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  • Retiree Tax Uncertainty Triples

    To be eligible for the Making Work Pay Tax Credit, individuals must have earned income from a job, be within income limits that apply to the credit, and have a valid Social Security number. Although the money was advanced in higher pay (and pension checks), taxpayers must figure the credit on Schedule M and attach it to a Form 1040 or 1040A in order to claim it. Taxpayers filing a 1040 EZ may figure the credit on the worksheet attached to the return. .The billion could be financed without taking money from the Social Security Trust Fund. One way is through reduction of pork barrel spending and government waste. In the fiscal year 2001 budget alone, pork "watch-dog" Senator John McCain (AZ-R) estimated that the government would spend a record billion in pork-barrel projects. .Analysts are warning about potential drug shortages, but there is a system for checking whether there really is a shortage, using reported shortage tools on the U.S. Food and Drug Administration (FDA) website. You can look up current drug shortages at :https://www.accessdata.fda.gov/scripts/drugshortages/dsp_SearchResults.cfm … Continued

  • 2017 Loss Buying Power Study

    The Guaranteed 3% COLA Act — Like the CPI-E Act, this critical bill would base Social Security COLAs on an inflation index for seniors. However, it would also provide much-needed financial relief to older Americans by ensuring that beneficiaries never receive an annual benefit increase that is less than 3%. TSCL was disappointed that this essential bill did not gain the support it needed to win passage in the 115th Congress, but TSCL is working to get Members of Congress onboard and the legislation moving in 2019. .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. .More Harmful Chemicals Found in Some Hand Sanitizers … Continued

Earnings are vital to the amount you receive because your wages form the basis of your Social Security benefit. SSA calculates your benefit based on your highest 35 years of earnings. When you sign up for a "my Social Security" account, the estimate will list every year of earnings on file. Count them up! Ideally you will have more than 35 years of earnings. But that may be hard for some workers to achieve, particularly those who spent time at home raising a family or providing caregiving for older family members (often women). .The online survey, taken by 401 participants, was conducted in June and early July 2020. Here are some key findings: .For many, the COLA increase won't be high enough. Those people will once again be held harmless another year. Their Medicare premium increase will be adjusted so that their Social Security benefits won't be reduced, but it may be another year, or even longer, before they see any increase in their net Social Security benefit. .This unexpected policy adjustment is largely attributable to the 6 billion in cuts to Medicare that Obamacare calls for. More than one-fifth of the cuts – approximately 6 billion – are to the Medicare Advantage program, which insures more than one-quarter of all seniors over the age of sixty-five. It's important to note that the savings from the cuts are not going back into the Medicare Trust Fund; instead, the money is going to help pay for the health insurance of younger, working adults under Obamacare. .Employers are only required to check SSNs and report wages, but aren't required to verify whether individual workers have legal authorization to work in this country. When employers submit wage reports with SSNs that don't match those of Social Security, the reports wind up in the Earnings Suspense File until they can be reconciled. .EyeCare America®. This is a service of the Foundations of the American Academy of Ophthalmology, which provides free eye exams and up to one year of care for low-income individuals who qualify. Learn more at www.eyecareamerica.org or call 1-877-877-6327. .One new cosponsor – Rep. Kay Granger (TX-12) – signed on to Rep. Kevin Brady's (TX-8) Public Servant Retirement Protection Act (H.R. 2797) this week. The cosponsor total is now at seven. .We urge you to be cautious. You should not be charged just for being put on a list. If you receive a contact like this you should call your doctor's office or your local health department to try and verify that such a list exists. .Last week there was major news concerning Social Security, Medicare, and prescription drug prices – or at least so it seemed. But "the devil is in the details" and we will try to sort it out for you below.