News

  • Social Security Benefits Lose 30 Buying Power Since 2000

    This week's announcement from SSA came as concerns from the Administration were rising about pending budget proposals before Congress. Lawmakers in the House have proposed more than 0 million less than the requested amount for administrative duties. SSA has said that if their proposal were to take effect, they would be forced to implement immediate furloughs, hiring freezes, and temporary office closures. .To remedy this problem, TSCL supports Social Security "caregiving credits." These credits would be applied to a worker's Social Security earnings record to make up for years when people took time out of their working careers, and earned little or zero income, because they were caring for children, spouses, or older family members. .New regulatory threats, some at the urging of the pharmaceutical industry, could make it impossible for seniors to purchase certain products like vitamins and minerals without a prescription. It may sound outrageous, but seniors could soon be limited in their access to things as simple as protein shakes, vegetable juice and even herbal hand lotion without a prescription. The U.S. Food and Drug Administration (FDA) recently began imposing new regulations on products used in "Complementary and Alternative Medicine" (CAM). TSCL is concerned the expensive federal regulations will restrict seniors' access to commonly available items and drive up costs for those that remain on the market. … Continued

  • How An Obamacare Repeal Could Affect Medicare

    What is it going to cost? Is there a less expensive alternative? .TSCL's annual survey of senior costs indicates that Social Security benefits have lost more than 34% of their buying power since 2000 because the current inflation measure, the Consumer Price Index for Workers (CPI-W) doesn't accurately account for the larger share of income that seniors spend on healthcare. .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. … Continued

Have you heard anything about congress fixing a Social Security cut for those of us born in 1960? — K.S. .How Safe Are Electronic Social Security Benefits From Fraud? .Four Things To Avoid When Shopping For Retirement Housing .In addition, the bill would help finance Part D benefits. The nonpartisan Congressional Budget Office estimates the bill will save Medicare billion over a decade and save beneficiaries billion in out-of-pocket costs over the same period. .Before the Affordable Care Act, seniors could deduct out-of-pocket medical costs that exceeded 7.5 percent of their Adjusted Gross Income (AGI). Starting in 2017, however, the law increases this threshold to 10% of a person's AGI – effectively lowering how much can be deducted at the end of the year and increasing how much seniors will pay in taxes. .However, statistics indicate that unauthorized immigrants from Mexico make up a majority of all unauthorized immigrants in the U.S., and in a 2003 report, the General Accounting Office (GAO, now known as the Government Accountability Office) recognized the potential for unauthorized immigrant workers to abuse the Social Security system and fraudulently obtain benefits. .This study illustrates why legislation is needed to provide a more fair and adequate COLA. To put it in perspective, for every 0 worth of groceries a retiree could afford in 2000, that individual can only buy worth today. .Help! Mom Moved In With Us, But Her Medicare Plan Isn't Accepted Here! .The trillion Senate Republican stimulus proposal comes with a measure that could curb federal spending in the future by reducing costs tied to Social Security, Medicare, and highway trust funds.