News

  • Healthcare Costs Taking Bigger Share Social Security Benefits

    (Washington, DC) – Half of retirees participating in a new survey by The Senior Citizens League (TSCL) say they paid income taxes on a portion of their Social Security benefit income for the 2019 tax year. "There was no change from previous years in the 50 percent of retiree households who report that they pay tax on a portion of their benefits, despite the 2017 tax reform law, says Mary Johnson, a Social Security and Medicare policy analyst for The Senior Citizens League. .In short, there are two main obstacles to the "Pelosi" bill to lower drug prices: overcoming objections from House Democratic progressives and getting through the Republican opposition in the Senate. .Support for Notch Reform legislation has grown significantly, nearly doubling over the previous six Congressional sessions in which it's been introduced. TSCL is encouraging seniors and their younger family members like you to contact your Members of Congress and urge them to co-sponsor and pass "The Notch Fairness Act, " H.R. 1001 and S. 118! … Continued

  • Benefit Bulletin New Poverty Measure Indicates More Older Americans Living In Poverty

    As far as the other three orders are concerned, it has been reported that consumers may not notice immediate changes since the orders must be carried out by the federal bureaucracy and could face court challenges. .Drug Discount Cards .An abrupt jump in inflation in February and March of this year wiped out a short-lived improvement in the buying power of Social Security benefits in 2020, according to TSCL's latest study on rising senior costs. The study, which compares the growth in the Social Security cost of living adjustments (COLA)s with increases in the costs of goods and services typically used by retirees, found that, while consumer prices flatlined in 2020 through January 2021, costs are now sharply increasing. … Continued

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? ."People should watch for mail from their drug or health plans explaining cost changes for 2018," Johnson says. You can compare plans and make changes during the Medicare Open Enrollment period, which runs October 15th through December 7th. You can get free one-on-one counseling from your state Health Insurance counselors (SHIP) by contacting your local Area on Aging, or senior centers. Ask for help comparing Medicare drug plans. .Recently the House Budget Committee and the House Energy and Commerce Committee both held hearings on the controversial Independent Payment Advisory Board (IPAB). The IPAB was created under the healthcare reform law to slow rising Medicare costs. If costs grow too fast, the IPAB would recommend cuts that would go into effect unless Congress comes up with the same amount of savings. Both Committees heard testimony from Health and Human Services (HHS) Secretary Kathleen Sebelius, among many others. .Some financial advisors say that there may be some tax advantages to taking money out now while valuations are lower. This information is not intended as investment advice. We strongly recommend that you contact the custodian of your 401(k) or your financial advisor and discuss a plan for your income needs and to explore potential sources of funds. .TSCL surveys confirm that costs for older Americans continued to climb despite no COLA this year. A recent TSCL survey found that 72 percent of respondents reported that their monthly household expenses rose by more than in 2015. .The order would broaden existing federal requirements for government agencies to prioritize buying supplies for medicines deemed "essential" from U.S. manufacturers, rather than companies in China or elsewhere around the world. .Today TSCL is calling on every Member of Congress to provide emergency COLA and Medicare relief for 2016, saying that Congress should: .Can your husband do the work he did previously? If he can, your husband would not qualify. .Last week, in a last ditch attempt to try and come up with new legislation, Secretary of the Treasury Mnuchin and White House Chief of Staff Meadows met with the leaders of the House and Senate see if they could reach a compromise. They could not. One of the big reasons was the overall cost of the legislation and in the amount of money that would be given to those who are unemployed because of the pandemic.