News

  • Notch Bulletin July 2011 Advisor Feed

    The basic science that has allowed the small company to move so rapidly was developed with a huge prior infusion of federal money to come up with a treatment for diseases like Zika. .This year's study found a 3 percentage point gain in the buying power of Social Security benefits from January 2019 to January 2020. That should indicate that most retirees may have seen at least some prices go down on certain items during that period. But this is deflation — which is a strong signal that there may be no COLA next year. This year's 1.6 percent COLA was already low to begin with. A recent deep plunge in oil prices have all but wiped out the prospect of a COLA. .Increasing the payroll tax cap. Under current law, the 12.4 percent payroll tax is applied only to the first 7,200 in earned annual income. Individuals earning more than that pay nothing in Social Security taxes on the rest of their earnings. Several proposals now before Congress would modify this policy so that higher income workers contribute more fairly to the program. … Continued

  • Legislative Update Week Ending December 5 2014

    Medicare Part B enrollees who don't receive Social Security benefits. This includes people who have delayed the start of Social Security and all people who are billed for Medicare. According to the Kaiser Family Foundation, in 2013 about half of all people on Medicare who don't receive Social Security yet had incomes below ,000. .Only a little more than half of the nation's nursing homes had received inspections, according to data released earlier this month, which prompted Medicare and Medicaid chief Seema Verma to direct that states complete the checks by July 31 or risk losing federal recovery funds. .My husband survived cancer but his healthcare costs depleted our savings. Do you have suggestions for coping with debt in retirement? … Continued

The plan would reform the tax code by consolidating the six existing brackets into three, and by setting the corporate tax rate at an even 28 percent. It would also make some major modifications to Medicare, including a repeal of the Sustainable Growth Rate for physician payments, and a strengthening of the controversial Independent Payment Advisory Board. The proposal also includes a plan to restore Social Security to 75-year solvency by raising the retirement age, increasing the taxable maximum wage cap, and adopting a Chained Consumer Price Index, among other things. .If signed into law, this bill would repeal the windfall elimination provision (WEP) and establish a new formula to calculate benefits for those with non-covered earnings. The WEP currently affects more than one million seniors who collect Social Security benefits and have earned pensions from non-Social Security-covered employment. .The Pharmaceutical Care Management Association, which represents pharmacy benefit managers that run the Medicare prescription drug plans targeted by the rebate rule, said at the time that it was exploring litigation. .Many expected immigration reform to be a focal point of the President's speech, however, his remarks on the topic were vague and very brief. In one short paragraph, he said, "Republicans and Democrats in the Senate have acted. I know that members of both parties in the House want to do the same … So let's get immigration reform done this year." TSCL has some serious concerns about comprehensive immigration reform, since it would further strain the Social Security and Medicare Trust Funds. We strongly feel that any efforts to reform the system should include loophole-closing legislation that would prevent immigrants from receiving benefits based on a history of illegal work. .Airlines frequently note that commercial planes are equipped with HEPA filters, the Centers for Disease Control-recommended air filters used in hospital isolation rooms. HEPA filters capture 99.97% of airborne particles and substantially reduce the risk of viral spread. In addition, the air in plane cabins is completely changed over 10 to 12 times per hour, raising the air quality above that of a normal building. ."The loss of a job not only means the loss of income, but it also can mean the loss of healthcare benefits, and both employee and employer contributions to retirement accounts," Johnson notes. Depending on how long older workers remain out work, a growing number may turn to Social Security and file claims for benefits earlier than originally planned. That can mean permanently reduced benefits for people who haven't reached their full retirement age. .Millions of middle-class Americans face a looming retirement crisis as a result of growing wealth inequality. Middle class wages have declined and the minimum wage has lost more than 30% of its value since 196Today, most Americans have less than ,000 in savings, and only one out of five workers has a traditional defined benefit pension with guaranteed income in retirement. .If signed into law, S. 960 would base Social Security cost-of-living adjustments on the Consumer Price Index for Elderly Consumers (CPI-E) and gradually phase out the cap on income subject to the payroll tax. .TSCL agrees that improvements must be made to ensure that older Americans are better informed about their benefit claiming options, and we are hopeful that SSA will carefully consider the proposals made at Wednesday's hearing. In addition, TSCL hopes that Congress will appropriate adequate funding to SSA in the months ahead so that field offices around the country can provide the highest quality service possible to individuals nearing and in retirement. For progress updates, follow TSCL's advocacy efforts on Twitter.