News
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Whats Stake Social Security Benefits Upcoming Election
The House of Representatives has scheduled a vote for this coming Wednesday on a new CR that will last until Dec. 18, as well. .(Washington, DC) – Low inflation in recent years may be helping younger workers cut costs at the gas pump, but it isn't translating into lower costs for older and retired Americans, says The Senior Citizens League (TSCL). According to a recent study by TSCL, Social Security beneficiaries have lost 23 percent of their buying power since 2000. And another year of low cost-of-living adjustments (COLAs) is in store for 2017, according to a new TSCL analysis of consumer price index (CPI) data through August 2016. .Your daughter can get free one-on-one counseling for her father-in-law through your State Health Insurance Program (SHIP). For more information about the Medicare Part B delayed enrollment penalty visit the Medicare interactive website of the Medicare Rights Center. … Continued
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2013 Seniors Lose 31 Percent Of Their Buying Power Since 2000 2013 Annual Survey Of Senior Costs Finds Expenses Have Increased More Than Twice As Fast As Social Security Cola
Legislation to Control Drug Prices Possible This Year? .If the COLA were calculated using the methodology used in 1990, this year's COLA would not be 1.7 percent – it would be 5.2 percent. And if the COLA were calculated using the 1980 methodology, this year's COLA would be 9.4 percent. As a result of the CPI's manipulation over the past three decades, Social Security beneficiaries have lost over 20 percent of their purchasing power, according to our research. Next year's projected zero COLA will put them even further behind. .In addition, two new cosponsors – Reps. Alan Grayson (FL-9) and Lee Terry (NE-2) – signed on to the Social Security Fairness Act (H.R. 1795). The cosponsor total is now up to one hundred and thirty-three. If signed into law, the Social Security Fairness Act would repeal the Government Pension Offset (GPO) and the Windfall Elimination Provision (WEP) – two federal provisions that unfairly reduce the earned Social Security benefits of millions of teachers, fire fighters, peace officers, and other state or local government employees each year. … Continued
Not surprisingly, TSCL surveys and email indicated that although Medicare costs continued to grow from 2010 to 2011, many seniors were forced to cut back and forego healthcare services. This undoubtedly was a major reason why government spending on Medicare remained relatively flat. The following table illustrates responses to a question from the TSCL 2011 Healthcare Cost Survey conducted in October 2011: .When there's a COLA as low as 1.3%, a provision of law known as "hold harmless" ensures that an individual's net Social Security benefit will not decrease from December of one year to January of the next, because of an increase in the Part B premium. That's an important protection, but it doesn't go far enough. .In 1983 government economists changed the way housing costs were measured in the CPI. Housing represents almost 50% of the expenditures of people age 65 and older, and thus changes to that expenditure category tend to have a big impact. Rather than basing housing costs on some measure of home prices, after 1983 the Bureau of Labor Statistics estimated costs "based on what homeowners theoretically would pay to themselves in order to rent their own homes from themselves. The BLS then estimates how much homeowners raise the rent on themselves each month," according to Williams. .This week, lawmakers involved in talks to permanently repeal and replace the SGR revealed that a temporary pay-patch will likely be necessary. Those serving on three committees – the House Ways and Means Committee, the Energy and Commerce Committee, and the Senate Finance Committee – have successfully negotiated a legislative compromise, but they've been struggling for weeks to come up with offsets that will cover the cost of the 8.4 billion bill. .Over the past 8 years COLAs have been at record lows, averaging just 1.1 percent. During three of those years there was no COLA at all, and in 2017, the COLA was just 0.3 percent. But inflation, especially for the goods and services used by older Americans, has continued to grow more quickly than annual COLAs. .This week, three new cosponsors – Reps. Bradley Schneider (IL-10), Matt Cartwright (PA-27), and Andre Carson (IN-7) – signed on to Rep. Peter DeFazio's (OR-4) Consumer Price Index for Elderly Consumers (CPI-E) Act (H.R. 1030). The cosponsor total is now up to eighteen. If signed into law, Rep. DeFazio's bill would base the Social Security cost-of-living adjustment (COLA) upon the spending patterns of seniors. Currently, it's based upon the way young, urban workers spend their money – a method that underestimates the spending inflation that seniors experience each year. .Noncitizens who began receiving benefits before 1997, and who never received legal work authorization, can receive benefits. In addition, individuals who never obtained work authorization, but who received a SSN prior to 2004, and now live abroad, could potentially receive a benefit. .Changes in your earnings: Did you report increases in salary or commissions? You need to keep Social Security informed of higher earnings in order for your benefits to be accurately withheld. .In April, lawmakers on the Republican Study Committee proposed a budget blueprint that would reform the Medicare program and cut Social Security benefits by adopting the "chained" CPI, eliminating the COLA for some seniors, and raising the eligibility age. Did you support this dramatic budget blueprint, and if so, why?
