News

  • Notch Bulletin August 2011 Advisor

    Please, share this video with your friends (use the "Share" button above or copy the URL into an email). .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. .Sources: "Phone Scammers and ‘Tele-doctors' Charged With Preying On Seniors in Fraud Case," Victoria Knight, NPR Health News, October 7, 201"U.S. Thwarts Medicare Genetic Testing Scam," Associated Press, September 29, 2019. … Continued

  • 2021 Cost Of Living Adjustment

    Social Security Administration data indicate that, since 2000, the ESF grew at an unprecedented pace. According to TSCL's new report since 2000, the SSA has received, on average, 8.8 million suspicious wage reports annually. Cumulative wages in the ESF since 1980 now total more than .2 trillion, unadjusted for inflation. Wages are of importance because Social Security benefits are based on an individual's earnings record, not the taxes paid in. .Your Initial Enrollment Period starts three months prior to turning age 65, includes the month you turn 65, and ends 3 months after you turn 6Advisor editor Mary Johnson, who has helped dozens of friends and neighbors with their Medicare, highly recommends starting the Medicare enrollment process 3 months before you turn 65, in order to have your new coverage become effective in the month you turn 6Enrolling in Medicare is done online through the Social Security website at www.SocialSecurity.gov. Look for the box that says, "Enroll in Medicare". Or you can get assistance to help you with this. .On June 3, 2011, the House Ways and Means Subcommittee on Social Security held a hearing on the Annual Trustees Report. The Subcommittee heard from the two Public Trustees of the Social Security and Medicare Board: Charles Blahous III and Robert Reischauer. … Continued

When he first ran for office, candidate Trump promised he would not make any attempt to cut Social Security or Medicare while he is President. But in an interview this week with CNBC's Joe Kernan, and definitely something we will be keeping a close eye on, President Trump mentioned in a news conference that cutting entitlements (Social Security and Medicare) is not off the table. ."Our example just looked at the salaries and performance pay of just 20 CEOs," notes Johnson. "According to the Social Security Administration, there will be 12 million people who earn above the taxable maximum in 2018," she adds. .We have been hearing from hundreds of you who are watching the inflation numbers and eagerly looking forward to getting a high inflation boost next year. But a number of you point out an urgent problem that occurs. COLA Estimated to Be 6% to 6.1% For 2022 , editor .Medicare Advantage plans have somewhat different costs. If the stay is considered observation care, however, that is covered under Medicare Part B, which means you will have a copayment for each individual outpatient hospital service. In addition, Part B doesn't cover most prescription drugs that are received in an outpatient setting. Perhaps even more importantly, the lack of inpatient status also disqualifies you from receiving Medicare-covered care in a skilled nursing facility or nursing home. .You can learn more about Social Security disability benefits at https://www.ssa.gov/benefits/disability/. Find information about when to start retirement benefits here: https://www.ssa.gov/benefits/retirement/learn.html h3. .Lawmakers remained in their home states and districts this week for the August recess. They are expected to return to Capitol Hill on Tuesday, September 8th. In the meantime, many Members of Congress will attend local events and hold town hall meetings, giving constituents an excellent opportunity to voice their concerns and have their most pressing questions answered. .COLA cuts: Use the "chained" Consumer Price Index (CPI) to calculate annual cost-of-living adjustments (COLAs). Supporters say that the difference would be small, reducing the COLA about .3 tenths of a percentage point per year. But TSCL estimates this "small" change would cost retirees, with average benefits of ,170 in 2011, some ,223 over a 25-year retirement. .The Social Security Administration maintains a special Earnings Suspense File of wage reports that don't match the name and Social Security number of those in Social Security records. According to data from the Social Security Administration, an average of 9,762,500 wage reports per year with invalid names or Social Security numbers were received from 2000 through 2007 for an average of .68 billion in wages per year. That much in wages would be worth more than billion per year in Making Work Pay tax credits in 2009 and 2010 if those trends continue. .At Wednesday's hearing, many lawmakers seemed to agree that Congress should begin working seriously towards a long-term plan, but it was clear that there is no consensus on what that plan should look like. One member of the committee, Senator Bob Corker (TN), said he would support a plan similar to the Simpson-Bowles proposal of 2010 that would increase Social Security's age of eligibility and adopt the "chained" CPI, among other things.