The U.S. Bureau of Labor Statistics estimates that older households spend more than 46% of annual household budgets on housing. That includes not only a mortgage, but also real estate taxes, homeowners' insurance, maintenance and repairs, appliances and home furnishings, heating and cooling, electricity, water, and gas. Many older homeowners often pay for landscaping and housekeeping services as well..Congress has the ability to prevent these reductions before they take effect, but the questions is - will it do so? Legislation proposed in 2020 would protect the retirement benefits of individuals who were born in 1960 from declining. But TSCL is concerned that some Members of Congress may balk at taking timely action. To prevent lawmakers from looking the other way, they need to hear from as many constituents as possible to take action to protect retirement benefits. "These are benefit cuts that are directly caused by COVID-19 and should be addressed by emergency legislation, or in a comprehensive bill that would correct this problem. In addition, Social Security benefits still need to be boosted for all retirees," says TSCL's Executive Director, Shannon Benton..My brother, age 65, is cognitively impaired. He can't read or understand finances, but he's married, able to work and earns a modest living. He owns a small home that was purchased for him through a family trust. Recently he signed a loan for a 2013 Nissan with almost 60,000 miles - that cost ,000 including financing. He signed the contract even though he can't read or understand the amount he owes or how long it would take to repay..Shortly after the ruling was issued, Homeland Security Secretary Jeh Johnson said his department would not begin accepting applications for the deferred deportation program on Wednesday as scheduled. The program would have allowed an estimated 330,000 illegal immigrants to apply for work permits and deportation deferrals. Secretary Johnson also said the administration will suspend May plans to begin accepting deferred deportation requests from the parents of U.S. citizens. In total, the two programs would have delayed the deportation of more than 4 million illegal immigrants..Committees Craft ACA Repeal Legislation.Does TSCL.Notch Bulletin: How Much Less Do Notch Babies Receive? Recently one of our readers asked “Is there a percentage as to how much less NOTCH BABIES receive monthly?” Although not many studies exist, according to one study of average earners born from 1917 through 1926, the disparity in benefits with other retirees seems to average about 26%..Congress recently ended two Social Security claiming strategies that helped couples maximize their retirement income. The strategies being eliminated allowed individuals to claim a spousal benefit while their own retirement benefits continued to grow. The "file and suspend" option is no longer available for people who will be younger than age 66 on April 30, 201Those older than age 66 on that date are grandfathered in and still able to use the claiming strategy. If you and your husband won't be 66 until later in the year, your husband would not be able to file and suspend as planned..In a letter to Marilyn Tavenner, the Acting Administrator of CMS, the Medicare Payment Advisory Commission warned that some of the health plans don't have the experience to manage the full range of benefits required by dual eligibles or the capacity to serve large numbers that would be automatically transferred into the plans en masse at the beginning of the program..TSCL recently released an analysis of the proposal that estimates the chained CPI would cut the growth in average benefits of ,100 today by about ,634 over the course of a 25-year retirement, and that assumes that the economy becomes more stable soon. Nevertheless, the reductions in COLA growth compound over time, and are deepest when seniors are the oldest and sickest. By the time seniors are in their late 80s or 90s, when they are most likely to have chronic health problems, monthly benefits would be about 5 lower using the chained CPI.
