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Best Ways To Save March 2014
The Social Security Fairness Act, if signed into law, would amend the Social Security Act by repealing the government pension offset (GPO) and the windfall elimination provision (WEP). These two provisions unfairly reduce the earned Social Security benefits of millions of teachers, firefighters, peace officers, and other state or local government employees each year. TSCL believes that Congress should repeal the GPO and the WEP so that dedicated public servants receive the retirement security they deserve. .Every other developed country has evolved schemes to set or negotiate prices, while balancing cost, efficacy and social good. The United States instead has let business calculations drive drug price tags, forcing us to accept and absorb ever higher costs. That feels particularly galling for treatments and vaccines against COVID-19, whose development and production is being subsidized and incentivized with billions in federal investment. .According to the Congressional Research Service (CRS), for an age 65 retiree with average wages, a maximum benefit disparity of 10% would have arisen between the highest benefit under the old rules and the lowest benefit under the new rules if the 1977 assumptions had materialized. Under the economic conditions that actually arose, the disparity was 25%-two and one half times greater. … Continued
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Legislative Update For Week Ending March 1 2013
Another bill that would improve the COLA – the Guaranteed 3 Percent COLA Act (H.R. 991) – also gained support this week. Congressman Gene Green (TX-29) signed on to it, bringing the cosponsor total up to five. If adopted, H.R. 991 from Congressman Eliot Engel (NY-16) would base the COLA on the CPI-E and guarantee a minimum annual Social Security benefit increase of at least 3 percent. .Unless you are in poor health and need money to put food on the table or keep a roof over your head, these days it makes sense to delay starting benefits as long as you can. That's especially true if you're single and have limited retirement savings. If you claim Social Security too early, you could set yourself up for a reduced standard of living for the rest of your life. .Getting the maximum you've earned on your personal work record requires some homework and planning. You can't count on getting all of your retirement advice from the Social Security Administration. According to TSCL's Senior Survey, 77% of participants said they received no counseling from Social Security staff about the best age to start benefits, undoubtedly because people are directed to sign up for benefits online. … Continued
In addition, two new cosponsors – Reps. Alan Grayson (FL-9) and Lee Terry (NE-2) – signed on to the Social Security Fairness Act (H.R. 1795). The cosponsor total is now up to one hundred and thirty-three. If signed into law, the Social Security Fairness Act would repeal the Government Pension Offset (GPO) and the Windfall Elimination Provision (WEP) – two federal provisions that unfairly reduce the earned Social Security benefits of millions of teachers, fire fighters, peace officers, and other state or local government employees each year. .Although it's illegal for immigrants to work in this country without a valid Social Security number, millions of illegal workers readily obtain forged or invalid Social Security numbers and show them to employers to get jobs. Employers use the invalid Social Security numbers for reporting earnings to the Social Security Administration. .43% support very gradually increasing the Social Security payroll tax rate paid by employers and employees. .By Mike Watson, TSCL Legislative Assistant, .Do you think Social Security's funding should be strengthened? Consider attending a local town hall in your area. Sign up to ask questions, or approach a staffer of your Member of Congress to relay your ideas. Together, we can make the case that better retirement security can't be achieved through cutting the benefits that more than 61 million people depend on, but rather by everyone paying their fair share during their working years. .Under the hospital price transparency rule, some 6,000 U.S. hospitals will have to publicly provide their negotiated rates with insurers for 300 common medical services, along with the discounted cash price they're willing to accept for those procedures. .In determining the COLA what items does the government track for price changes? Why does the COLA grow so much more slowly than my costs? .While Ponzi relied on keeping his financing scheme secret, Social Security's financing is well known. The Social Security trustees issue a detailed report every year that outlines the projected financing and outlays and funding problems of the program. ."The last thing struggling Americans need right now is a secret panel designed to slash their earned benefits and further undermine their economic security," House Ways and Means Chairman Richard Neal (D-Mass.) said in a statement. "I wholeheartedly object to the TRUST Act and will fight against its nefarious inclusion in any upcoming relief package."