News

  • Will Social Security Last As Long As You Do 2

    In a recent survey of TSCL's supporters, as many as one-third of respondents said they postponed filling their prescriptions or took less than prescribed due to high costs. They question why Congress hasn't taken action to improve the system and to protect the American public from rising drug costs. .This week, action on Capitol Hill slowed down as Members of Congress adjourned for a holiday recess. .What do you think? Take TSCL's 2014 Senior Survey. … Continued

  • Social Securitys Gruesome Fraud Management Failures

    In addition, one new cosponsor – Rep. John Duncan, Jr. (TN-2) – signed on to the Preventing and Reducing Improper Medicare and Medicaid Expenditures (PRIME) Act (H.R. 2305). The total is now up to sixty-three. If signed into law, the PRIME Act would take a number of steps to comprehensively prevent fraud, waste, and abuse within the two programs – a problem that TSCL believes must be addressed in order to ensure that scarce program dollars are being spent properly. .Based on your age, you potentially may be able to use a claiming strategy at your full retirement age (66) that could provide you with a divorced spousal benefit, while you wait for your own benefit to grow. Once you have reached full retirement age you can choose to receive only the divorced spouse's benefit and delay receiving retirement benefits based on your own work record until a later date or when you turn age 70. .Benefit reductions due to your age. — Since you were born in 1952, your age for receiving full, unreduced Social Security benefits is 6That holds true for survivors benefits, as well as for your own retirement benefit. So assuming you start benefits in December at age 64, the amount you would receive for starting benefits before your full retirement age will be reduced — almost 10%. (When you start benefits early you get less but you theoretically receive them over a longer period of time.) But that's not the only reduction. … Continued

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. .The following article is from "Kaiser Health News": .This doesn't mean you should completely rule out starting widow's benefits. Depending on your finances, you may be able to start a reduced widow's benefit now and later switch to your own retirement benefits after your reach full retirement age or later if it would be higher than what you are entitled to now. If your own retirement would not be higher, then starting survivor's benefits now would lock in a permanently lower benefit. .This week, Members of Congress returned to their home states and districts for a week-long recess to celebrate the Thanksgiving holiday. They are expected to return to Capitol Hill on Monday, November 28th, to resume the lame-duck session. .If the threshold is raised, many seniors who have saved for their entire lives and have carefully planned for retirement will suddenly be faced with hundreds of dollars in extra taxes—on top of the out-of-pocket medical costs they already pay. That's simply unacceptable. .(For more details see our "FAHow ‘Undocumented' Workers Are Becoming Entitled To Social Security.") Of particular importance is an exception that applies to immigrants receiving benefits living in a country with which the U.S. has a totalization agreement. It appears that under the U.S./Mexico Totalization Agreement, all that any illegal Mexican worker must do to qualify for benefits is return to Mexico. Once a claim has been filed, the U.S. Social Security system counts all earnings, even for jobs worked without legal authorization, to determine entitlement to benefits. TSCL is particularly wary of how the 2012 presidential election may affect the status of the agreement. And, even if voters send a new president to the White House, the agreement will continue to remain pending even if no action is taken by President Obama, for the next President's consideration. .Trump Expected to Issue Executive Orders about Prescription Drugs .The situation can be potentially dangerous for Medicare beneficiaries and their families. If you are approached or receive a call by someone offering money, free services, free groceries, free transportation or TVs for your Medicare number, say no. If you suspect fraud, Medicare has an area on its website where you can report fraud. .The "defined benefit" pension plan has become rare, only available to about 16 percent of private sector workers, according to the Bureau of Labor Statistics. Most companies have transitioned from traditional pension plans that offer a fixed benefit to 401(k) plans, that are invested in the stock and bond markets, and vary on the amount of income that can be expected, depending on investment performance and the economy.