News

  • The Senior Citizens League Weekly Update 12 13 19

    In a statement that was released on Thursday, Mary Johnson – Policy Analyst for The Senior Citizens League – said: "The bottom line is that Medicare Part B premiums rise several times faster than COLAs, and those premiums are now high enough to cause the net Social Security benefits of millions of people to remain flat for years at a time … This would make the fourth year in a row that this particular group has not seen a boost in their net Social Security benefits." .Their bill would address the administrative funding challenges that the Social Security Administration has been facing for several years. Since 2010, the Social Security Administration's budget has declined by 9 percent, resulting in a loss of 10,000 employees and the closure of more than 10 percent of all field offices nationwide. At the same time, the number of Social Security beneficiaries has increased dramatically by 15 percent since 2010. .(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. … Continued

  • Legislative Update Week Ending February 20 2015

    Improving the Social Security cost-of-living adjustment (COLA). According to TSCL's research, Social Security benefits have lost over 30 percent of their buying power since 2000 due in large part to inadequate COLAs and rising health care costs. The bipartisan Fair COLA for Seniors Act (H.R. 1553) would improve the annual COLA by adopting the Consumer Price Index for the Elderly (CPI-E), which more adequately measures the inflation seniors experience. .These benefits are far from generous. Compared to other industrialized nations, we have one of the most paltry social insurance systems in the world. Seniors have an average Social Security benefit of only ,328 a month. This is not enough to keep someone in the middle class. .Dental Coverage Under Medicare … Continued

TSCL is supportive of both of Rep. DeFazio's bills, and we were pleased to see support grow for them this week. .If Congress considers cuts to the COLA, changes in the benefit formula and increases in the retirement age, special attention will be needed regarding when changes would become effective and how they would be phased-in. The recession is already having a significant impact on the growth of Social Security benefits. If Congress cuts benefits, or reduces the growth in benefits during this slow recovery, it will likely produce a long lasting double-whammy effect for retirees. .TSCL Announces Support for New Legislation .How much would chaining the COLA cost you? Use TSCL's new Chained COLA Cut Calculator to calculate your loss. .So, before these invaluable vaccines hit the market, we should talk about an actual price. Otherwise, we will be stuck paying dearly for shots that the rest of the world will get for much less. .Although Part D plans are given leeway to vary how they structure their plans here is a breakdown of the standard Medicare Part D plan cost sharing in 2020: .No. Your understanding is correct, although there are circumstances that might explain the income. The Social Security Disability Insurance (SSDI) program's rules generally restrict beneficiaries from working and earning substantial amounts while they are receiving benefits. When beneficiaries first return to work, however, they can earn an unlimited amount for 12 months without losing their benefits under "trial work period" rules. Thereafter they can earn a specified limit, ,480 in 2013, before their benefits are eliminated. .According to the IRS, advance payments of the Child Tax Credit will be made from July through December to eligible taxpayers and will be up to 50% of the credit. Advance payments will be estimated from your 2020 tax returns, or 2019 returns if the 2020 returns are not filed and processed yet. .According to the Congressional Budget Office's (CBO) recent baseline data for the Social Security Trust Funds, Social Security is expected to receive about 7 billion in payroll tax revenues in 202The CBO further estimates that the Trust Fund would receive billion in revenues in 2021 from the taxation of Social Security benefits.