Seniors have lost more than 20% of their purchasing power since 2000. What is your position on the adoption of the "chained" CPI for the calculation of COLAs, which studies show would put the purchasing power of Social Security benefits even further behind?.With over 1 million supporters, The Senior Citizens League is one of the nation's largest nonpartisan seniors groups. Located just outside Washington, D.C., its mission is to promote and assist members and supporters, to educate and alert senior citizens about their rights and freedoms as U.S. Citizens, and to protect and defend the benefits senior citizens have earned and paid for. The Senior Citizens League is a proud affiliate of The Retired Enlisted Association..A new study recently found that Social Security benefits have lost 34 percent of their purchasing power since 2000 due to rising costs and inadequate COLAs. Do you support the bipartisan CPI-E Act, which would make the COLA more fair and adequate?.Because of age-related changes in their immune systems, people 65 years and older may not respond as well to vaccination as younger people. Although immune responses may be lower in older people, studies have consistently found that flu vaccine has been effective in reducing the risk of medical visits and hospitalizations associated with flu..The 2020 Medicare Trustees report recently estimated that the Hospital Insurance Trust fund will become depleted in six more years - 202"But the high level of hospitalizations due to the coronavirus for seriously ill Medicare patients may shorten the life expectancy of the Medicare Trust Fund," Johnson says..TSCL continues to support efforts to lower prescription drug prices and we will be watching this very carefully as things develop in the next few weeks..Pay off an existing mortgage. When you make additional principal payments on an outstanding mortgage balance, the lower balance will save you interest expense. If you have an amortized fixed-rate mortgage, the monthly amount of the payment doesn't change. With the additional principal payments the loan balance declines and more of your monthly payment goes toward the repayment of principal. You will repay the loan faster than the stated loan term on your contract. You can find mortgage calculators online, to help you determine how extra principal payments reduce your mortgage interest expense and the remaining loan term. When considering pre-paying your mortgage, consider the rates of return. If you were to save the extra cash in a savings account or CD, your rate of return currently is quite low and prepaying your mortgage may give you a better return based on the interest rate of your loan. Financial advisors, however, generally recommend that you pay off your mortgage out of income, and not cash from your retirement accounts. Your retirement accounts provide you with a savings cushion, that most seniors will need later in retirement, and they are protected from creditors..Higher taxes and reductions to benefits are expected to top the discussions of the next Congress. If we intend to protect our Social Security and Medicare benefits, it's going to be up to us to play a major role in crafting the solution. We're out of time for partisan stand offs. This is not an "us versus them" situation. This is a "we" as in "we are all in the same boat." Please join TSCL in helping to be part of the solution. To learn how you can take part click the links to: sign a petition, make a donation, or become a member of TSCL..Verma has an extensive background working with the Medicaid program, but she lacks experience working on complicated Medicare issues. Should Republicans in Congress successfully repeal the ACA as planned, she will oversee the transition period, as well as the implementation of a possible replacement plan. Verma will also be tasked with administering the Medicare program as it navigates a funding crisis caused by the ACA's expected repeal.
