News

  • Legislative Update 4

    At Thursday's hearing, Social Security Subcommittee Chairman Sam Johnson (TX-3) and Ranking Member John Larson (CT-3) both spoke about how their Social Security reform bills would improve the program's financing. Chairman Johnson's bill – the Social Security Reform Act – would do so primarily through benefit cuts, while Ranking Member Larson's bill – the Social Security 2100 Act – would do so primarily through revenue increases. Mr. Goss confirmed that both bills – using two very different approaches – would return the program to 75-year solvency if adopted. .TSCL encourages its members and supporters to attend these events and to ask questions of their elected officials about important Social Security and Medicare issues, like the following four… .Example: Let's say Sally had a Social Security benefit of ,000 in 201The Part B premium that year was 4.90. In 2016 there was no COLA, and Sally continued to receive ,000. But the Medicare Part B premium in 2016 increased to 1.80 per month. Sally's Part B premium was adjusted downward and she continued to pay the same 4.90 Medicare Part B premium that she paid the previous year, to prevent a reduction in her Social Security benefits in 2016. … Continued

  • What To Do If You Drop Into The Part D Doughnut Hole

    We want to emphasize that these are all projections based on the economic situation at the time they were developed. As we have seen in the past year, things can change dramatically and clearly, we still don't know how things will be in the coming months and year with regard to the pandemic. .When you start retirement benefits before your full retirement age– which for you is 66 — you may work, but Social Security will withhold one dollar in benefits for every in earnings above the limit. The question for many people who go this route is when the withholding starts. .The Social Security Administration recently announced that the annual cost-of-living adjustment (COLA) will raise benefits by 2.8% for 201The average retirement benefit of ,400 will increase by .20 per month, to ,439.20. The Medicare Part B premium increase for 2019 will be 5.50 per month — just .50 per month more than the 4 in 201The COLA, the highest in 7 years, and a low Medicare Part B premium increase, should mean most retirees can finally expect a modest boost in net Social Security benefits. … Continued

Among the bills that make up the GOP plan is one that would establish congressional review boards to examine the long-term solvency of the three trust funds, a topic that long has been politically fraught. .While most in Washington acknowledge this dilemma, and House Republicans have put forward a plan to address the issue, our leaders have yet to agree upon a solution to preserve the program for seniors beyond that date, and instead are pitting each other against seniors. .In many years when inflation is at more typical levels, only a small number of beneficiaries, those with the lowest benefits, are affected by the hold harmless provision. The reduced Part B premiums that they receive has minimal impact on Part B financing.[6] But in years when there is an exceptionally low COLA, the hold harmless provision is triggered more widely, and this leads to much more challenging financial impacts for both beneficiaries and for Medicare Part B funding. .One of the most important results of this change is that the Senate Majority Leader controls what legislation moves through the Senate. That is crucial in determining what happens in terms of President Biden's agenda in the next two years. .In 2019 you are allowed to earn ,640, or ,470 per month. If, for example, you were to earn ,000 this year then you would have ,180 withheld from your Social Security benefits. Your earnings would be ,360 in excess of ,640. Half of that is ,180. The Social Security Administration collects this by withholding your monthly Social Security payments until it collects the ,180. Let's say you get a retirement benefit of ,000, that could mean Social Security would withhold your entire Social Security benefit for the next seven months. Once the ,180 is collected the difference will be sent later. .Thousands of nursing homes across the country have not been checked to see if staff are following proper procedures to prevent coronavirus transmission, a form of community spread that is responsible for more than a quarter of the nation's Covid-19 fatalities. .House Democrats also Unveil Proposals to Lower Drug Prices .The House passed H.R. 1868 by a vote of 246-175 on March 19, with 29 Republicans voting in favor of the bill. .This week, The Senior Citizens League was pleased to see support grow for two key bills that would improve retirement security in America if adopted.