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According to TSCL's research, Barbara is correct. Since 2000, Social Security benefits have lost 30 percent of their buying power due to inaccurate COLAs, and in the last year alone, they have lost 7 percent. This loss of purchasing power has occurred because Social Security COLAs are based on the spending patterns of young, urban workers not the spending patterns of retirees..THREE PROPOSALS WE OPPOSE:.With no increase in Social Security benefits over the past two.TSCL recommends that anyone unsure of how the provision may affect you should talk with the human resources director of your former employer or union through which you receive benefits. To learn more about TSCL's legislative work read the weekly legislative updates; or to learn more about TSCL's key issues, please visit..Does TSCL.Notch Bulletin: How Much Less Do Notch Babies Receive? Recently one of our readers asked “Is there a percentage as to how much less NOTCH BABIES receive monthly?” Although not many studies exist, according to one study of average earners born from 1917 through 1926, the disparity in benefits with other retirees seems to average about 26%..As anyone who was following the news last week knows, Congress failed to reach an agreement on a new coronavirus economic relief bill, so they went home. They have left it up to the leadership in both houses to try and come up with legislation that can pass both bodies, but no one sounds optimistic that will happen before they return in September..According to one non-profit government watch-dog analysis, ". legislation enacted since 2015 could be responsible for more than half of the deficit in 2020 and 202In other words, recent policymakers are responsible for doubling near-term budget deficits.".ROTH IRAs require that you take distributions by age 70 and a half or pay a.In a letter to Congressman Davis, Art Cooper Chairman of TSCL's Board of Trustees wrote: "According to a recent study completed by TSCL, Social Security beneficiaries have lost over 20 percent of their purchasing power since 2000. Those who are subjected to the WEP and the GPO have undoubtedly fallen even further behind. It is now more important than ever for Congress to address the inequities that have been created by the WEP and the GPO, and TSCL believes the Social Security Fairness Act is a fair and responsible solution."

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Increase the Social Security cost-of-living adjustment to reflect the inflation experienced by retirees..Since the start of the first CPI in 1940, the BLS has made changes to how it calculates price inflation - most recently announcing changes to how they collect price data. A new paper reports that the BLS has undertaken several pilot projects in an attempt to supplement and/or replace its traditional field collection of price data with "alternative sources." If that sounds suspicious, you have good reason to ask questions. The BLS Handbook of Methods lists more than 21 changes that economists have made to how they calculate the CPI since 198In most cases the so-called "improvements" tend to slow the measured rate of inflation. That means the growth in COLAs is cut and Social Security benefits grow more slowly over time. In short, this boils down to an erosion in the buying power of your Social Security benefits when, in reality, prices are actually going up..Over the past decade, there has been no COLA at all three times - in 2010, 2011, and 201In 2017 the COLA was just 0.03%. The 2021 COLA of 1.3% is one of the lowest COLAs ever paid. TSCL feels this is a clear sign that the inflation adjustment for Social Security benefits is failing the very people it was designed to protect. … Continued

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TSCL Announces Support for House Resolution.Early last year, prior to even knowing the impact of the pandemic, the Social Security Trustees forecast that the financing of the Social Security Trust Funds would turn negative this year. The Social Security Trustees forecast that the Social Security retirement and survivors trust fund would receive a total of 5.6 billion in 2021 but estimated that program costs would be more than ,019.2 billion..Washington, DC) How is the pandemic affecting retirement savings? Forty - eight percent of retirees with retirement accounts say that their savings have not recovered pre-pandemic levels, according to a new survey by The Senior Citizens League. "There's no doubt about it, the Coronavirus - caused recession is forcing many older adults to rethink retirement plans," says Mary Johnson, Social Security and Medicare policy analyst for The Senior Citizens League. "While the U.S. stock market ended 2020 at an all - time high, the retirement savings held by many retired adults do not appear to have benefited from the run up," Johnson says. "This is exactly why the guaranteed income nature of Social Security is so important," she notes. … Continued