News

  • Q A September 2020

    Last - don't let all the political spin about Social Security scare you. The program is not going broke. Social Security does face a long-term financial challenge. Even when the Social Security Trust Fund becomes exhausted there would still be sufficient assets from payroll taxes to pay about 75 percent of promised benefits. Although that isn't a fair or acceptable outcome — a far more likely one — Congress will take action to correct the imbalance. .Gathering with unvaccinated people from more than one other household .The TSCL report which contains Social Security Administration (SSA) data from 1937 through 2013, includes the following findings: … Continued

  • Weekly Update For Week Ending December 12 2020

    The President ordered a payroll tax deferral, not a cut, meaning the taxes will not be collected for a while but they will still be due at a later date. However, some observers have suggested that rather than give employees the additional money and then try to collect it back from them at the end of the year, employers will simply hold onto the money so that the employees would never see it in their paychecks. .The measure has bipartisan backing in the Senate, as well as support from some moderate House Democrats. However, it is facing opposition from House leaders who say the legislation is a roundabout way to cut Social Security benefits. .Last week, Treasury Secretary Steven Mnuchin warned lawmakers that the suspension of the debt limit would expire on March 15th. That deadline has come and gone without congressional action, and the Treasury Department is now using "extraordinary measures" – like postponing contributions to retirement accounts for federal employees – to prevent a default. … Continued

Finally, one new cosponsor – Rep. Alcee Hastings (FL-20) – signed on to the Medicare Physician Payment Innovation Act (H.R. 574) this week bringing the total up to thirty-seven. If signed into law, H.R. 574 would repeal and replace the sustainable growth rate (SGR), which is the flawed formula that is currently used to determine reimbursements for physicians who treat Medicare patients. Adopting H.R. 574 would bring increased stability to the Medicare program for both physicians and beneficiaries. .Canada's order will not prevent Americans from crossing the border to buy cheaper drugs; it doesn't affect sales made by brick and mortar pharmacies, according to a fact sheet released by the Canadian government. .The Senior Citizens League encourages its supporters to attend these events and to ask important questions of their elected officials, like the following four… .Housing: (rent of primary residence, owners' equivalent rent, fuel oil, bedroom furniture) .7 million immigrants have a Social Security number issued in their names — obtained either by using a fraudulent birth certificate, or overstaying a visa that has expired. The actuary said this group can "work, pay taxes, and have earnings credited to their record for potential benefits in the future." .Low-income "dual eligibles" — Medicare beneficiaries whose incomes are so low that they are also eligible for Medicaid. Part B premiums are paid on their behalf by their state Medicaid program (about 19% of beneficiaries).[4] .Last week Rep. Tim Walburg (R- Mich.) introduced a bill, H.R.2266, that would amend title II of the Social Security Act to provide for a minimum annual cost-of-living increase for Social Security benefits. .As part of our continuing efforts to find ways to lower the costs of prescription drugs, TSCL supports the idea that people should ask their doctors if taking a generic is available and appropriate for their specific ailment. .If you start benefits sooner than age 66 and continue to work, you are subject to Social Security earnings restriction rules. Earn more than the annual exempt amount and Social Security will withhold some or all of your earnings. In addition, once you start benefits, your income may subject a portion of your Social Security benefits to tax.