News

  • Best Ways Save August 2017

    Seventy-eight percent of older voters participating in TSCL's survey say they support raising payroll taxes, eliminating the taxable maximum wage cap so that everyone pays Social Security taxes on all earnings over 8,500. Unlike low - and middle - income wage earners, the highest earners today only pay taxes on the first 8,500 in earnings and enjoy a huge Social Security tax break on all on wages over that amount. A clear majority — 62% of survey participants — also favors very gradually increasing the payroll tax rate by 1% each for workers and employers. Taken together, both changes would provide enough financing to keep the program solvent for more than 50 years. .TSCL is happy to hear that. However, we also know that the big drug companies are spending millions of dollars lobbying heavily against legislation in Congress that would lower drug prices. So, we remain skeptical of his intentions until we actually see a proposal or proposals to do what he claims the drug companies want to do. .This year's Trustees Reports show that both programs face modest financial challenges that can be addressed by Congress with minor changes. The Senior Citizens League supports the passage of legislation like the Social Security 2100 Act or the Social Security Expansion Act, both of which would strengthen the Social Security program's finances responsibly, without cutting benefits for current or future retirees. In addition, we hope Congress will pass legislation to bring down prescription drug costs in the Medicare program. Requiring Part D drug price negotiation would save billions of dollars for both the federal government and Medicare beneficiaries. … Continued

  • Best Ways To Save November 2013

    A new online survey by The Senior Citizens League (TSCL) finds that older Americans overwhelmingly want Congress to take action to lower the cost of prescription drugs by reducing Medicare Part D's out-of-pocket spending requirements. Fifty-six percent of participants in the survey indicate that they spend more than 2 a year on prescription drugs. About one-out-of-five retirees spends more than 0 per month on prescription medications. .Sources: "Under New Cost-Cutting Medicare Rule, Same Surgery, Same Place, Different Bill," Susan Jaffe, Kaiser Health News, March 23, 2021. .Depending on your income, you may qualify for Medicare Extra Help, which can cover most or all of your prescription drug premium and out-of-pocket costs. Your SHIP counselor may also know of special programs in your state. … Continued

Finally, two new cosponsors – Representative Jim Renacci (OH-16) and Representative Beto O'Rourke (TX-16) – signed on to the bipartisan CREATES Act (H.R. 2212), bringing the total up to twenty-one. If adopted, the CREATES Act would increase competition in the prescription drug industry by encouraging generic and biosimilar drug manufacturers to introduce their products to the market more quickly. .Last - don't let all the political spin about Social Security scare you. The program is not going broke. Social Security does face a long-term financial challenge. Even when the Social Security Trust Fund becomes exhausted there would still be sufficient assets from payroll taxes to pay about 75 percent of promised benefits. Although that isn't a fair or acceptable outcome — a far more likely one — Congress will take action to correct the imbalance. .The first session of the 113th Congress has just reached the half-way mark, and already, The Senior Citizens League (TSCL) has much to show for it. Dozens of key bills have been re-introduced, hundreds of thousands of petitions have been hand-delivered to Congress, TSCL's legislative team and Board of Trustees have met with numerous Members of Congress, and in May, we hosted a successful "Welcome Reception" for new and veteran lawmakers and their top aides. .However, there is and has been an alternative. A bipartisan Senate bill backed by Trump stopped short of giving Medicare bargaining power but would have limited annual price increases and capped costs for older people. The bill passed out of a Senate committee but was never brought to the full body, again because Majority Leader McConnell has refused to do so. .However, there is news of importance to seniors that hasn't gotten nearly as much attention. .On Thursday, the Joint Select Committee on Deficit Reduction held their second public hearing, which focused on revenue options and reforming the tax code. The Committee heard testimony from Thomas Barthold, Chief of Staff of the nonpartisan Joint Committee on Taxations. .Two Cosponsors Sign on to Key Bill .Finally, two cosponsors also signed on to the Social Security Fairness Act (S. 896 and H.R. 1795) this week, bringing the total up to eleven in the Senate and eighty-five in the House. The new cosponsors are Sen. Bernard Sanders (VT) and Rep. Alan Lowenthal (CA-47). If signed into law, H.R. 1795 would repeal two provisions of the Social Security Act that unfairly reduce the earned benefits of millions of state and local government employees each year. The provisions – the Windfall Elimination Provision and the Government Pension Offset – prevent dedicated public servants from receiving the retirement security they have earned. .(Washington, DC) – Social Security cost-of-living adjustments (COLA) would need to double their rate of growth and Medicare Part B premium increases would need to slow by half their historic rate to provide greater Social Security benefit adequacy, says a new report from The Senior Citizens League. Using the federal government's economic projections for the Social Security COLA and Medicare Part B premium estimates over the next decade, the study examined how well Social Security benefits would cover Part B premiums increases in coming years.