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    Why ban the use of earnings from unauthorized work to determine Social Security benefits? Under current law Social Security uses all earnings to calculate Social Security benefits. That means earnings of unauthorized immigrants from jobs worked under invalid and fraudulent Social Security numbers (SSN) can be used both to qualify for benefits and for the calculation of the initial retirement benefit. There is no official published data on the amount of wages on file attributable to aliens working without authorization, but the Social Security Administration maintains an earnings suspense file that represents an estimated 3.5 billion in wages from 2000 through 2010[2], most of it believed to be attributable to illegal workers. Under immigration reform, that could mean a huge new liability for Social Security in the future, triggering more rounds of cuts and higher taxes. .Millions of Seniors Are Losing Benefits .This legislation would require the Federal Trade Commission to update its website to include a searchable database of scams targeting seniors. It would have to work with media outlets and law enforcement to distribute the information. The FTC also would be required to send Congress a report with policy recommendations to prevent scams targeting older individuals, especially during national emergencies. … Continued

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    Indeed, the Social Security Administration does not "promise" a specific amount of benefits, but they do not promise to replace a specific percentage of pre-retirement earnings either. Both benefit amounts and "replacement rates" can change at any time if Congress and the Social Security Administration deem it necessary. Prior to the 1977 changes, the replacement rate was not a stable percentage. For people who retired under the 1972-73 flawed formula (those born 1913 through 1916), replacement rates grew from 39% to a high of 54%. The new benefit formula led to a lower, more stable replacement rate of about 43%, as well as lower benefits. .House Majority Leader Steny Hoyer (D-Md.) said he still expects the House to consider regular fiscal year 2021 spending bills beginning in June. But Senate Leader McConnell has not discussed any timetable for the bills coming out of the Senate Appropriations Committee, which must happen before the full Senate can consider the legislation. The Appropriations Committee got off to a late start, and it is not clear the committee will keep its summer working schedule. As a result, there is growing expectation that – once again - a continuing resolution will be needed to prevent a government shutdown on the eve of the election and that lawmakers will complete their work on the spending measures in a lame-duck session. .Ignoring mature worker employment will have long-term effects on American families and our overall economy. During the final years of their careers, mature workers traditionally earn their highest salaries, pay off their mortgages, care for aging parents, put their children through school, take a splurge vacation and save for their retirement. … Continued

At this time, the FDA has authorized one COVID-19 self-test to be completely used and processed at home. You will risk unknowingly spreading COVID-19 or not getting treated appropriately if you use an unauthorized test. .Our next issue of interest this week is Surprise Billing. Surprise billing does not affect seniors on Medicare as much as it affects seniors under age 65 who still have health insurance through their employer or who are paying for their own health insurance. Surprise billing usually refers to expensive, unexpected medical bills that patients receive from hospitals and doctors' offices even when they have health insurance that they expect will cover the majority of treatments cost. Congress has been getting an earful from voters who are very upset about this situation and there seemed to be a fair amount of optimism that legislation dealing with surprise billing may be able to pass. If it does, there could be an effort to attach legislation dealing with drug prices to that bill. .Most working people pay Social Security taxes on every dollar earned and many pay more in Social Security taxes than in federal income taxes. Yet nearly one out of five workers — some 18% — pay no Social Security taxes on any earnings over the Social Security taxable maximum — which is 8,400 in 2018. .The information you do get can seem contradictory. The one piece of advice almost all retirement advisors do agree on is this — starting Social Security at 62 is a bad idea unless you are terminally ill with only a few more years to live. Your benefits will be permanently reduced up to 30% depending on your full retirement age, and if you are working, your benefits could be reduced due to earnings restriction rules. .By Representative Brad Wenstrup (OH-2) .If you would like to continue receiving these press releases via email, please send your email address to [email protected]. .Retirees' budgets take a beating when prescription drug prices rise faster than the annual cost – of – living adjustments (COLAs). But new legislation moving in the Senate would address that problem. The drug bill would require drug manufacturers to pay rebates when prices rise faster than inflation. Lobbying groups for drug manufacturers don't like the idea. .Compare costs. Before making any decision to drop your current plan ask for a breakdown of costs of the plan you are considering. However, keep in mind the information supplied by an insurer or agent may be incomplete or omit important cost information. Don't sign anything without consulting several outside sources of information. .Action on Capitol Hill remained slow as Members of both the House and Senate spent the final week of the month-long recess in their home states and districts. Members of Congress are expected to return to Washington on Monday, September 10th.