News

  • Social Security Medicare Questions February 2012

    Since you are still working and still under your full retirement age, you might consider reporting your estimated income to Social Security for 2019, and possibly for the months prior to turning your full retirement age next year. However, that would mean that your Social Security benefits would be withheld for even more months, and you might not receive any Social Security benefits at all in 201At the end of the year, you would have to notify Social Security of what you actually earned for 2019, and the calculation would be revised. If too much was withheld, you would get a refund. If not enough was withheld, you would have to pay the difference. Once you turn your full retirement age then, you will be able to earn as much as you want, and not be subject to Social Security earnings restriction rules for new earnings after turning age 66. .Survey the assisted living and long term care options available in your area. You can start your search by phone or online using the Eldercare Locator 1-800-677-111The Eldercare Locator is a service of the U.S. Administration on Aging and connects people with services in your community. .As with nearly every other aspect of our lives, the coronavirus has changed the agenda of Congress. Discussion of a fourth big spending bill to deal with the pandemic began this week and all three sides (House, Senate, and the President) have set out their preliminary positions. … Continued

  • Press Release Cost Of Living Allowance

    The Notch Could Happen Again .Congress should restrict price increases of prescription drugs to no more than the rate of inflation. — 83 percent support, 13 percent not sure, and only 5 percent opposed. .The bill, which TSCL supports enthusiastically, was amended this week to include a pay-for that would cover the projected cost of its passage. Since the IPAB currently has no appointed members and it has not yet been triggered to begin making recommendations to Congress, the Congressional Budget Office (CBO) estimated that its repeal will have no budgetary impact over the next six years. However, it could increase spending by around .1 billion between 2022 and 2025 since it may be triggered during that timeframe. … Continued

TSCL enthusiastically supports H.R. 4704, H.R. 4841, and H.R. 2212, and we will continue to advocate for their passage in the months ahead. For more information, visit the Bill Tracking section of our website. .President Trump has said all week that he will not agree to pass further stimulus measures to combat the economic fallout of the coronavirus outbreak without a payroll tax cut. Trump has been advocating for a payroll tax cut since last summer, even before the pandemic, but it is opposed by most congressional Democrats and it is not clear the idea has much support among Republicans in Congress. Obviously, a payroll tax cut would have no benefit for Americans put out of work in the wake of the outbreak until they return to employment. .The irony is that when Mitch McConnell (R-Ky.) because Senate Majority Leader in 2015 he said the Senate must return to "regular order," which means getting its work done in an orderly fashion and on time. .As part of the economic stimulus bill just passed by Congress those sharp cuts have been put on pause. .Now, the government of Canada is banning drug manufacturers and distributors from shipping any Canadian drugs that might be at risk of shortage to the United States. .Inflation has been at historic lows in recent years and seniors received a 1.7 percent COLA this year. "For every 0 worth of expenses seniors could afford in 2000, they can afford just today," says study author and Advisor editor Mary Johnson. .This year, The Senior Citizens League has heard from supporters like never before about some extreme costs of prescription drugs. One supporter told us she pays ,800 for a three-month supply of insulin as a type 2 diabetic. She said: "I do not have that kind of money! My doctor has been giving me samples to keep me afloat but I cannot expect him to do that forever … I will have to sell my house to pay for insulin." .When it comes to generic drugs, a "substantial portion" of U.S. imports come either directly from China or third countries such as India, which use active ingredients sourced from China. .How To Make Smarter Tax Decisions — Higher taxes are in the pipeline for all taxpayers, including seniors. It's essential to get better acquainted with your tax liabilities now, and to take action to reduce them.