News

  • Benefit Bulletin July 2017

    After raiding the current system, the health care law then takes the one aspect of Medicare that everyone agrees is broken and uses it as a model for the future. The health care law establishes the Independent Payment Advisory Board (IPAB) as a tool that is supposed to hold down costs; it is modeled after the failed formula that sets the underfunded Medicare physician reimbursement rates. President Obama recently doubled down on this controversial rationing board, and it seems to be the Democrats' only proposal. .Sixty-five percent of people surveyed by The Senior Citizens League support lifting the thresholds that subject Social Security benefits to taxation. The Senior Citizens League is seeking input from the public on this issue. To participate in a survey about Social Security and Medicare, visit . .Recently one of our readers asked "Is there a percentage as to how much less NOTCH BABIES receive monthly?" Although not many studies exist, according to one study of average earners born from 1917 through 1926, the disparity in benefits with other retirees seems to average about 26%. … Continued

  • Legislative Update January 2016

    In 2019 you are allowed to earn ,640, or ,470 per month. If, for example, you were to earn ,000 this year then you would have ,180 withheld from your Social Security benefits. Your earnings would be ,360 in excess of ,640. Half of that is ,180. The Social Security Administration collects this by withholding your monthly Social Security payments until it collects the ,180. Let's say you get a retirement benefit of ,000, that could mean Social Security would withhold your entire Social Security benefit for the next seven months. Once the ,180 is collected the difference will be sent later. .The President's proposal is likely to increase the already-escalating tension between the drug industry and his administration. The new order comes on the heels of the four executive orders he issued regarding drug prices two weeks ago. .In June, the Medicare trustees estimated that Part B premiums will rise only .50 in 2019, from 4 to 5.50. However, according to a recent survey conducted by The Senior Citizens League, roughly 25 percent of all Medicare beneficiaries are currently paying less than 4 per month due to a special "hold harmless" provision of law. Their Part B premium hikes will be much larger than .50, offsetting a larger portion of the 2019 COLA. … Continued

TSCL Meets with Members of Congress .No change to 401(k)s or IRAs: Prior to enactment, concerns were high that tax reform would restrict the amount of pretax contributions working people could make to workplace retirement accounts. Congress did not do this, and the tax rules affecting these accounts, for the most part, remain the same. .Members on both sides of the aisle seemed eager to tackle corporate tax reform, but there was a clear divide on the panel when it came to the Social Security payroll tax holiday. Co-chair Patty Murray (WA) and Senate Minority Whip Jon Kyl (AZ) both seemed skeptical about President Obama's recent proposal to cut the payroll tax in half for both employees and employers next year. When asked whether short-term tax cuts typically succeed in stimulating the economy, Barthold responded "yes" without hesitation. However, he said that such short-term cuts for employers generally do not lead to job creation. .Two Key Bills Gain Cosponsors .78% Of Older Voters Support Strengthening Social Security By Raising Payroll Taxes .The Notch years are 1917 through 1926, but this is subject to some controversy. To read more detail, click here: What is the "Notch"? .Who are these beneficiaries? The Inspector General's report refers to these beneficiaries as dependents and survivors of other Social Security beneficiaries and subject to the Social Security Alien Nonpayment Provision (ANP) law. The ANP forbids payment of retirement, survivor and disability benefits when non-citizens have been outside the United States for more than 6 months. But as is so often the case with Social Security law, there are several exceptions; for example, if the non-citizen is from a foreign country that has its own social insurance system and meets certain conditions. Mexico is on the list of countries that meet the conditions of the exception. .The estimate of the COLA is updated every month, with the release of new CPI data, so our COLA estimates can change from month to month during the year. Based on the data through August we estimate that the 2022 COLA will be 6% to 6.1%. The actual COLA for 2022 will be announced October 13, 2021. .A new Medicare cost-saving rule that was launched late in 2020 will cut payments to hospitals for some surgical procedures and could potentially raise costs for Medicare recipients. According to an article by Susan Jaffe, of Kaiser Health News, the Centers for Medicare and Medicaid Services (CMS) has for years classified 1,740 surgeries and other services as "so risky" for older adults that Medicare would pay for them only when people were admitted to the hospital as inpatients. But under the new rule, CMS is beginning to phase out that requirement. By the end of 2023, these "inpatient only services" which includes complicated procedures such as heart and brain operations, is scheduled to be gone.