majority can ill afford," says TSCL Chairman Ed Cates. .Mandatory programs are those, like Medicare, that are automatically funded every year without passage of annual legislation to pay for them. Congress can, however, waive the PAYGO rules to avoid the payment cuts. .Although it hasn't been introduced as legislation yet, some specifics were outlined in a fact sheet released by the group. Under the plan, the government would pay for three-quarters of the cost of the average plan, and for the most expensive enrollees, it would pay ninety percent of the cost. Wealthy seniors would pay a larger share of the cost, and low-income seniors would receive assistance from Medicaid. In addition, the age of eligibility would increase by three months each year, until it hits seventy in 2034. .Some financial advisors say that there may be some tax advantages to taking money out now while valuations are lower. This information is not intended as investment advice. We strongly recommend that you contact the custodian of your 401(k) or your financial advisor and discuss a plan for your income needs and to explore potential sources of funds. .By Shannon Benton, Executive Director .Totalization Agreement .According to the group, the plan would reduce the deficit by trillion and it would save enrollees approximately ,500 per year, but it's controversial for two major reasons. First, it would completely eliminate traditional Medicare, whereas many other reform proposals would keep it as an option. Second, those already enrolled in Medicare would be affected by the transition, which would have a 2014 start date. Other reform proposals would delay implementation to protect seniors from any drastic or sudden changes. .For some tips on how to reduce taxes on your Social Security Benefits, here's an article by Emily Brandon, author of Pensionless: The 10-Step Solution for a Stress-Free Retirement. Emily Brandon's Planning to Retire Blog can be found at: Money.USNews.com. .Totalization Agreement with Mexico – Preventing an unnecessary and unspecified drain on the Social Security Trust Fund.