News

  • 2015 Legislative Update Week Ending March 20 2015

    Have you calculated how much you might need? How much income would be lost if you or your spouse were to pass away? There's a loss of retirement income, particularly when the higher benefit spouse dies. The couple's Social Security benefit is cut by one-third to one-half, and a couple's private pension benefit (if any) is either cut in half, or disappears completely if you have not opted for a joint-and survivor annuity. If you have a large estate, thriving business, valuable real estate and savings, would there be estate taxes to pay? Some families choose to keep life insurance because the death benefits are tax free to heirs, and can give the surviving spouse a financial cushion. .After receiving no cost-of-living adjustment (COLA) this year, Social Security beneficiaries will finally receive a raise effective January 1st. But the increase in benefits is so small, it will be the lowest payable COLA ever in the history of the program — raising a ,000 benefit by just .00. .COLAs Reach All Time Lows At Same Time Seniors Report Expenses Higher Than Ever … Continued

  • Social Security Benefit Cuts Likely

    This week, The Senior Citizens League was pleased to see support grow for two key bills that would strengthen the Social Security program. .Sources: "Social Security Benefits for Noncitizens," Congressional Research Service, July 20, 2006, RL32004. .Senate Finance Committee Discusses Drug Demonstration … Continued

Budget Committee Debates Future of DI Program .Congressional Recess Comes to a Close .Reports are coming in across the country of a new Social Security scam. Scammers use a threatening tone saying that due to illegal activity (such as an "account breach") your Social Security account has been "compromised" and will be closed unless you call a phone number to address the issue. .This week, TSCL endorsed one new bill sponsored by Congressman Eliot Engel (NY-16) – the Guaranteed 3 Percent COLA for Seniors Act (H.R. 3588). If signed into law, the bill would base Social Security cost-of-living adjustments on an inflation index specifically for seniors, and it would guarantee a minimum increase of 3 percent each year. .The measure's inclusion in the stimulus is likely to be a point of contention between Republicans and Democrats as they work to hash out a compromise this week that will address state and local funding, money for schools and extending expiring unemployment payments. .[1] Social Security Policy Options, Congressional Budget Office, July 2010, page 18. .My sister lives alone at age 7She has no children. I've noticed a growing number of changes in her health over the past two years. She seems to have problems with anxiety, and recently became immobilized with fear of evacuating her home, prior to a severe hurricane. Fortunately she was OK, despite four days without power. Home maintenance tasks are becoming a huge burden for her and I worry about her vulnerability to scams. When should single older people start making plans for moving to assisted living? .Will We Get A COLA in 2012? .Sen. Mazie Hirono (HI) introduced S. 960 on April 15, 201It has since been referred to the Committee on Finance.