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Net Investment Income Tax, Federal Register, accessed on June 6, 2009..Although there's a new higher standard deduction for U.S. taxpayers this year, tax professionals are cautioning taxpayers against automatically taking it. The 2017 tax legislation retains the deduction for medical expenses. This year, taxpayers can deduct medical expenses exceeding 7.5% of their Adjusted Gross Income, but that threshold will rise to 10% of the AGI in 2019, so taxpayers won't be able to deduct as much. It would be a good idea to crunch the numbers now, to learn if itemizing and the medical expense deduction would reduce your taxes..In her new role as CMS administrator, Verma will report to Health and Human Services Secretary Tom Price, who has authored several Medicare reform plans in recent years. His proposals would increase the Medicare eligibility age from 65 to 67 while adopting a "premium support" model, where beneficiaries would be given vouchers from the federal government to purchase private health insurance..This week, the White House held its day-long Conference on Aging and The Senior Citizens League announced its support for one new piece of legislation..In the debate over Social Security's funding, much of the debate has focused on benefit cuts. A recent survey by the National Academy of Social Insurance, however, shows that benefit cuts aren't supported by a large majority of survey participants. Those who participated in the survey agreed on a package of changes to strengthen Social Security that doesn't cut benefits..Support Grows for CPI-E Act.Interest rates fell. Seven percent of Social Security financing comes from the interest earned by the assets held by the Social Security Trust Funds. Those assets are actually non-marketable government bonds, like I.O.U.s from the U.S. Treasury payable to the Social Security Trust Fund. That income stream was reduced because short term interest rates dropped to extreme lows during 2020 and so far in 2021..I turn 66 this year and my wife is 6Neither one of us has started Social Security. We receive health insurance through my employer. Do we need to sign up for Medicare yet?.New Co-Sponsor for Key Bill

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Advocates who help retirees enroll in these programs say that, even if your income is slightly above the eligibility limits, you might still qualify because certain types of income and assets may not be counted..An estimated 39 million Medicare beneficiaries spend up to 29 percent of their Social Security benefits on healthcare costs, according to a new survey by The Senior Citizens League. "That's a huge chunk of one's household budget, and chances are that many of those people are paying too much for premiums, deductibles, and out of pocket costs," says Mary Johnson a Medicare policy analyst for The Senior Citizens League. "One of the best financial moves that Medicare beneficiaries can make is to review health and drug plan coverage and compare options during Medicare's Fall Open Enrollment Period, which starts October 15 and runs through December 7, 2021," Johnson says. "For many people, it could potentially save hundreds of dollars, making the difference between having to split pills or going without, versus to covering all prescriptions and still winding up with a little cash left over," says Johnson, who helps her friends and family with the task..Finally, the platform closes by saying, "Saving Social Security is more than a challenge. It is our moral obligation to those who trusted in the government's word." … Continued

Report Section Rising Cases In Long Term Care Facilities Are Cause For Concern Table

Are you making the most of your money? A new online website and tool, EconomicCheckUp®, can help you get a better understanding of your financial situation and find personalized, appropriate solutions to save money. You can use it to find work, learn to better manage your budget and explore options to reduce debt, or to explore options to use home equity..It's important to note that Social Security would completely suspend payment of your benefits until the withholding of benefits due to excess earnings are accounted for. If you do start to work, you will need to contact the Social Security Administration as soon as possible and report what you expect to earn in 2021..TSCL continues to work for the passage of Notch Reform legislation. Recently Representative Jo Ann Emerson, a stalwart Notch Reform advocate, re-introduced the Notch Baby Act of 201The legislation would provide additional benefit increases for Notch Baby beneficiaries who first became eligible for benefits, at age 62, from 1979 through 1988. … Continued