If you were born during the Notch period and receive Social Security benefits based on your work record, or that of a Notch Baby spouse, you have been affected by this inequity from your first Social Security check. According to TSCL studies, this disparity costs you on average about ,000 to as much as ,000 per year in lower benefits..TSCL enthusiastically supports Rep. Garamendi's CPI-E Act, and we thank him for his leadership on this important issue. In the months ahead, we look forward to working with his office to build support for the bill. In the meantime, we urge our members and supporters to contact their elected officials to request their support for H.R. 125For contact information, click HERE..One of the biggest items in the news last week that is of interest to so many seniors is about a new drug, which will be marketed as Aduhelm, related to the treatment of Alzheimer's disease. We are not doctors or scientists so we thought we would relay to you some of the information we have seen about this new drug..Get started now on a financial habit that can give you big savings for the time you invest in shopping around..don't start feeling better..When Congress enacted automatic Social Security COLAs in 1972, there was only one CPI and it measured the inflation experienced by urban wage earners and clerical workers. The 1972 amendments used this CPI as the basis for determining your COLA today. But today there are other, more appropriate indexes for calculating the COLA. In 1978 the Bureau of Labor Statistics expanded the CPI known as the CPI-U to cover all urban residents, including most retirees, and in 1983 the BLS launched an experimental index, the Consumer Price Index for the Elderly, which reflects the spending patterns of people age 62 and older..Enactment of Notch Reform remains a TSCL priority in 201Recently, TSCL legislative staff made personal visits to nearly every Member of the U.S. House, delivering petitions calling for the immediate enactment of The Notch Fairness Act H.R. 1001 and S. 11The legislation would provide Notch Babies born 1917 through 1926 with a choice of ,000 payable in four annual installments or an improved monthly benefit..So far critics of the program have not convinced CMS to pare down the size of the demonstrations and states winning approval will get the green light to start shifting patients into managed care plans starting next year..Around 20% of Medicare beneficiaries are also enrolled in Medicaid and receive help from the program to cover long-term nursing home stays. The BCRA would cut Medicaid by more than 0 billion and cap federal spending on the program. How will you ensure access to nursing home care if the BCRA is adopted, and can you guarantee that older Americans will not be forced out of skilled nursing facilities due to funding cuts?
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To address the growing issue of inaccurate COLAs, TSCL believes Congress must adopt the Consumer Price Index for Elderly Consumers Act. This bipartisan bill from Congressman John Garamendi would better protect the purchasing power of Social Security benefits by basing the COLA on the spending patterns of retirees..So, while we like the news that they still want to act this year, TSCL is taking a wait-and-see position..TSCL surveys have found that there is no public support for benefit cuts. On the other hand, 79% support eliminating the taxable maximum cap on earnings so that the highest paid workers pay Social Security taxes on all of their income, not just part of it as they do today. … Continued
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According to the Congressional Research Service, older noncitizens who were assigned a Social Security number before January 1, 2004, are not required to have ever received authorization to work in the United States at any point to qualify for Social Security benefits. In other words, those individuals may have worked illegally their entire career and may still file a claim for Social Security, and all their illegal earnings will be counted..pharmacy with a prescription for blood pressure medication. Visits to the.The switch is insidious for that reason. But a.03 of a percentage point reduction can make a huge difference to what you receive in Social Security, especially as you get older. The following chart illustrates the impact over the first ten years on a married couple that receives ,500 per month in Social Security benefits today. After ten years the cut would reduce benefits by per month, and by nearly ,475 over that period. … Continued