News
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2022 Cola
Do COLAs overpay seniors? Ask TSCL Chairman, Larry Hyland. "The idea is hogwash," he says. "There's simply no evidence that the CPI has overpaid the people who depend on those COLAs to protect the buying power of their benefits. The Consumer Price Index for the Elderly (CPI-E) that surveys the market basket more typical of the majority of Social Security recipients, has shown a significantly greater rise over the CPI used to calculate COLAs through 201The CPI-E would provide a more accurate, and adequate COLA, one more in line with the costs experienced by seniors," Hyland says. .For Medicare Advantage enrollees whose physicians are dropped, this means one of three things. They will either have to scramble to find a new doctor, pay more to see their out-of-network doctor, or switch to a Medicare Advantage plan with a better network of providers. Seniors who did not choose the third option last fall will have to wait until October – the start of Medicare's open enrollment period – to find a new plan. .For more information about these and other TSCL-backed bills, visit the Bill Tracking section of our website. To follow The Senior Citizens League's work on Capitol Hill, follow us on Twitter. … Continued
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Q A 2 Feed
The study found that a person who retired in 2000 — with an average Social Security benefit of 6 per month — would have ,246.20 per month by 2020. However, because retiree costs are rising at a substantially faster pace than the COLA, that individual would require a Social Security benefit of 0.00 more per month, or a total of ,626.20 in 2020, just to maintain his or her 2000 level of buying power. .This week, four new cosponsors signed on to the Social Security Fairness Act (H.R. 973), bringing the total up to 10The new cosponsors are: Reps. Kathleen Rice (NY-4), Andre Carson (IN-7), Michael Fitzpatrick (PA-8), and Brendan Boyle (PA-13). .Recently a journalist, familiar with my estimates of cost-of-living adjustments, contacted me for my thoughts on the topic.. What's Missing From Your Social Security Check? For Many — 7 , editor … Continued
If you would like to continue receiving these press releases via email, please send your email address to [email protected]. .The Social Security 2100 Act (H.R. 1391), introduced by Representative John Larson (CT-1). Like the FAIR Social Security Act, this bill would base COLAs on the CPI-E. It would also provide a 2 percent benefit bump for the average beneficiary and create a new minimum benefit set at 25 percent above the poverty line. In addition, more than 11 million seniors would see a significant tax cut, since the bill would double the income threshold for the taxation of benefits from ,000 per individual to ,000, and from ,000 per couple to 0,000. .Medicaid is popular with the public. When asked about their views on Medicaid, three-fourths (74 percent) of the public, including majorities of Democrats (84 percent), independents (76 percent), and Republicans (61 percent), hold a favorable view of Medicaid. Majorities also support increasing funding for Medicaid or keeping it the same, with 40% increasing funding, and 47% who support keeping funding at the same level. .Workers are never too old to learn new skills, especially if it means access to a better job. .On Friday, lawmakers in the House returned to their home districts for a five-week recess. They are expected to return to Washington on Tuesday, September 4th, following the Labor Day holiday. In the meantime, many Members of Congress will be attending local events and hosting town hall meetings in their home states and districts. The Senior Citizens League encourages its supporters to attend these events and to ask important questions of their elected officials, like the following four... .The Guaranteed 3 Percent COLA Act (H.R. 991) from Congressman Eliot Engel (NY-16) also gained one new cosponsor this week: Congressman Andre Carson (IN-7). If adopted, it would base the Social Security cost-of-living adjustment (COLA) on the more accurate Consumer Price Index for Elderly Consumers (CPI-E), and it would guarantee an annual benefit increase of at least 3 percent. The bill now has six cosponsors in the House. .To receive benefits on your ex-spouse's record, you must be unmarried, and your ex-spouse must be entitled to a Social Security retirement or disability benefit. But don't try to take it sooner than age 66, or you will lock in a permanent reduction for your own retirement benefit, even if you take it later. .It's not what the government tracks that causes your Social Security cost-of-living adjustments (COLAs) to grow so slowly. It's what the government isn't tracking that's keeping your COLAs so low. It may surprise you, as it did us at TSCL, to recently learn that COLAs are calculated using methodology that doesn't directly measure what you pay out-of-pocket for health insurance premiums. Add to that the fact that the consumer price index (CPI) the government uses to calculate COLAs (CPI-W) represents the spending habits of younger urban wage earners and clerical workers — or the spending habits of only 29% of the U.S. population. That's certainly not going to reflect the inflation experienced by most Social Security recipients. .Social Security's combined Old-Age and Survivors Insurance (OASI) and Disability Insurance (DI) Trust Funds will be fully funded until 203At that point, if nothing is done by Congress, Social Security will still have the funds to pay out 79 percent of scheduled benefits using tax revenues. The Trustees also estimated that Medicare's Hospital Insurance (HI) Trust Fund will be fully funded until 2026, at which point the program will still be able to pay out 88 percent of scheduled benefits using tax revenues.
