News

  • Judge Halts Illegal Immigrant Crackdown

    "CBO's updated estimate, based on the latest economic data, continues to show that the Average Wage Index will likely drop due to the COVID-19 pandemic, and millions of Americans will receive lower Social Security benefits unless Congress acts. A medium earner in the affected cohort could lose 0 a year for the rest of their lives. While this is a smaller cut than initially estimated, Congress must still fix this flaw in the benefit formula. These are earned benefits, and already many seniors are just scraping by with the current modest benefits. That is why I will be reintroducing the Social Security COVID-19 Correction and Equity Act to fix the benefit formula and ensure it does not happen again," said Larson. .August Congressional Recess Continues .Both House and Senate tax reform bills index the individual tax brackets and the standard deduction to the slowly-growing "chained" Consumer Price Index (CPI). This change will result in tax increases for most individuals over time because they will reach higher tax brackets faster than they would under current law. It also increases the probability that lawmakers will apply the inadequate "chained" CPI as a cost-saving measure to other government indexes that grow with inflation, like the Social Security cost-of-living adjustment (COLA). … Continued

  • Obamacare Repeal Increase Beneficiaries Part D Costs

    Finally, one new cosponsor – Senator Richard Blumenthal (CT) – signed on to the Medicare Drug Price Negotiation Act (S. 99), bringing the cosponsor total up to eight. If adopted, this bill would require the Secretary of Health and Human Services to negotiate lower prescription drug prices on behalf of Medicare Part D beneficiaries. .The Part D doughnut hole will be "closed" in 2020, but that doesn't mean that your out-of-pocket spending will stop. To the contrary, an unprecedented spike in Medicare's required out-of-pocket costs means you may pay more than you did in 201You will hit the former coverage gap around October or November, depending on whether the price of your prescription goes up. .Legislation was introduced in the last Congress to remedy the new benefit reductions affecting people born in 1960— "The Social Security COVID Correction and Equity Act," introduced by Representative John Larson (CT-1), and the "Protecting Benefits for Retirees Act," introduced by Senators Tim Kaine (VA) and Bill Cassidy (LA). The Senior Citizens League strongly endorses legislation that would fix not only this notch but also provide permanent protection from this sort of recessionary reduction for past and future retirees as well. … Continued

The Senior Citizens League encourages its supporters to attend these events and to ask important questions of their elected officials, like the following three… .Consider selling off personal effects that you aren't using. If you have antiques and collectibles, or just an attic full of stuff in storage, consider selling it by auction, Ebay, or to dealers. Consumer Reports has this advice on "The Best Ways to Sell Your Stuff." .Third, TSCL was pleased that Congress passed legislation last fall to stave off a 52 percent hike in Medicare Part B premiums for around 15 million beneficiaries. Back in October, our legislative team hand delivered letters to every office on Capitol Hill urging lawmakers to prevent the abrupt and dramatic premium increase. We were pleased when legislation was signed into law later that month to provide relief for the millions of Medicare beneficiaries who would have otherwise seen massive cost increases in January. .Before doing anything else make sure you have a realistic budget, and think long term. You want your income and savings to be adequate as long as possible, 30 years or even longer is not unrealistic for someone your age. In developing a budget, look back over at least three years to include large expenditures for periodic home maintenance and repairs, transportation, medical costs and other large costs. Include what you pay in taxes. Once you get an expense figure, allow for at least 3% per year for inflation. Then tally up your income and assets, including the value and expected income from retirement accounts and pensions, if any. .Please participate in the 2019 Senior Survey! .I'm new to Medicare. I didn't realize that Medicare doesn't cover eye or hearing exams like my former insurance at work. My income is pretty low. Where can I go to get these services? .To be fair, the House of Representatives, for the most part, got its work done on time. It was once again the Senate that failed to do what it is supposed to do and pass the funding legislation that is needed for the new fiscal year which will begin on October 1. ."This year's zero COLA combined with next year's insufficient increase will have a devastating impact on the long term adequacy of Social Security benefits for millions of Americans … we hope that you will act swiftly and responsibly before the end of this year," the letter stated. .A bigger portion of Social Security benefits is likely to become taxable for many older taxpayers in coming years, because newly enacted tax law ties the tax brackets and standard deduction to a more slowly - growing consumer price index — the chained Consumer Price Index. "That will mean tax brackets and the standard deduction will rise more slowly and a greater portion of income may be subject to taxation," Johnson says.