

News
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Legislative Update For Week Ending April 29 2016
An immigration program launched by the Obama Administration two years ago has issued valid, work-authorized Social Security numbers to about 600,000 applicants who attest to be in the country illegally. The program, known as "Deferred Action For Childhood Arrivals," is one of a series of administrative amnesty initiatives by President Obama to stop deportations of immigrants and let undocumented immigrants who meet the qualifications work in this country despite illegal status. Now immigration activists are pressuring President Obama and Members of Congress to expand the Deferred Action program, or pass immigration reform. .Although not many studies exist, according to one study of average earners born from 1917 through 1926, the disparity in benefits with other retirees seems to average about 26%. .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. … Continued
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Benefit Bulletin March 2015
Recently we received the following from one of our readers: .Many seniors are struggling with their vastly diminished retirement accounts following the stock market crash. Additionally, the inventory of unsold houses has now reached record highs and the forecasts for retirees who need to get their cash out of real estate are gloomy indeed. .New Analysis Says Social Security/Medicare in Worse Shape Now than Earlier This Year … Continued
Over the years, there have been many bills, some with large numbers of co-sponsors, to fix the Notch. Most of the proposed legislative "fixes" provided improved monthly benefits. "Notch Reform" bills encountered strenuous opposition. Objections centered on the lifetime cost of providing those benefits. In 1992, one widely-supported piece of legislation was estimated to cost 0 billion (including interest lost to the Social Security Trust Fund) through the year 2020. In addition, it was argued that the cost would cause the Social Security Trust Fund to become insolvent even sooner than projected. .In addition, U.S. Customs may be trying to clamp down on prescription drugs being shipped to American consumers from Canadian pharmacies. Although "reimportation" of prescription drugs from abroad continues to be illegal, Customs and Food and Drug Administration (FDA) officials have only intermittently seized shipments of Canadian drugs in the past. Canadian mail order pharmacies and drug-buying programs run by senior advocates reported earlier this year that the number of seizures has more than quadrupled recently. .In addition, one new cosponsor – Rep. Grace Meng (NY-6) – signed on to the Social Security 2100 Act (H.R. 1391), bringing the total up to sixty-nine. .And no matter what critics may say about the dire finances of the Social Security, the government can find the money for Notch Reform simply by cutting waste, fraud and abuse. The General Accountability Office reported earlier this year that government agencies made over billion in improper payments in fiscal year 200Forty-five billion would more than pay for a Notch settlement. TSCL estimates the cost of the Notch Fairness Act to be around billion. .Under current law, employers withhold 6.2% in Social Security taxes from workers' earnings — an amount that employers match for a total of 12.4%. That money goes to the U.S. Treasury and is used to pay benefits to today's retirees. About 85 percent of all employees, pay Social Security taxes on every dollar earned. .But achieving bipartisan consensus on the next packages appears more difficult. House Speaker Nancy Pelosi (D- Calif.) says her starting point is up to trillion in aid that cash-strapped states and local governments need to prevent layoffs of first responders and other workers, and to help make up for lost revenues amid business closures. She also wants an infusion of funds for the postal system, which President Trump previously blocked. Also, on her list are provisions to expand voting by mail. .Eliminating income taxes on Social Security benefits. Millions of middle-income Social Security recipients currently pay income taxes on a portion of their Social Security benefits. According to a recent survey of TSCL's members, 56 percent of older households pay taxes on their benefits, and that number is projected to rise in the coming years. Eliminating this income tax would provide millions of middle-income beneficiaries with much-needed tax relief. .We've also reported on an analysis by the Social Security Administration about the effect of the President's directive on the viability of Social Security. That report said in part, the " DI [Disability Insurance] Trust Fund asset reserves would become permanently depleted in about the middle of calendar year 2021, with no ability to pay DI benefits thereafter. We estimate that OASI[Old Age and Survivors' Insurance] Trust Fund reserves would become permanently depleted by the middle of calendar year 2023, with no ability to pay OASI benefits thereafter." .The findings come as the nation finds itself in a growing a retirement crisis. Even before the coronavirus - caused recession, the U.S. Government Accountability Office estimated that about 48 percent of households headed by people aged 55 and over had no retirement savings. That situation has been made even worse in 2020 and 2021 as older workers have lost jobs or seen their work schedules reduced due to the pandemic.