"TSCL believes that Congress must get started and put forward plans for Social Security Disability soon. "To prevent benefit cuts, Social Security recipients need to get involved to learn about proposed changes and provide vigorous feedback to lawmakers about what the public will accept," Cates says. What do you think? Visit TSCL's website at and take a poll..Keep in mind that this is not a comprehensive list or tax advice, but provided to give you an idea of the steps you need to take to learn how to reduce your tax bill. TSCL strongly recommends that you get help preparing your taxes from a tax professional who can explain your options and get you every tax break to which you're entitled to..Even though the rate of inflation is dropping, a proposal that would switch to a more slowly-growing CPI to calculate COLA continues to be pushed by proponents on both sides. The Congressional Budget Office has estimated that the "chained" CPI would reduce the federal budget deficit by more than 0 billion in the first ten years. It would do so by cutting the growth in a host of federal benefit programs, including military retirement in addition to Social Security, as well as increasing revenues if used to index the tax code..You can learn how the earnings test works and exempt amounts by year at:. You can check your earnings record online by setting up a "my Social Security" account. To contact Social Security by phone, call, or visit your local Social Security office..TSCL is pushing for "The Notch Fairness Act" legislation that would give Notch Babies born from 1917 through 1926 their choice of a lump-sum of ,000 payable in four annual installments or an improved monthly benefit. This legislation is now estimated to cost billion. Sponsorship of this legislation is building steadily, but we need your help. Please contact your Representative and ask for his or her support of "The Notch Fairness Act,"..Between July 2013 and July 2014, the prices of more than 1,200 generic drugs increased an average of 448%. What do you believe should be done to manage the extreme cost increases of prescription drugs?."Many food companies decrease the size of their containers, while keeping the same price," Joe said in his comments about price increases that he's observed. "Cost increases get masked when container sizes shrink." For example, after last year's hurricanes, a major orange shortage nationwide led to shrinking orange juice bottles. "Brands that originally sold in 64 oz containers, downsized to 59 oz and then to 52 oz - a 20 percent reduction in what our orange juice money buys today," Joe says..Medicare and other health insurance premiums, including Medigap supplements, Part D or Medicare Advantage plans, and long term care insurance, as long as an employer did not pay the premiums..We should hope for our young adults, and workers from all walks of life, to aspire to serve their communities and become public servants. However, policies like the WEP and GPO only discourage our young people from becoming teachers, firefighters, and public health workers.
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In January, one-third of all Medicare beneficiaries could see a Part B premium increase of 22 percent the highest increase in 27 years. Do you believe Congress should take action like it did last year to prevent the dramatic increase?.Committees Discuss Solutions to Opioid Epidemic.TSCL believes that benefits should be increased, not cut. To do this while providing enough funding to keep the program solvent for another 50 years, 78 percent of TSCL's survey participants favor raising the taxable cap on earnings so that Social Security taxes would be collected on all earnings. Currently only earnings up to 8,500 are taxed for Social Security. "This means the nation's highest earning people, like the CEOs of some of the nation's biggest companies, are pocketing a huge tax break on all earnings over the cap," says Cates. … Continued
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"The bottom line is that Medicare Part B premiums rise several times faster than COLAs, and those premiums are now high enough to cause the net Social Security benefits of millions of people to remain flat for years at a time," Johnson says. "We are at the point where this is affecting far more people than anyone ever anticipated, and it's a red flag that Medicare premiums are increasing too fast, while Social Security benefits are not adequately keeping pace," she explains..The survey, which was conducted from mid - January to mid-February of this year, asked the following "How has the coronavirus - caused recession affected the value of your retirement savings as of December 31, 2020?" Some 18 percent of survey participants reported that they had no retirement savings at all. Of those with retirement savings, 48 percent reported that the value of their retirement savings was still down on December 31, 2020 from the ending value on December 31, 201Thirty-one percent reported that their savings had recovered to about the same value as on December 31, 201Only 22 percent reported that their savings had increased by December 31, 2020. Of this group, only 9 percent said their savings had increased by more than 10 percent..Even if your income or assets are slightly higher than the guidelines, you should still apply. That's because certain kinds of resources may not be counted. States figure your income and assets differently, so you may be eligible in your state. When determining eligibility, your countable assets include checking or savings accounts, stocks and bonds. Your home, and one car, will not be counted. … Continued