Three Key Bills Gain Support.In December of 2020, about 1.9 million people, or about 3% of all Social Security beneficiaries, were affected by WEP. This provision applies to workers who are entitled to both Social Security benefits as well as to pension benefits from employment not covered by Social Security. School teachers and firemen are two good examples. Before 1983, those whose primary employment wasn't covered by Social Security could still receive the full amount of any Social Security benefits they may have earned, assuming they had worked long enough to qualify. Today though, people affected by the WEP must have their benefits calculated using a different benefit formula. The WEP can reduce Social Security benefits by up to half the amount of the individual's pension from non-covered work..Heating and cooling: According to TSCL's Annual Survey of senior costs, residential fuel oil has been the fastest rising expense for more than a decade. According to the U.S. Energy Information Administration, a 250-gallon delivery of home heating oil this season may cost more than With the average monthly Social Security payment around ,100, that's a cost few seniors can afford and still have something left over for groceries. Take time to survey suppliers in your area and compare costs. Do ask for a senior citizen discount and learn the supplier's payment options. Financing your heating fuel through the supplier may give you smaller, more manageable payments, but you will pay financing fees and interest. With interest so low on savings, it sometimes makes sense to pay in full when you can to save financing charges..The income thresholds for the federal poverty levels are adjusted using a somewhat faster growing index than the one used to determine the COLA. Unlike the Consumer Price Index for Urban Wage Earners and Clerical Workers, which does not survey the costs of people over the age of 62, the Consumer Price Index for All Urban Consumers CPI-U includes the spending patterns of both younger workers and people over the age of 6Consequently the federal poverty limits increase somewhat faster than the CPI-W and today's COLAs. The 2016 poverty levels reflect a 0.1% increase over 2015 rather than zero like the Social Security COLA..Federal revenues are now expected to be .5 trillion less over the next decade. But, Uncle Sam still owes about .9 trillion in "interest" and the money needed to redeem the I.O.U.s held by the Social Security Trust Fund. Paying the interest and redeeming the bonds will necessitate greater borrowing, new revenues - or, benefits would have to be cut..Paralleling his civilian career was his military career in the Army and Air Force reserve components as a senior non-commissioned officer. He retired from the Maryland Air National Guard after 30 years of service in 200In 1996, Larry was part of the first United States military mission to Romania since World War II. His personal awards include the Meritorious Service Medal, the Air Force Commendation medal, the Air Force Achievement Medal, and the Master Chaplains' Assistant Badge..In a statement, Senator Warren said: "This bill will make a life changing difference for the millions of Americans who experience hearing loss but can't access the care they need because of archaic regulations. I'm glad to work with Senator Paul on this common-sense step to bring down costs for our seniors.".The Senior Citizens League continues to monitor the CBO's tax proposal. TSCL supports bills that would reduce the taxation of Social Security benefits while making Social Security payroll taxes more equitable through ensuring that all workers pay their fair share of taxes on all earnings..Trustees tend to report the financial condition of the combined Social Security Trust Funds, including the one that pays retirement benefits, as solvent until 203But there are actually two separate Trust Funds with separate accounting. One Trust Fund cannot borrow or receive reallocated payroll taxes from the other without legislative action from Congress - a short - term fix that Congress has relied on 11 times in the past.
