The new benefit formula under the 1977 law changes used "wage indexing" to calculate the initial retirement benefit. The economic assumptions used by Congress and the Social Security Administration assumed that wages would grow more quickly than price inflation. Generally, this is the way the economy tends to perform under normal circumstances. In reality, however, the reverse happened. .A Fifth Coronavirus Relief Bill Unveiled in the House of Representatives .Seventy-eight percent of older voters participating in TSCL's survey say they support raising payroll taxes, eliminating the taxable maximum wage cap so that everyone pays Social Security taxes on all earnings over 8,500. Unlike low - and middle - income wage earners, the highest earners today only pay taxes on the first 8,500 in earnings and enjoy a huge Social Security tax break on all on wages over that amount. A clear majority — 62% of survey participants — also favors very gradually increasing the payroll tax rate by 1% each for workers and employers. Taken together, both changes would provide enough financing to keep the program solvent for more than 50 years. .Even Republicans who support changing the regulations are opposed to putting it in the NDAA and they may support an effort to pass it and try to override the President's veto, which would be the first of his presidency. .I turn 65 later this year and I'm in good health. How much will Medicare premiums cost, and what other costs will I have? I do not get health insurance where I work. .A 2.5 or 3 percent COLA would be sufficient to boost an average monthly retiree benefit of ,500 by .50 to .00 respectively. That would be enough to cover a substantial Part B premium increase in 2021. .2014 Annual Survey of Senior Costs, Mary Johnson, The Senior Citizens League, March 2014. ."Many of the most-expensive medications are the biologic treatments that we often see advertised on television," Mulcahy said. .This week, one new cosponsor – Rep. Pete Olson (TX-22) – signed on to the No Social Security for Illegal Immigrants Act (H.R. 2745), bringing the total up to twenty-six. If signed into law, the bill would prevent Social Security credits from being earned by work done illegally. Currently, those who receive "green cards" or work authorization may file a claim for Social Security benefits based on all earnings – even earnings from jobs where they used stolen, invalid, or fraudulent Social Security numbers. We believe that this practice must be put to an end in order to protect the integrity of the Social Security program.