News

  • Congress Is Running Out Of Time

    I'm 63, married, and recently earned about ,000 a year until I got laid off in March. My wife is younger but only receives a small income from providing part-time day care services. We don't have any savings. I'm not receiving any Social Security now. Can I receive Social Security benefits and get unemployment benefits? .The additional coronavirus emergency legislation is likely to crowd out many other items that were once on the Congressional priority lists for the summer. As a result, the list of other "must pass" legislation is increasingly small, with priority being given to bills to fund the federal government and renew Pentagon programs. .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. … Continued

  • Tag Rising Costs

    This week, The Senior Citizens League's (TSCL) Board of Trustees and legislative team held meetings with several Members of Congress and their top staff. In addition, the Board of Trustees presented one Member of Congress – Rep. Mike McIntyre (NC-7) – with the 2012 Seniors Advocate Award. TSCL also saw support grow for a critical piece of legislation this week. ."Whatever the reason, most Americans before they retire have paid little attention to the huge life transition that is coming. We don't have a good idea of how much we need to save for retirement," writes Mark Miller, journalist and author who writes about trends in retirement and aging. Mark, the author of The Hard Times Guide to Retirement Security: Practical Strategies for Money, Work and Living (John Wiley & Sons/Bloomberg Press, 2010) shares a few important tips with our readers. .Data indicates that many, if not most, retirees, leave a significant amount of Social Security income on the table because people tend to retire too soon. Consider this: even when you reach your full retirement age, that only represents the point at which you are entitled to start full benefits without reduction for starting benefits early. It does not represent the age at which you would receive the maximum benefit amount, which is age 70. The reward for work and patience can pay off significantly. Once you reach your full retirement age, Social Security benefits are increased by 8% per year (or 2/3 of 1% per month) until age 70. … Continued

However, if you live in a group setting (like a correctional or detention facility or group home) and are around someone who has COVID-19, you should still stay away from others for 14 days and get tested, even if you do not have symptoms. .According to that study, during a recent five-year period, Medicare spending on hundreds of medicines to treat various neurologic conditions, such as epilepsy and multiple sclerosis, rose 50%, but the number of claims increased only 8%. .The CBO also notes that increasing the payroll tax rate or subjecting more earnings to the payroll tax could improve Social Security's financing. .Every other developed country has evolved schemes to set or negotiate prices, while balancing cost, efficacy and social good. The United States instead has let business calculations drive drug price tags, forcing us to accept and absorb ever higher costs. That feels particularly galling for treatments and vaccines against COVID-19, whose development and production is being subsidized and incentivized with billions in federal investment. .Is The Government Manipulating COLAs? .Traveling through the beautiful farmlands of early primary states, you can find the self-proclaimed champions of socialized medicine amid the flashes of cameras on the campaign trail. If you keep driving through, you'll see the harsh reality beyond presidential candidate photo-ops. You'll see the more than 100 rural hospitals that have closed in the United States since 2010, including two in my district in the last year alone. .Most analysts believe that switching to a more – stingy measure of inflation to determine annual cost-of-living adjustments (COLAs) will form a key provision to larger government-wide deficit reduction legislation. The idea received the blessing of President Obama who offered the change last December during fiscal cliff negotiations and continues to float the idea as Congress works on the government's fiscal year 2014 legislation. .Lawmakers Approve Temporary Spending Bill .War Savings to Fund "Doc Fix" Extension?