In reality, no Social Security reduction is small, because the loss compounds over time. The problem is especially unacceptable when this problem can be prevented by Congress in the first place. Individuals who were born in 1949 and who retired at age 66 with average benefits have lost about ,915 through the end of 2021, due to the reduction in the AWI in 200Their benefits today are about per month lower than what they otherwise would have received had they been born one year earlier. Even worse is the loss over time. Assuming that an individual lives to age 90, retirees born in 1949 would lose an additional ,297 in lifetime Social Security benefits—or even more, if their benefits are higher than average. This type of benefit reduction is known as a "notch" in benefits, and those affected might be referred to as the "1949 notch babies." .For those Social Security recipients concerned about making ends meet going forward, here are some tips: .As our nation goes through the process of getting vaccinated for COVID-19 and getting our lives back on track, TSCL is working on a number of long-term issues that await Congressional attention. We expect policy makers in Congress will be turning their attention to the question of boosting benefits and restoring the long-term solvency of the Medicare and Social Security Trust Funds. ."Our example just looked at the salaries and performance pay of just 20 CEOs," notes Johnson. "According to the Social Security Administration, there will be 12 million people who earn above the taxable maximum in 2018," she adds. .This week, the Congressional Budget Office (CBO) released a report on the nation's long term budget outlook, and Doug Elmendorf – CBO's Director – met with the House Budget Committee on Wednesday to discuss the findings. In addition, The Senior Citizens League (TSCL) saw three key bills gain critical support. .The drugs that would be affected by any Trump action are among the costliest taken by Americans. They include innovative therapies for cancer, immune disease and other disorders. The industry says that Part B pharmaceutical spending makes up just 3% of overall Medicare costs. .This week, The Senior Citizens League (TSCL) hand-delivered petitions to leaders in the Senate requesting their support for legislation that would strengthen and expand the Social Security program. In addition, lawmakers advanced a short-term deal to keep the federal government operating, and two key bills gained support in Congress. .TSCL believes the increased use of observation stays is denying Medicare beneficiaries access to medically necessary skilled nursing care. All days spent in a hospital should count toward Medicare's three-day hospital stay requirement. TSCL supports the Improving Access to Medicare Coverage Act (H.R. 1179) introduced by Representatives Joseph Courtney (CT-2) and Tom Latham (IA-3), and (S. 569) introduced by Senators Sherrod Brown, (OH) and Susan Collins (ME). The legislation would deem time an individual spends under observation status eligible towards satisfying Medicare's three-day requirement. .The article continued, "The NBER study zeros in on how increases in prescription drug costs among Medicare recipients affect patient choices and comes to a stark finding: ‘Patient cost-sharing introduces large and deadly distortions into the cost-benefit calculus,' the report said."