News
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Whats Missing From Your Social Security Check For Many 247
On Tuesday, The Senior Citizens League released new data that shows nearly 80 percent of older Americans believe Medicare should cover dental, vision, and hearing services. Under current law, the Medicare program is prohibited from covering these critical services, and many older Americans living on fixed incomes cannot afford to pay out-of-pocket for costly care and assistive technologies like eyeglasses or hearing aids. .CBO Director Douglas Elmendorf made the report to President Obama's Fiscal Commission which is developing a plan to shrink the national deficit by 2015 — a target that TSCL believes will be extremely difficult to achieve without deep cuts to Social Security and widespread tax increases on middle-income taxpayers. .By delaying the start of your benefit until your full retirement age of 66, your benefit will be 25% higher. Delay until age 70, and your Social Security payment will be 65% higher than if you start it at age 6This can make a huge difference in the monthly income you receive. For example, if entitled to a monthly benefit of ,000 at age 66, you would receive only 0 per month at age 6And if you can delay until age 70 you could take a retirement benefit of ,320. … Continued
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Notch Bulletin How Long Have Notch Babies Been Underpaid
Over the past 25 years, Congress has periodically debated plans to fix Social Security's financing, that rely heavily on benefit cuts. But for the first time in 2019 and 2020, Congress is considering a plan to strengthen Social Security and its benefits while making the program solvent by beefing up the payroll tax revenues flowing into the program. .Last week the Centers for Disease Control and Prevention relaxed its warning for cruise travel for the first time since several outbreaks on ships brought the industry to a halt last year. .Unlike income tax brackets that are adjusted for inflation, the income thresholds that subject Social Security benefits to taxation have never been adjusted since Social Security benefits became taxable in 198When the law was first passed, less than 10 percent of all Social Security recipients were estimated to have incomes high enough to be affected by the tax on benefits. But today, even retirees with very modest incomes can be affected by the tax. … Continued
Don't delay. To learn more, find a local Social Security office or to apply online, visit the Social Security website at SocialSecurity.gov or call the Social Security Administration toll-free at 1-800-772-1213 .According to a recent TSCL poll, seventy-seven percent said they do not agree with the new "deferred action" immigration policy. TSCL supports the "No Social Security for Illegal Immigrants Act" (H.R. 787) introduced by Representative Dana Rohrabacher (CA-46), which would ban the use of earnings for jobs worked while illegal to determine entitlement. .The changes closed two claiming tactics known as "file and suspend" and "restricted application for spousal benefits." The claiming strategies have made it possible for both members of a couple who are 66 or older to delay claiming Social Security based on their own earnings records, in order to increase payments, while at the same time one spouse receives a spousal benefit. Alicia Munnell of The Center for Retirement Research at Boston College estimates the changes would save .5 billion per year — a potential cost that would grow over time. .In the meantime, the chairman of the influential Senate Finance Committee Chuck Grassley (R-Iowa) will re-introduce a drug pricing package (S. 2543) he assembled with the ranking member of his committee, Ron Wyden (D-Ore.), and soon call on Senate leaders to allow debate on the measure, a Grassley spokesman announced last week. .The pharmaceutical industry warns the move could damage its profits and take away incentives to invent new treatments. .Ohio Sen. Sherrod Brown announced a consumer price index bill for elderly consumers on Wednesday. Under the Consumer Price Index for Elderly Consumers Act, the cost-of-living adjustment (COLA) would be amended to use a formula that reflects the spending patterns of seniors. The current index is based on the spending patterns of urban workers. .As we said above, the devil is in the details. Rather than signing four "executive orders," the only real executive order was the one on housing. The other three actions are marked as "memorandum," which carries less authority. .Learn how the "anchoring effect" may impact choosing the age to claim Social Security benefits here: "What's Secretly Sabotaging Your Finances? — Your Brain" .Pressure is on Congress and President Obama to reach a deficit reduction agreement to address rising federal debt. Many analysts expect that cutting annual cost-of-living adjustments (COLAs) will be a central part to any agreement. That would not only cut the benefits of more than 53 million Social Security recipients, but those of Railroad Retirement recipients, military and federal worker retirees as well.