On August 15th, President Obama went on the record saying, "We should extend the payroll tax cut as soon as possible, so that workers have more money in their paychecks next year and businesses have more customers next year.".TSCL's report contains one of the only up-to-date compilations of Social Security's Earnings Suspense File data, based on government documents, and updated with the most recent Social Security Administration data annually. The data indicate that in the years immediately following the 1986 immigration amnesty, the Earnings Suspense File grew at an unprecedented pace. From 2000 to 2011 the number of mismatched wage reports doubled, jumping from 52 million reported from 1990 to 1999 to 109.7 million from 2000 to 201In addition, the amount of average annual wages represented by the reports has also grown considerably since the 1990s - about 60%, after adjusting for inflation.."To avoid overpaying for prescriptions, and to find the most affordable coverage, the importance of comparing drug plans during one's initial enrollment in Medicare, and during Medicare's annual Fall Open Enrollment period October 15th -December 7th can't be overstated," Johnson says. Most people 65 and over take more than one prescription drug, and to get the best plan, consumers need to compare plans based on all the drugs they actually take. In addition, consumers should compare prices between pharmacies, including mail order, which can also vary..This week, the Social Security Administration announced that benefits will increase by 2% percent beginning in January 201In addition, The Senior Citizens League announced its support for one new bill that would improve the integrity of the Social Security program..At this point in time, it remains unclear whether congressional leaders will bring the "Budget for a Brighter American Future" to the floor for a vote, but the resolution does clearly outline the policy priorities of the majority party in the House. The Senior Citizens League will keep a close eye on the movement of the budget resolution in the weeks ahead, and we will continue to voice our opposition to policies that would jeopardize the health and financial security of older Americans. For progress updates, follow TSCL on Twitter or visit the Legislative News section of our website..The letter and the fact sheet leave out the most important part of the calculation - the additional lifetime income that one could expect to receive over a 20 30 year retirement, if one delays benefits up to age 70. That can add up to tens of thousands of dollars if you are in reasonably good health. In fact, Social Security's publications tend to imply that people get about the same amount of benefits if they start benefits early because they receive the reduced benefit over a longer period of time. That isn't necessarily the case..Take The TSCL Senior Survey!.housemate with whom you can share expenses. Some couples living in older homes."But all bets would be off if the current payroll tax system is eliminated, or changed to something else," Johnson says. Getting rid of the payroll tax raises a great many questions as to how benefits would be calculated. Currently, retirement benefits are calculated on the 35 years of highest earnings. "Because wages tend to grow over time, replacing the current system with something else could mean lower benefits," Johnson points out.
