Out-of-pocket spending on prescription drugs was the fastest rising expense of retirees from 2000 to 2019, according to a recent study of retiree costs by TSCL. While the annual cost-of-living adjustment (COLA) increased Social Security benefits by 50 percent over the period, out-of-pocket spending on prescription drugs rose more than five times faster — 253%. .We end the update this week with some hopeful news regarding Alzheimer's disease. According to a report from National Public Radio, there is evidence that vaccines that protect against the flu and pneumonia may actually protect people from Alzheimer's, too. The evidence comes from two studies presented last Monday at this year's Alzheimer's Association International Conference, which is being held as a virtual event. .With the economy continuing to sputter, most seniors and Baby Boomers don't feel all that secure about their retirement finances. How realistic will my budget be for the New Year? Will Social Security and othe retirement income cover all my bills? Are my savings adequate to cover expensive chronic health costs? Seniors can find answers, practical tips and more in a special "Best Ways to Save" issue of The Social Security & Medicare Advisor newsletter free from The Senior Citizens League (TSCL). ."If Congress adopts the more slowly-growing ?chained? CPI to calculate COLAs, that would cut the growth in average benefits, about ,100 per month today, by about ,742 over a 25-year retirement," states Larry Hyland, Chairman of TSCL. The benefit reductions compound over time, hitting the oldest the hardest. "By the time age 62 retirees with average benefits today reach age 84, their monthly benefits would be about 8 lower than they would receive using the current COLA methodology," Hyland says. .Back in April the Social Security and Medicare Trustees released their reports with projections of the financial outlook of the programs. Those annual reports give the official government projections for the programs. It is important to note that the projections were made prior to the onset of the Covid-19 pandemic and therefore did not include the effects the pandemic has had on the economy and ultimately on the two programs. .The Social Security Trustees further estimate that .9 billion in revenues in 2020 would come from the taxation of Social Security benefits. "Yet those revenues are also likely to be lower, impacted by both large numbers of older Americans who lost income from jobs, as well as from lower distributions from retirement accounts that have lost value from last year," Johnson notes. Under the CARES Act, retirees are allowed to completely waive required minimum distributions for 2020 from retirement accounts. .Prescription Drug Re-Importation – Making safe, secure re-importation a reality. .TSCL Meets with Members of Congress .Many seniors have been confused by Medicare Advantage plans, because they are aggressively marketed as offering Part D drug coverage, in addition to hospitalization and doctor's insurance. Some seniors have enrolled in the plans thinking they were getting drug coverage only to add to supplemental coverage they already had.