News
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Q February March 2018
"Americans face major retirement challenges," Johnson says. The Senior Citizens .Last year was a busy and successful one for The Senior Citizens League (TSCL). Three major legislative efforts that had our support were effectively tackled by lawmakers in Congress and signed into law by President Obama. .Raising Medicare Age Would Save 500 Billion Dollars … Continued
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The Senior Citizens League Tscl Weekly Update For Week Ending June 19 2020
Increasing the amount of wages that is taxed for Social Security, which is currently limited to 7,200. Higher - wage earners currently pay no Social Security taxes at all on income earned over that amount. .By the time the Inspector General has performed its audit reports and given CMS its recommendations, CMS has limited, if any, time to collect before the statute of limitation expires. The OIG recommends that CMS should pursue legislation to extend the statute of limitations so that the recovery period exceeds the reopening period for Medicare payments. In addition, the OIG recommends that CMS develop a system to verify that the amount reported collected has actually been collected. TSCL heartily supports these commonsense recommendations. With Congress debating a major Medicare overhaul that would make seniors pay a higher portion of Medicare costs in the future, Congress should move quickly to close the statute of limitation loophole that's costing us millions in lost recoveries. .TSCL Urges Action on Debt Ceiling … Continued
The Senior Citizens League is conducting an online survey of healthcare costs experienced by Medicare beneficiaries and invites seniors and the disabled with Medicare to participate at . The information will be used to educate both lawmakers in Congress and the public about the financial challenges of keeping Medicare affordable for beneficiaries while ensuring program financing remains sound for the future. To learn more about changes to Medicare, get tips on reducing your Medicare costs and to participate in TSCL's new online Medicare healthcare cost survey visit: . .Last October's debt deal contained surprise Social Security changes that will cost some Baby Boomer couples tens of thousands in anticipated Social Security income. While proponents say the changes were necessary to "close filing loopholes," TSCL feels the cuts included people who are too close to retirement. Worse, these changes were struck in a secret, closed-door "must pass" debt deal with no public debate. .The Senate amended and passed the bill 90-2 on March 25, with two Republican Senators voting against it. .TSCL's legislative agenda .On Wednesday, TSCL's Board of Trustees, along with Executive Director Shannon Benton, presented Rep. Mike McIntyre (NC-7) with the 2012 Seniors Advocate Award for his efforts on behalf of the nation's senior citizens. For more than fifteen years, Rep. McIntyre has been a leader dedicated to the issues that matter the most to TSCL's members and supporters. .Although not many studies exist, according to one study of average earners born from 1917 through 1926, the disparity in benefits with other retirees seems to average about 26%. .Diversify if you can. If you have the savings, it might be wise to spread your investment between two companies or consider having a portion of yours savings in fixed annuity and a portion in a variable annuity. .To date the government has no comprehensive estimate of the costs of such policies on the Social Security Trust Fund, or the cost of benefits based on illegal work. Nevertheless, Congress is studying a number of changes to Social Security that would cut the benefits of both future and current U.S. senior citizen beneficiaries who worked and paid into Social Security legally. .It's unlikely that Congress will move forward on this plan or any Medicare reform proposals before a critical election, but The Senior Citizens League will keep a close eye on the negotiations.