News
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Benefit Bulletin February 2021
Want more information on the 2015 COLA Announcement? Read TSCL's latest press release .Companies requiring mandatory arbitration say it saves money and time for resolving complaints. But older consumers still may wind up with legal fees, and may wind up having to pay a share of the arbitration fees. .We were also told that the Congressman is working on further legislation to raise benefits and further extend solvency which he plans on introducing later this year. We will report on that new bill whenever it is introduced. … Continued
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Congressional Corner Lets Repeal The Windfall Elimination Provision And Government Pension Offset
Mary: What is the "anchor effect" and could you give an example? .How much are you spending on prescription drugs? Please tell us by taking our 2019 Senior Survey. .Terry: The anchor takes on too much weight, swaying the decision in a particular direction. It can lead us to ignore or never even consider other options. In buying a used car, the sales price may be much higher than the car is worth. Yet we start there in haggling over what we'll pay, possibly paying only somewhat less than the price, and thinking we got a good deal when we did not. In the case of the charitable donation, we may feel guilty the more we consider giving less than the anchor ("suggested") amount. … Continued
To make the Social Security COLA more adequate, The Senior Citizens League believes Congress must adopt the CPI-E Act (H.R. 1251). This bipartisan bill would base Social Security COLAs on the spending patterns of older Americans – not the spending patterns of young, working Americans – using the Consumer Price Index for the Elderly (CPI-E). .Can You Tell Me How Recent Law Changes Affect RMDs From My 401(k)? .TSCL enthusiastically supports H.R. 1030, H.R. 3118, and H.R. 1795, and we were pleased to see support grow for them this week. .Almost 4 million retired Notch Babies, spouses and their survivors would benefit from this modest old age boost that TSCL estimates would cost about .5 billion. .Back in 2010, before Obamacare became law, the President made the following promise to the public: "If you like your doctor, you will be able to keep your doctor. Period." Fast-forward four years, and many seniors enrolled in Medicare Advantage – the privately-run alternative to traditional Medicare – are finding themselves doctor-less. As it turns out, yet another Obamacare promise has been broken. .After being suspended since November 2, 2015, the debt cap was reinstated last week. "Although the Treasury secretary is using ‘extraordinary measures' to fund the budget for now, a failure to lift the debt limit in time would affect all Americans, including the timely payment of Social Security benefits," says TSCL Social Security and Medicare policy analyst, Mary Johnson. .Despite the efforts of TSCL and others, knowledge of the U.S – Mexico Totalization Agreement remains limited on Capitol Hill, and the issue flies under radar for the most part. TSCL has expressed its support for resolutions in opposition to the totalization agreement. In addition, TSCL is supportive of legislation, such as the Social Security Totalization Agreement Reform Act, which would grant more time for congressional review of these agreements. TSCL also supports loophole-closing legislation which would prevent individuals who worked in the U.S. while illegal from receiving credit for that work for purposes of Social Security benefit calculations. .As you know, the medical expense deduction is essential for older Americans who disproportionately experience high medical costs for prescription drugs, medical equipment, or services like nursing home care. Around 5 million taxpayers, most of whom are over the age of sixty-five, rely upon the tax deduction when their out-of-pocket medical costs total more than 10 percent of their annual income. .TSCL enthusiastically supports the five bills listed above and we were pleased to see support grow for them on Capitol Hill this week. For more information, visit the Bill Tracking section of our website. To thank your representative for becoming a cosponsor or to request their support for legislation, visit our "Contact Congress" page.
