The Social Security Trust Fund is the single largest holder of U.S. debt. In the past, when more payroll taxes were received than required to pay benefits, the surplus was by law, used for other purposes. The federal government accounted for borrowing the funds by issuing I.O.Us from the U.S. Treasury to Social Security or Medicare Trust Funds. In recent years, the program's financing reversed and now both Social Security and Medicare Trust Funds are paying out more in benefits than money coming in. Both now rely on drawing down the interest and then the I.O.Us. But when the rest of the federal budget is in deficit, the government must borrow to pay Social Security and Medicare benefits. And according to a growing number of economists, those borrowing days are numbered..Keep good records: If you already keep detailed records of your health expenses for tax or other reasons, good. If not, set up a bookkeeping sheet for all healthcare expenses, including items like dental and vision care that Medicare does not cover. Enter new costs as soon as you incur them, or at least monthly, so you don't miss any. Use these records at tax time to determine if you're entitled to a deduction..TSCL strongly believes the Social Security COLA that seniors currently receive does not accurately reflect how they must spend their money. We estimate that a senior who retired with average benefits in 1984 would have received ,723.16 more through 2011 had the CPI-E been used. TSCL is very supportive of the CPI-E Act, and we were pleased to see support grow for it this week..Without legislation to remedy this flaw in the benefit formula, the reduction to the Social Security retirement benefits of these 4 million people would be permanent. Assuming that benefits would be reduced by 9.1%, a calculation for TSCL indicates that a 62 - year old with middle-earnings who retired in 2020 would typically expect a benefit of ,565 at full retirement age, but now would only receive ,423 instead. Over the course of a 25-year retirement, or by the time these individuals reach 87, the total loss of retirement income from expected Social Security benefits would be more than ,000..Call Congress.One option recently recommended by the Medicare Payment Advisory Commission would repeal the SGR and encourage physicians to join two-sided risk accountable care organizations. Doctors participating in ACOs voluntarily group with hospitals and other providers to lower costs and better coordinate care. Pilot ACOs that are currently operating only see rewards for delivering high-quality, low-cost care. Those in two-sided risk ACOs, however, would also be penalized for providing low-quality, high-cost care. According to MedPAC, substantial savings would result, but many are still skeptical about the potential of ACOs..To help make the right saving and distribution decisions, get professional advice from professional financial advisors..The big dental expense is when you need more extensive work like crowns or root canals. Yet dental insurance often comes with waiting periods and won't cover fillings for the first six months of a policy and may not offer coverage for other procedures for up to 18 months. Many plans also have very low annual caps on care of ,000, meaning that once your dental bills exceed that amount you pay the rest of the bills in full..For information about town hall meetings near you in the days ahead, call the local offices of your elected officials. For contact information, click HERE.

Setting Resolutions That Stick Beyond The New Year

Getting the COVID-19 vaccine was one of the most unforgettable experiences of my life. It was emotional for a lot of people who were there. I cried when I got both of my shots - not because it hurt, but from the overwhelming sense of relief, joy and gratitude. "Mo," the chief of our local Emergency Medical Services who gave me my second dose, teared up too. He said he was relieved for the opportunity to save lives "this way" rather than making so many grim ambulance calls..Want to read more about rising costs? See, The Costs That Are Rising the Fastest for Older Americans, By Doug Whiteman, MoneyWise.com..In September of last year Sen. Joni Ernst talked about the need to go "behind closed doors" to reform Social Security, presumably because the American public won't stand for it being done in the open. There was more a year earlier from Majority Leader McConnell when he labeled Social Security, Medicare and Medicaid - so-called entitlements - "the real drivers of the debt" and called for them to be adjusted "to the demographics of the future." … Continued

Chill Week Helps Coon Rapids Teens Stress Less

For more tips like these to save on your Medicare costs and to maximize your Social Security benefits, sign up for The Senior Citizens League's Social Security & Medicare Advisor newsletter here or call for more information..This week, action on Capitol Hill slowed down as the House of Representatives adjourned for a holiday recess, and the Senate focused on legislation to reauthorize programs within the FDA. Meanwhile, TSCL expressed support for a new House resolution, introduced by Rep. Scott Rigell.."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. … Continued

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