News

  • 2013 Legislative Update August 2013

    Finally, four new cosponsors signed on to the Standardizing Electronic Prior Authorization for Safe Prescribing Act (H.R. 4841), bringing the total up to eighteen cosponsors. The new cosponsors are: Representative Pete Sessions (TX-32), Representative Walter Jones (NC-3), Representative Doris Matsui (CA-6), and Representative Kyrsten Sinema (AZ-9). If adopted, H.R. 4841 would allow for and standardize electronic prior authorization for Medicare Part D beneficiaries. .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. .For some tips on how to reduce taxes on your Social Security Benefits, here's an article by Emily Brandon, author of Pensionless: The 10-Step Solution for a Stress-Free Retirement. Emily Brandon's Planning to Retire Blog can be found at: Money.USNews.com. … Continued

  • Tag Rising Costs

    In his speech, President Obama also spoke briefly about a new retirement savings plan that will allow citizens to invest in low-risk Treasury bonds through "myRA" accounts. Shortly after the speech, he signed a presidential memorandum directing the Treasury Department to create the new plans. While TSCL agrees that saving for retirement is crucial for younger generations, we were disappointed that the President did not propose any efforts to assist today's seniors. Most Americans over the age of sixty-five rely heavily upon their Social Security checks to meet their daily needs. However, our research shows that seniors are unable to keep up with rising costs – their expenses are rising more than twice as fast as the Social Security cost-of-living adjustment. We strongly believe that Congress should act soon to restore the purchasing power of Social Security benefits. .These higher Medicare Part B premiums in turn contributed to flat growth in Social Security benefits in subsequent years — even when a 2 percent COLA became payable two years later in 201The Medicare Part B premium took the entire 2 percent COLA for about half of all beneficiaries according to a survey by The Senior Citizens League. .In addition to advocating for these three important issues, Legislative Liaison Joe Kluck delivered letters to lawmakers on the House Ways and Means Social Security Subcommittee urging them to advance comprehensive proposals that would enhance Social Security benefits and strengthen the solvency of the Trust Funds past 203Both the Social Security 2100 Act (H.R. 860) and the Social Security Expansion Act (H.R. 1170) would reform the program responsibly, without cutting benefits for current or future retirees. … Continued

Jessie Gibbons – TSCL's senior policy analyst – told Karen Damato of Money, "We're concerned that the abrupt change will cause a lot of confusion and frustration among older Americans, many of whom don't have reliable access to text-enabled cellphones." In addition, Mary Johnson – a policy consultant for The Senior Citizens League – told Mary Beth Franklin of InvestmentNews, "Based on what we know at the moment, the alternative to checking online is either calling SSA's 1-800-772-1213 line, or trekking out to a local Social Security office where you take a number and wait in line." She also said, "The Senior Citizens League feels that online security is vital, but feels alternate options should be offered." .Near the end of the hearing, the focus finally shifted to options for fixing the financing shortfall. Charles Blahous and Robert Reischauer offered some suggestions. Mr. Blahous recommended that Congress gradually raise the age of retirement to seventy, that they reduce benefits progressively by modifying the benefit formula, and that they offer more incentives for workers who delay their retirement. Mr. Reischauer offered similar suggestions, but added that he would like to see the taxable maximum raised to cover 90% of wages. .With about 1 million supporters, The Senior Citizens League is one of the nation's largest nonpartisan seniors groups. Located just outside Washington, D.C., its mission is to promote and assist members and supporters, to educate and alert senior citizens about their rights and freedoms as U.S. Citizens, and to protect and defend the benefits senior citizens have earned and paid for. The Senior Citizens League is a proud affiliate of The Retired Enlisted Association. .For help estimating how much your benefits should be, the Social Security website has an earnings test calculator. For more information about the earnings limits, get "How Work Affects Your Benefits" Social Security Publication No. 05-10069. .However, there might be other ways to augment finances, particularly through an additional tax exemption and the Child Tax Credit. The American Rescue Plan Act (ARPA) of 2021 expands the Child Tax Credit for tax year 2021 in the following ways: .The program applies to illegals under the age of 31, who entered the U.S. prior to the age of 16, and have resided illegally in the U.S. since June 15, 200Applicants must also be currently enrolled in school, have a GED certificate, or have served in the U.S. military, and be law-abiding. Critics, including TSCL, question how the government will be able to verify when applicants actually entered the country and whether they were under the age of 16 when they did. .Millions of Seniors Are Losing Benefits .This study looks at 39 expenditures that are typical for people age 65 and up, comparing the growth in the prices of these goods and services to the growth in the annual COLAs. Based on consumer price index data through April 2021, it appears that the next COLA will be considerably higher in 202The Senior Citizens League (TSCL) is forecasting that the 2022 COLA could be 4.7%, making it the highest since 200But with such a high level of inflation volatility, this estimate could change several times before the COLA is announced in October 2021. .This is all good news. In addition to the cost of pharmaceuticals, the simple availability of them is crucial for seniors, especially during times like this.