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  • Category News Tips For Seniors Savings

    Yes, of course, Americans' health is priceless, and reining in a deadly virus that has trashed the economy would be invaluable. .Unless something is done, TSCL calculates there may be no COLA for next year. .Support Grows for Social Security Fairness Act … Continued

  • Q A June 2020

    To make the COLA more fair and accurate, TSCL believes that Congress must fully implement the CPI-E, and use it to provide a more realistic annual benefit boost. We support a number of bills before Congress that would do just that, including the CPI-E Act (H.R. 1030), the Guaranteed 3% COLA Act (H.R. 1585), the CPI for Seniors Act (H.R. 2154), and the Social Security Guarantee Act (H.R. 1275). Each of them would go a long way in ensuring that seniors receive the retirement security they deserve. .However, one week ago a federal judge in California issued a ruling stopping the implementation of the rule because of the "government's failure to complete the notice and comment procedures required by the Administrative Procedure Act." .Last year the House of Representatives passed major legislation to lower drug prices that included giving the Secretary of Health and Human Services (HHS) the authority to negotiate for lower drug prices with drug companies. … Continued

The CARES Act will not impact payment of Social Security benefits because funding from the projected Social Security payroll taxes will be credited to the Trust Fund. Increased borrowing and increased debt costs may put added pressure on Social Security for changes to improve solvency in the near future, though. .TSCL enthusiastically supports H.R. 1391 since it would strengthen the program without cutting benefits for seniors. We were pleased to see support grow for it this week. .Benefit Bulletin: September 2021 Most Look Forward to Boost; Low-Income Retirees Worry Benefits Could be Trimmed .On Thursday, the House Ways and Means Social Security Subcommittee held a hearing to discuss the findings of the new 2018 Social Security Trustees Report. Those on the subcommittee heard from Stephen Goss, Chief Actuary at the Social Security Administration. .Check plans offering gap coverage but don't be surprised if you wouldn't save much. If your new prescription will cost enough to put you into the doughnut hole coverage gap, check the cost of plans with additional gap coverage. But if your main expense is an expensive brand name prescription, gap coverage may not save enough to make up for the higher cost of premiums. Most only cover some generics. Get unbiased help comparing your coverage by calling your Area Agency on Aging and asking for the help of a State Health Insurance Assistance Program (SHIP) counselor, or visit online at: https://shipnpr.shiptalk.org/. .This study looks at 39 expenditures that are typical for people age 65 and up, comparing the growth in the prices of these goods and services to the growth in the annual COLAs. It includes cost increases in Medicare premiums and out of pocket costs that aren't tracked under the index currently used to calculate the COLA. .The COLA will be announced on October 19th, and Medicare premiums and deductibles also will be announced in the fall. Seniors who are already retired and those nearing retirement have few options if the benefits they rely on today were to be cut. TSCL is fighting such proposals affecting the benefits of current retirees, believing that seniors need a COLA that more adequately protects the buying power of Social Security, and TSCL supports H.R. 776, the Guaranteed 3% COLA Act, introduced by Representative Eliot Engel (NY-17). .Early Efforts to Hold Congress to Its Promise Leads to a Notch Commission .Obama Urges Lawmakers in the State of the Union Address