News
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Legislative Update January 2015
Background Information: Social Security beneficiaries received another record-low cost-of-living adjustment (COLA) of just 0.3% this year. But if the COLA were based on a more accurate measure of inflation for seniors like the Consumer Price Index for the Elderly (CPI-E), they would be receiving an increase of 2.1% according to data from the Bureau of Labor Statistics. Question: Do you support legislation that would give older Americans a more fair and adequate Social Security COLA? .For example, RMDs for retirees who turned 70 ½ in 2019 would have been based on the value of their retirement accounts on December 31, 201At that time the Dow was 28,462 compared to 24,101 on April 1, 2020, when their RMD was due. However, the CARES Act waiver applies to this group as well as people like you who turn 70 ½ in 2020. .I've been out of work since late March. The company that I was working for is in the process of declaring bankruptcy, and I haven't found a new job yet. I turn 64 in two months, but if I start Social Security. Ask the Advisor: August 2020 Is Taking a Loan Against Your Social Security Benefits a Reasonable Option When You are Out of Work? … Continued
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How Social Security Calculates Benefits Based On Illegal Work
Eyeglasses, however, are not covered. If you are having difficulty affording a pair of glasses from brick and mortar stores, you may want to try shopping online. Zenni optical.com has eyeglasses starting as low as .95 for basic frames. Costco the wholesale club has high ratings for their optical section. According to Consumer Reports, the median price for a complete pair of eyeglasses, frames and lenses at Costco Optical is 4, the cost of membership not included. .Both Senate Leader McConnell and President Trump have said they are in no rush to pass another virus-related aid bill, but the Democrats believe it is necessary to get relief out to individuals and businesses as soon as possible. .TSCL was pleased to hear that SSA decided to reverse the policy this week after receiving complaints from beneficiaries. TSCL's policy consultant Mary Johnson told Karen Damato this week, "We are grateful for a reprieve, even a temporary one." Policy analyst Jessie Gibbons also told Mary Beth Franklin of Investment News: "We believe the administration made the right decision to rescind their new cell phone texting requirement while they continue to pursue more options." … Continued
Social Security is a promise our country must keep. If you work and pay into the system, you should have the opportunity to retire with dignity and respect. This promise is part of what makes America exceptional — the idea that after a lifetime of work, Americans deserve security in retirement. .Some MA plans, including UnitedHealth – the largest provider of MA coverage – have already begun modifying their offerings in order to accommodate the increasing financial pressure. Last year, UnitedHealth dropped thousands of physicians from its networks, which left many enrollees doctor-less. Without much notice, they had to either find new physicians, or pay more out-of-pocket to see their former, trusted and out-of-network doctors. Because the open enrollment period had already ended, seniors were unable to change plans in order to keep their physicians and their low costs. .Action on Capitol Hill remained slow as Members of both the House and Senate spent the final week of the month-long recess in their home states and districts. Members of Congress are expected to return to Washington on Monday, September 10th. .Major findings: .If you're like most seniors, you probably depend on Social Security for at least half of your income. But how well does the annual cost-of-living adjustment (COLA) protect you from rising costs? TSCL will soon release some answers to this question with the results of its 7th Annual Survey of Senior Costs. In recent years these surveys have indicated that Social Security beneficiaries lose a considerable portion of their buying power — as much as 31 percent — in as little as the first decade of retirement. .The amount of the credit will increase for many taxpayers. . It depends on whether you can wait just a little bit longer to start benefits.. .In 2008, an audit by the Social Security Administration's (SSA) Office of Inspector General found that spouses did not always receive the higher retirement benefits due them. Although 18,768 spouses were identified as eligible for higher retirement benefits in that audit and the SSA developed a notification letter, the agency took no further action to notify beneficiaries – citing "limited resources." As a result, these spouses never received the higher retirement benefits for which they were eligible. .The Senior Citizens League is encouraging Congress to take the opportunity now to strengthen Social Security by beefing up the amount of earnings subject to payroll taxes, a tax provision that has widespread public support. The Senior Citizens League is delivering a letter to Congress this week calling for three tax reforms that would strengthen Social Security and provide relief to millions of older Americans. Those reforms include:
