News

"The tax is a burden for middle class seniors," Cates says. The Congressional Budget Office estimates that 52 million Social Security beneficiaries paid 6.7% of their Social Security benefits as income tax in 2014 and projects that will rise in the future to 10% or more..The study's findings illustrate the impact on the buying power of Social Security benefits when the economy goes from a period of extremely low inflation to more typical rates of inflation. The last time there was a loss this big was in 2011, another year similar to 2017, when there was no COLA, but inflation spiked. The following year, in 2012, Social Security benefits increased by 3.6%. And like 2012, a higher COLA is likely in 2018..The idea you propose is a good starting place for discussion though, and a great way to get people talking about how we can make Social Security COLAs fairer and more adequate for everyone!.But first there's a lot you can learn for yourself online. Here are some things you need to know:.This week, two congressional committees held hearings on issues affecting older Americans, and The Senior Citizens League saw support grow for four key bills in the House and Senate..In the meantime, to comply with the new health law, people need to continue to maintain health insurance or pay a fine, because the individual mandate is still in place. And unless Congress acts to repeal Obamacare in its entirety, insurers will still be required to provide coverage despite pre-existing conditions. The big question remains, however, how millions of people will be able to afford Obabmacare coverage if no subsidies are available..TSCL Mounts Nationwide Effort Fighting COLA Cuts.In an effort to stimulate the economy, President Obama has once again called for an extension of the Social Security payroll tax cut, which was enacted in December of last year..And the order that directs clinics that qualify for steep pharmaceutical discounts under a government program for low-income patients to pass savings on insulin and EpiPens directly to those patients only applies to about 1,000 community health centers, not to hospitals that are frequently flagged as diverting the discounts away from patients toward other programs.

How Much Exercise Do You Need

In 2019, there are a total of ten different Medigap plans, "A" through "N." Congress closed Plans "F" and "C" because they cover the Medicare Part B deductible. The thinking is that deductibles prevent "over utilization" of Medicare benefits. The Part B deductible is 5.50 this year and it rises at the same pace as the Part B premium. According to research by Johnson, Part B premiums have increased about 10 percent per year since 2000, making it one of the fastest growing costs in retirement. "Requiring retirees to pay deductibles, or higher deductibles, has the biggest financial and health impact on middle-income Medicare beneficiaries with modest means," says Johnson. "Many put off medically necessary care if they can't afford the deductible, and their health can get worse when they do," she says.."Many older taxpayers probably did not even know they were getting a medical expense tax break for 2017, or this year," Johnson says. The 7.5 percent of AGI threshold was unchanged from what taxpayers age 65 and older paid in 2016, and before. That threshold, however, was formerly scheduled to rise to 10% of AGI in 201"Meanwhile taxpayers younger than 65 could only deduct medical expenses in excess of 10% under the former tax law, and so for that crowd it may have been noticed as a tax break," Johnson notes..If we closed this loophole, we could ensure that Social Security continues paying full benefits to every single American who pays in, just as they were promised. … Continued

Minnesota Reports Four New Measles Cases As Hospitals Issue Precautions

Rep. Elijah Cummings introduced H.R. 3513 on September 10, 201It has since been referred to the Committee on Energy and Commerce and to the Committee on Ways and Means..Although the bill applies to children, TSCL is concerned that the DREAM Act is a back-door approach to a much wider amnesty that would have an enormous impact on the financial solvency of Social Security and Medicare. Under current policy, immigrants who become U. S. citizens, as young people under the DREAM Act would, may file a petition for green cards to allow their immediate relatives to legally immigrate to the U.S. Relatives who qualify immediately for a visa are spouses, unmarried children under the age of 21, and parents. Once the parents receive the green cards they can legally apply for work authorization, and renew it annually..Since you have not reached your full retirement age, you are subject to the Social Security "earnings test" if you work and collect benefits at the same time. Social Security recipients are required to report earnings if you collect benefits. But if you are like many others, when you reported your modest earnings, a Social Security staffer may have told you, "Don't worry, Social Security will automatically recalculate your benefits." … Continued