This week, lawmakers in the House and Senate continued working on legislation that would comprehensively reform the tax code. In addition, The Senior Citizens League saw support grow for one key bill that would comprehensively reform the prescription drug industry..Fifty six percent of older adults think we need to invest more in Medicare in order to respond more quickly and effectively to a healthcare crisis like COVID-19, according to a new survey by The Senior Citizens League. "Boosting funding for Medicare is one of the most important issues for older voters this year," says Mary Johnson, a Medicare, and Social Security policy analyst for The Senior Citizens League..Rushed or pressured to sign papers. Is the salesman or dealer herding you into an office and telling you to sign now or lose your deal? That's a sure sign it's a deal worth missing..At the Social Security Subcommittee's hearing, the focus was also on three specific proposals: cutting the Social Security cost-of-living adjustment by adopting the "chained" Consumer Price Index, raising the eligibility age, and increasing the cap on income subject to the payroll tax. Support for each proposal was mixed, and while experts on the panel spoke with a sense of urgency, no real consensus was evident among Members of the Subcommittee..So even as this is being written there are reports coming that Congressional leaders are close to a deal on both the legislation to fund the government for the remainder of the fiscal year as well as a new coronavirus economic stimulus bill..When asked how they responded to rising prices for meat, poultry, seafood, and dairy products, survey participants report reducing the amount that they consume of these foods and having to spend a larger portion of their budget on these items. "Most troubling of all, about 25 percent of survey participants reported they've gone without," Johnson says..In the weeks ahead, The Senior Citizens League will be closely monitoring discussions in the House and Senate to repeal the ACA since they will impact older Americans in several ways. For instance, Medicare Part D beneficiaries who fall into the coverage gap or "doughnut hole" will face higher costs for their prescription drugs, and the Hospital Insurance Trust Fund that finances Medicare Part A will lose a critical stream of funding. For updates on the repeal of the ACA, visit the Legislative News section of our website, or follow TSCL on Facebook or Twitter..For progress updates or for more information about these and other bills that would strengthen Social Security and Medicare programs, visit the Bill Tracking section of our website or follow TSCL on Twitter."At the same time Social Security payroll taxes have taken a huge hit due to tens of millions of people out of work, claims for Social Security will grow faster in 2020 than anticipated, as older adults lose their jobs," says Johnson. Before the start of the coronavirus recession, many older workers may have delayed claiming Social Security to allow their benefits to grow. "But those who lose their jobs may have to go ahead and claim Social Security benefits now because they can't afford to wait - especially if their retirement accounts have gone down significantly in value as well," Johnson says.

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People frequently overestimate the amount of money they will receive from Social Security benefits. Lifespans are growing longer, and ideally you will want your savings to last over the length of your retirement that could be as much as 25 to 30 years long. At the same time life expectancy is rising, so are healthcare costs. If you talk to folks who have already retired, you will learn that almost 6-in-10 retirees will report that healthcare costs take one-fourth to one-third of their Social Security benefits..Their platform's Social Security plan closes by saying, "Our plan contrasts starkly with Donald Trump. He has referred to Social Security as a 'Ponzi scheme' and has called for privatizing it as well as increasing the retirement age.".TSCL is working hard for legislation that would lift the taxable maximum cap, expand Social Security by boosting retirement benefits and provide greater retirement security by using a "seniors" consumer price index, the CPI-E, to determine the annual COLA. To learn more, visit. … Continued

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This week, action on Capitol Hill was slow as Members of Congress remained in their home states and districts to prepare for the upcoming election. Lawmakers are expected to return to Capitol Hill on Tuesday, November 13th, to begin the lame-duck session..And it could be worse if inflation is lower and Medicare Part B premiums are higher. Due to a special provision of law known as the Social Security hold harmless provision, when the dollar amount of the Medicare Part B premium increase is greater than the dollar amount of an individual's COLA, the Medicare Part B premium is adjusted to prevent a reduction in Social Security benefits from December of the previous year. Those affected by hold harmless wind up with no growth in their net Social Security benefit after the deduction for Part B premiums. That leaves nothing extra left over to deal with other rising costs such as housing and drug costs..On Wednesday, with a vote of 21-3, the Senate Finance Committee voted in favor of advancing the nomination of Sylvia Mathews Burwell as the next Secretary of the Department of Health and Human Services. If confirmed as Secretary, Burwell will oversee the Medicare, Medicaid, and Social Security programs, and she will also manage the continued implementation of the Affordable Care Act. … Continued

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