News
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Legislative Update Week Ending November 10 2017
I've heard a lot of confusing advice on when to start Social Security. I'm divorced, single, and I turn 63 this year. I know that by waiting, my benefit will grow, but I'm not sure how much longer I will have my job. I need to augment my income now, especially to afford my health insurance costs. I don't have much in retirement savings. What are my best options? .This week, action on Capitol Hill remained slow as the fall recess continued. .In addition, President Obama issued a veto threat earlier this week when he released a Statement of Administration Policy that read: "The Administration is committed to strengthening Medicare for those who depend on it and protection of the public's health. We believe this legislation fails to accomplish these goals." … Continued
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Weekly Update For Week Ending September 5 2020
This week, congressional leaders and President Donald Trump put an end to the partial federal government shutdown by approving a short-term CR that will reopen the government until Friday, February 15th. .However, many lawmakers on Capitol Hill were satisfied with the court's ruling. Rep. Bob Goodlatte (VA-6) – Chairman of the House Judiciary Committee – said, "President Obama's executive overreach on immigration poses a clear and present danger to our constitution and I am pleased that the president's actions continue to be halted so that the states' lawsuit can continue to move forward." .Members of Congress returned to their home states and districts this week for a holiday recess that will last for two weeks. Members of the House are expected to return to Washington on Tuesday, April 9th, and Members of the Senate are expected to return on Monday, April 8th. Budget negotiations will likely resume at that time, as President Obama is slated to release his own plan for 2014 on April 8th. … Continued
Since the start of CPI-E in 1983, the average difference between it and the CPI-W is roughly .25 percentage point per year. Sounds tiny but, like interest, it compounds over time. Had the CPI-E been used to determine COLAs since 2015, your benefit would be about 2% higher today. An average benefit of ,215 per month in 2015 will increase to ,298 per month in 2020. But had the CPI-E been used to calculate the COLAs, that benefit would have been per month more or ,324 in 2020. .TSCL believes that the combined effect of COLA cuts and higher Medicare costs would leave the majority seniors far less able to afford necessities in coming years. Today the average monthly Social Security benefit is just ,150 before deductions for Medicare premiums. The average family income of married couples 65 and over including Social Security is just ,718. .72% support applying the Social Security payroll tax to all earnings (instead of capping the amount of wages to be taxed at 2,800), a move that would reduce Social Security's long - term deficit by as much as 73%. .Some Republicans said such proxy voting is unconstitutional and would subject any legislation passed with such procedures to court challenges. However, Democrats countered by citing letters from two legal scholars who argued the Constitution gives the House and Senate the power to determine their rules and procedures and the courts have declared them off limits to legal challenges. .The Senior Citizens League was pleased to see support grow for these three bills this week, and we thank the new cosponsors for their support. In the months ahead, The Senior Citizens League will continue to advocate for the passage of the Social Security Fairness Act, the Social Security 2100 Act, and the Medicare Drug Price Negotiation Act, and we urge Congress to enact them this year. .This failure of the COLA to keep up with rising Medicare Part B premiums and other retiree costs is creating a dilemma that is growing in magnitude, not only for older Americans, but also for the nation's safety net programs like Medicaid. A majority of Social Security recipients depend on their benefits for more than half of their income, and almost half of all retirees have only limited or no retirement savings at all. The lack of adequate growth in benefits over the past eight years is pushing modest income seniors into poverty, forcing even those who started out as middle-income retiree households to rely on Medicaid for help paying Medicare costs, rental subsidies, fuel assistance, food pantries and senior meals programs. .When you get your new card, you may begin using it at once. But if you forget to bring it with you to your next doctor's visit your doctor's office should be able to use your old card until December 31, 2019. .Assistance in paying for low cost home weatherization to make your home more energy efficient. .Interestingly, the big drug manufacturers do not like the new rule. A spokesperson for the Pharmaceutical Research and Manufacturers of America (PhRMA), the drug industry's largest trade group, said the rule is "unconscionable" for making it "harder for patients to use manufacturer cost-sharing assistance to lower their out-of-pocket costs for medicines."
