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  • Category Tips For Seniors Page 4

    (Washington, DC) – The percentage of retired households that expect to pay tax on their Social Security benefits has experienced a rare decline this tax season, but that appears to be due to a much higher level of uncertainty than usual ahead of this tax season according to a new survey by The Senior Citizens League (TSCL). "This could potentially mean lower than expected tax revenues for the Social Security and Medicare Trust Funds," says Mary Johnson, a Social Security and Medicare policy analyst for The Senior Citizens League ."CBO's updated estimate, based on the latest economic data, continues to show that the Average Wage Index will likely drop due to the COVID-19 pandemic, and millions of Americans will receive lower Social Security benefits unless Congress acts. A medium earner in the affected cohort could lose 0 a year for the rest of their lives. While this is a smaller cut than initially estimated, Congress must still fix this flaw in the benefit formula. These are earned benefits, and already many seniors are just scraping by with the current modest benefits. That is why I will be reintroducing the Social Security COVID-19 Correction and Equity Act to fix the benefit formula and ensure it does not happen again," said Larson. .In 2016 there was no COLA at all, and in 2017 the COLA was just 0.3 percent. During that time a special provision of law known as "hold harmless" protected about 70 percent of Social Security recipients from reductions to their Social Security benefits due to increasing Medicare Part B premiums. … Continued

  • What Would Food Cost Today If Prices Increased As Fast As Medicare

    The announcement comes as the Super-Committee members consider how much savings should come from tax cuts versus spending cuts. If the committee cannot come to an agreement by the November 23rd deadline, across-the-board budget cuts will occur. .The second bill is H.R. 1215, which would establish an office within the Federal Trade Commission and an outside advisory group to prevent fraud targeting seniors and to direct the Commission to include additional information in an annual report to Congress on fraud targeting seniors. .The Senior Citizens League (TSCL) relies on donations from supporters to carry out its mission on behalf of senior citizens and retirees. The organization does not receive any government funding. … Continued

Social Security runs two disability programs – each with separate sources of funding. SSDI provides income to under age 65 adults that is calculated from their own work covered by FICA taxes. Their benefits are paid from the SSDI Fund. The Supplemental Security Income program (SSI) also pays disability benefits, but it's for low-income people without enough of work history to qualify for SSDI. Benefits are funded through both federal (and some state) revenues, and it's means tested like welfare. .Key Bills Gain Support in the House and Senate .Will it provide the diagnosis or will more tests be needed? .To learn more about your Medicare benefits download a copy of the "2011 Medicare & You" handbook by visiting www.medicare.gov or call 1-800-MEDICARE ( 7). .If you would like to continue receiving these press releases via email, please send your email address to [email protected]. .In addition, U.S. Customs may be trying to clamp down on prescription drugs being shipped to American consumers from Canadian pharmacies. Although "reimportation" of prescription drugs from abroad continues to be illegal, Customs and Food and Drug Administration (FDA) officials have only intermittently seized shipments of Canadian drugs in the past. Canadian mail order pharmacies and drug-buying programs run by senior advocates reported earlier this year that the number of seizures has more than quadrupled recently. .In presenting the award, TSCL Chairman Larry Hyland stated: "Congressman McIntyre's dedication and commitment to defending the benefits of seniors is greatly appreciated and has not gone unnoticed … By taking a stand, he brings seniors one step closer to the retirement security they deserve." TSCL was pleased to announce Rep. McIntyre as the recipient of the 2012 Seniors Advocate Award this week, and we are grateful for his hard work on behalf of seniors across the country. .Town Hall Question: Research indicates that seniors have already lost more than 30 percent of their purchasing power since 2000. What is your position on the adoption of the "chained" CPI for the calculation of Social Security COLAs? .The revenues from taxation of benefits are earmarked for funding Social Security and Medicare benefits. "Those revenues take on new importance in 2020, as the coronavirus takes a significant toll on Social Security and Medicare payroll tax revenues with more than 40 million people out of work," Johnson says.