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  • The Advisor Volume 16 No 6 August 2011 Part 1 Feed

    To make the COLA more fair and accurate, TSCL believes that Congress must fully implement the CPI-E, and use it to provide a more realistic annual benefit boost. We support a number of bills before Congress that would do just that, including the CPI-E Act (H.R. 1030), the Guaranteed 3% COLA Act (H.R. 1585), the CPI for Seniors Act (H.R. 2154), and the Social Security Guarantee Act (H.R. 1275). Each of them would go a long way in ensuring that seniors receive the retirement security they deserve. .However, a new analysis by the Bipartisan Policy Center was just released that has its own updated forecast that includes the effects of the pandemic. .(CDC's mission is to protect America from health, safety, and security threats, both foreign and in the U.S. Whether diseases start at home or abroad, are chronic or acute, curable, or preventable, human error or deliberate attack, CDC fights disease and supports communities and citizens to do the same.) … Continued

  • 63 Percent Of Retirees Say Social Security Cola In 2021 Increased Benefit By Less Than 15

    It's not what the government tracks that causes your Social Security cost-of-living adjustments (COLAs) to grow so slowly. It's what the government isn't tracking that's keeping your COLAs so low. It may surprise you, as it did us at TSCL, to recently learn that COLAs are calculated using methodology that doesn't directly measure what you pay out-of-pocket for health insurance premiums. Add to that the fact that the consumer price index (CPI) the government uses to calculate COLAs (CPI-W) represents the spending habits of younger urban wage earners and clerical workers — or the spending habits of only 29% of the U.S. population. That's certainly not going to reflect the inflation experienced by most Social Security recipients. .With over 1 million supporters, The Senior Citizens League is one of the nation's largest nonpartisan seniors groups. Located just outside Washington, D.C., its mission is to promote and assist members and supporters, to educate and alert senior citizens about their rights and freedoms as U.S. Citizens, and to protect and defend the benefits senior citizens have earned and paid for. .Tax Reform Legislation Introduced in House … Continued

Immigration Reform – Close a loophole that pays Social Security benefits based on illegal work, preventing a drain on the Social Security Trust Fund. .Also putting pressure on the program, TSCL anticipates that more people will file claims for benefits. While employment was at record levels just a few months ago, many older adults postponed filing for benefits to allow their Social Security payouts and retirement accounts to grow. Now, faced with paid sick leave and unemployment benefits ending, older workers are unlikely to be able to afford to wait to file for benefits if they have lost their jobs. In addition, workers lucky enough to have 401(k)s and IRAs have experienced significant losses in the value of those retirement accounts and will be depending on Social Security all the more. Big changes in equity prices reduce the distributions from those accounts. .Impose new Medicare deductibles and impose new coverage restrictions on Medigap plans: Impose a new 0 deductible for both Medicare Part A and Part B that Medigap plans would be restricted from covering. Would also limit the co-insurance or co-pays that Medigap plans could cover to 50 percent of the next ,000 in Medicare cost-sharing. Currently plans pay most, or all, of the Medicare cost sharing. .It is likely the President will face a legal challenge over these actions. The U.S. Constitution gives Congress the power of the purse and any changes to taxes or spending are supposed to come from Congress. .The makers of all three vaccines have said that their shots proved to be anywhere from 70% to 95% effective in clinical trials in protecting people from illness caused by the virus. But it was unclear whether the vaccines could also suppress transmission of the virus — that is, whether someone inoculated could still acquire the virus without getting sick and spread it to others. .65 million Americans currently rely on Social Security benefits, yet many still struggle just to make ends meet, to the shame of the nation, millions have worked all their lives, paid into a system, and receive a below poverty line check from Social Security. .Why raise the maximum? In 1993 the taxable maximum was eliminated for Medicare payroll taxes. Yet currently, workers who earn more than 3,700 pay no Social Security taxes at all on earnings over that amount. "That includes every Member of Congress and President Obama," notes TSCL Chairman Larry Hyland. The "tax max" increases annually by the growth in national average wages .The Mayo Clinic has put out the following information as a way of helping you decide what it is that you may be suffering from. You are advised that if your symptoms are the same as in the past you are likely suffering from allergies again. But if there is any variation you should get tested for Covid. And if you have any doubt, getting tested for Covid is probably the right thing to do, especially if you have not been fully vaccinated. .After leaving major decisions on Social Security and Medicare cuts to the New Year, Members of Congress are returning to pick up their debate over entitlements and taxes. With the looming insolvency of the Social Security disability program just two short years away, Congress will be forced to take action to re-set program funding at some point soon. When that happens, cost-of-living adjustment (COLA) cuts could be used to shore up the program.