News

  • Legislative Update For Week Ending March 1 2019

    Most analysts believe that switching to a more – stingy measure of inflation to determine annual cost-of-living adjustments (COLAs) will form a key provision to larger government-wide deficit reduction legislation. The idea received the blessing of President Obama who offered the change last December during fiscal cliff negotiations and continues to float the idea as Congress works on the government's fiscal year 2014 legislation. .Could you tell me the advantages and disadvantages of life insurance once we start Social Security? Doesn't Social Security pay widow's benefits? Do we really need life insurance if we have a (401)k and IRA savings? .After raiding the current system, the health care law then takes the one aspect of Medicare that everyone agrees is broken and uses it as a model for the future. The health care law establishes the Independent Payment Advisory Board (IPAB) as a tool that is supposed to hold down costs; it is modeled after the failed formula that sets the underfunded Medicare physician reimbursement rates. President Obama recently doubled down on this controversial rationing board, and it seems to be the Democrats' only proposal. … Continued

  • Legislative Update Week Ending January 23 2015

    1977 Changes Fixed An Earlier Flaw In The Benefit Formula .For most retirees the average Social Security benefit of ,100 is their main source of income. But the sluggish economy has made the federal budget deficit, including that of Social Security, balloon more rapidly than expected, according to a new report from the Congressional Budget Office (CBO). In 2010, for the first time since 1983, annual costs for Social Security exceed annual revenues, and that won't improve very much in coming years. Instead, it will become a persistent problem. .Improving the Social Security cost-of-living adjustment (COLA). According to TSCL's research, Social Security benefits have lost over 30 percent of their buying power since 2000 due in large part to inadequate COLAs and rising health care costs. The bipartisan Fair COLA for Seniors Act (H.R. 1553) would improve the annual COLA by adopting the Consumer Price Index for the Elderly (CPI-E), which more adequately measures the inflation seniors experience. … Continued

Rep. Rosa DeLauro (CT-2) introduced H.R. 4998 on June 26, 201It has since been referred to the Committee on Ways and Means. .The billion could be financed without taking money from the Social Security Trust Fund. One way is through reduction of pork barrel spending and government waste. In the fiscal year 2001 budget alone, pork "watch-dog" Senator John McCain (AZ-R) estimated that the government would spend a record billion in pork-barrel projects. .Last year, I introduced bipartisan legislation to halt this obscure tax increase on seniors. Since then, we've worked hard to build broad support inside of Congress and out. The bill has the endorsement of a list of taxpayer and seniors advocacy groups and passed the U.S. House of Representatives on a bipartisan vote on September 13, 2016. .The Senate, where Republicans hold the majority, has yet to make a decision as to whether to defer taxes for its employees. .Mismatched earnings reports remain in the ESF until SSA obtains evidence to link the unidentified earnings to a valid SSN — a process termed "earnings reinstatement."(14) When SSA encounters reports that don't match its records, SSA goes through an involved, and time-consuming attempt to make a match. Reinstatements can occur any time, even years later. .Since people often move when they retire, under locality pay adjustment rates, the area they choose to live in during retirement could significantly impact the amount of Social Security they receive. Would retirees crowd into areas of the country with high locality pay adjustments? .Create a family documentary. Create a family scrap-book with old photos and memorabilia. If you have access to a computer and scanner or a friend with one, scan old photos for a digital family scrapbook you can share online. If a family member is good with making videos, consider doing a mini-documentary. Think of the questions you have about your ancestors and ask yourself the same. Like how you and your spouse met, how your family coped during a particularly hard time, or document a skill or craft that you love. This is also a good way to teach cooking your favorite family foods! Upload the video to YouTube to share with your family and send a link in a holiday email. .Use BenefitsCheckup.org to screen for programs in your area. If you don't have a computer, ask a friend or family member to help you do an online Benefits Checkup. The service asks you a series of questions about where you live, your income, and a number of other qualifications, and matches you up with programs that can provide help with medications among a menu of other valuable benefits. .According to a recent survey by The Senior Citizens League, 74 percent of survey participants favor applying the 12.4% Social Security payroll tax to all earnings. To learn more, visit .