News

  • Notch Bulletin August 2011 Advisor Feed

    Budget Committee Debates Future of DI Program .In 2016, when there was no COLA increase, those people protected by "hold harmless" paid the same premium that they did in 2015, 4.90. Part B premiums rose to 1.80 per month. In 2017 with just a 0.3 percent COLA, Medicare Part B premiums were once again adjusted downward so that the increase in an individuals' Part B premium did not reduce their Social Security benefit. Because the amount of their COLA was so it left most people who were held harmless paying a monthly premium of roughly 0 or less. .While very little of the President's budget blueprint for fiscal 2015 will be considered by those in the House and Senate, it does serve as an important benchmark for lawmakers. Members of the House Budget Committee are expected to unveil a proposal of their own in the coming weeks. In a statement made early this week, Speaker John Boehner (OH-8) said that it will "promote opportunity, reform our tax code, and save our critical safety net programs." TSCL will continue to monitor the budget negotiations as they evolve, and we will provide updates here in the Legislative News section of our website. … Continued

  • Legislative Update September 2021

    The study examined the increase in costs of 40 key items between 2000 and January 2020. The items were chosen because they are typical of the costs of most Social Security recipients, and include expenditures, like the Medicare Part B premium, that are not measured by the index currently used to calculate the COLA. Of the 40 items analyzed, 26 exceeded the COLA over the same period while 14 were lower than the COLA. .In addition, we strongly recommend that you attend classes or workshops about Social Security. Check with your local senior center, community colleges and universities, libraries or area agencies on aging. If you have some retirement savings in an IRA or 401(k), many of the companies handling your retirement money offer some benefit counseling advice that can help you calculate how much longer you may need to work to reach a more optimal level of retirement savings. .Failure to balance between price and services. Assisted living and continuing care communities can be very expensive and more people are living longer in these facilities. It's important to make finances last while maintaining access to the best care. When exploring options, don't be afraid to look into facilities in areas that have lower costs of living, even if you won't be able to visit with your family every single day. What you give up in fancy features, you may trade off with more affordable rents, and service fees, more personal attention, while still getting high standards of care. … Continued

(Washington, DC) – Half of retirees participating in a new survey by The Senior Citizens League (TSCL) say they paid income taxes on a portion of their Social Security benefit income for the 2019 tax year. "There was no change from previous years in the 50 percent of retiree households who report that they pay tax on a portion of their benefits, despite the 2017 tax reform law, says Mary Johnson, a Social Security and Medicare policy analyst for The Senior Citizens League. .The following Members of Congress, among many others, will be holding town hall meetings in the final days of this week's recess: Sen. Charles Grassley (IA), Rep. Lynn Jenkins (KS-2), Rep. Tom MacArthur (NJ-3), Rep. Mark Pocan (WI-2), Rep. Bruce Westerman (AR-4), Rep. Will Hurd (TX-23), Rep. Suzanne Bonamici (OR-1), Rep. Jim Langevin (RI-2), and Rep. Jim Sensenbrenner (WI-5). .According to TSCL studies, Social Security benefits have lost more than 31% of their buying power since 2000. "Yet the vast majority of seniors can't absorb any loss in buying power," Cates says. According to the Social Security Administration, 53% of senior households depend on Social Security for more than half of their income. The median income of seniors aged 65 and older is just ,757 – only 220% above the federal poverty level for an individual. .A U.S. federal judge has temporarily blocked President Obama's immigration program that defers deportation for almost 5 million illegal immigrants. Responding to a lawsuit filed by 26 states, the judge did not rule on the legality of immigration orders, but said there was sufficient merit to warrant a suspension of the new program while the case goes forward. .At Thursday's hearing, Social Security Subcommittee Chairman Sam Johnson (TX-3) and Ranking Member John Larson (CT-3) both spoke about how their Social Security reform bills would improve the program's financing. Chairman Johnson's bill – the Social Security Reform Act – would do so primarily through benefit cuts, while Ranking Member Larson's bill – the Social Security 2100 Act – would do so primarily through revenue increases. Mr. Goss confirmed that both bills – using two very different approaches – would return the program to 75-year solvency if adopted. .In July of 2011, the Department of Health and Human Services proposed a rule under the Patient Protection and Affordable Care Act regarding risk adjustment. Under this rule, the Federal Government is requiring health insurers to provide confidential and detailed medical information about a person. Aside from the fact that this is an invasion of privacy, we must also remember the Federal Government's lack of accountability with health records when over 5 million TRICARE records were stolen from the car of a government contractor this past fall. .Congress should allow Medicare to negotiate drug prices by tying U.S. prices to prices paid in other industrialized countries like Canada, Great Britain and Japan where prices are lower. — 85 percent support, 13 percent not sure, and only 2 percent opposed. .The Senior Citizens League endorses legislation introduced by Representative Ted Deutch (FL-22) that would exempt Social Security, Medicare and Medicaid from any federal balanced budget requirement. "We believe that a constitutional amendment is not needed to address the problems these programs face," Johnson says. "What we do need is strong program financing to ensure retirement and healthcare benefits for all." What do you think? Take The Senior Citizens League's 2018 Senior Survey at . .On Wednesday, the Senate Finance Committee held a hearing to question Congressman Tom Price (GA-6), an orthopedic surgeon from Georgia who was nominated by President Trump to become the next Secretary of the Department of Health and Human Services (HHS). If confirmed, Congressman Price will lead the agency that has jurisdiction over Medicare, Medicaid, Social Security, and many other critical health programs.