News

  • Benefit Bulletin June 2012 Advisor

    The FAIR Social Security Act (H.R. 1984), introduced by Representative Peter DeFazio (OR-4). This bill would make COLAs more accurate by basing them on the Consumer Price Index for the Elderly (CPI-E). In a letter to his colleagues in Congress, Rep. DeFazio wrote: "Defying all common sense, COLAs are currently calculated based on the cost of goods that aren't purchased in large numbers by seniors … Social Security COLAs should be based on accuracy, not austerity." According to his office, adopting the CPI-E would amount to a monthly benefit increase at the age of 80 for the average retiree, and an increase of per month at the age of 90. .That estimate is based on consumer price index (CPI) data through August, but it could significantly change with the September CPI data. Estimating the COLA this year has been far more challenging than in previous years due to the impact of hurricanes Harvey and Irma, which are affecting the prices of gasoline, food, housing and other costs. "We've got a hurricane wild card this year," Johnson says. "When the COLA is announced in October 13th, my 1.8 percent estimate could be off the mark," she says. "This is especially so when you take a look at what happened after Hurricane Katrina in 2005," Johnson notes. .It would implement a moratorium on all field office and contact station closures to ensure that beneficiaries have access to the essential services they provide. … Continued

  • H R 1517 Social Security And Medicare Lock Box Act

    Source: " 10 Charts About Public Opinion On Medicaid," Kaiser Family Foundation, June 27, 201"Medicare Savings Program Cuts Delayed By Two Months," Mackenzie Rigg, The CT Mirror, December 5, 201"General Assembly Reverses Cuts To Medicare Program," Keith Phaneuf, The CT Mirror, January 8, 2018. .According to an article last week in StatNews, a newsletter that covers health and medical issues, the answer seems to be "whichever one is available to you first." .Last year, I co-founded the bipartisan House Retirement Security Caucus in order to raise awareness about the importance of properly planning for retirement (and the pitfalls of not doing so). As co-chairman of the caucus, I am committed to making sure the federal government does not make retirement planning more complicated than it should be. Just recently, in response to the Department of Labor's proposed "fiduciary rule" that could restrict Americans' access to financial advice, I voted for the SAVERS Act (H.R. 4294), which would protect such access while also helping to ensure that financial advisors act in the best interest of the retirees and families they serve. … Continued

The plan would reform the tax code by consolidating the six existing brackets into three, and by setting the corporate tax rate at an even 28 percent. It would also make some major modifications to Medicare, including a repeal of the Sustainable Growth Rate for physician payments, and a strengthening of the controversial Independent Payment Advisory Board. The proposal also includes a plan to restore Social Security to 75-year solvency by raising the retirement age, increasing the taxable maximum wage cap, and adopting a Chained Consumer Price Index, among other things. .Doing nothing and allowing the Social Security recipients to go with just a 1.3% COLA, would be highly detrimental to the Social Security income of all retirees, and would not extend program solvency. TSCL is working to make Members of Congress aware of the need for providing this boost to your Social Security benefits both to strengthen your retirement income and to protect you from huge spikes in the Medicare Part B premium. .As opposed to previous years, the Senate leaders want any legislation they have to pass out of the way by the end of May. That means any bill has to pass the Senate, then the Senate and House would have to negotiate and reach agreement on one bill before it could be sent to the President for his signature. .Many states that were hit hard by the virus say they chose to provide protective gear to front-line health workers rather than inspectors, delaying in-person checks for weeks if not months. Some states chose to assess facilities remotely, conducting interviews over the phone and analyzing documentation, a process many experts consider inadequate. .What happens when Congress waits too long to address a Social Security funding crisis? Deeper benefit cuts, sudden tax increases, and glitches in the implementation of reforms that can lead to significant benefit inequities between people close to each other in age. Consider the case of the Social. Benefit Bulletin: June 2013 What Caused The Social Security Notch? .During last fall's debt limit deal, Members of Congress passed legislation containing un-debated, secret provisions that made two major changes to Social Security benefit claiming strategies. The changes cut the expected retirement income of some married couples already at full entitlement age. Do you believe entitlement cuts are necessary in exchange for your vote to lift the debt limit in the future? .In April, TSCL's staff trekked up to Capitol Hill to hand-deliver hundreds of thousands of petitions to each Congressional office. The petitions were delivered along with a cover letter from Larry Hyland, Chairman of TSCL's Board of Trustees, who encouraged Members to support key bills. He wrote: "Your constituents listed in the following pages are active and informed, and these represent some of the issues that matter the most to them. Each of these bills would go a long way in protecting and defending the earned benefits of senior citizens." ."For those who don't like these executive actions, there's time to get to the table and back a legislative solution," Grassley said in a statement. "I will continue the fight in Congress until significant prescription drug pricing legislation becomes law. The next coronavirus relief bill presents the perfect opportunity for Congress to meet the moment." .The legislation would provide a ,000 settlement payable in four annual installments of ,250 or an improved monthly benefit for Notch Babies born 1917 through 1926 or survivors who receive benefits on their account.