By Jessie Gibbons, Senior Policy Analyst.The survey, which was conducted from mid - January to mid-February of this year, asked the following "How has the coronavirus - caused recession affected the value of your retirement savings as of December 31, 2020?" Some 18 percent of survey participants reported that they had no retirement savings at all. Of those with retirement savings, 48 percent reported that the value of their retirement savings was still down on December 31, 2020 from the ending value on December 31, 201Thirty-one percent reported that their savings had recovered to about the same value as on December 31, 201Only 22 percent reported that their savings had increased by December 31, 2020. Of this group, only 9 percent said their savings had increased by more than 10 percent..legit loan companies for bad credit.Currently the SSA uses all earnings to determine entitlement to benefits, including the earnings for jobs worked illegally. The majority of seniors responding to TSCL surveys on the topic believe that noncitizens should not be allowed to receive Social Security based on illegal work. TSCL agrees. Social Security benefits are determined on earnings and work history, regardless of whether taxes were paid or not. Because those earnings are held by Social Security in an Earnings Suspense file, non-citizens could at some point gain access to benefits based on illegal earnings. TSCL strongly supports legislation that would ban the payment of Social Security based on unauthorized work..In 2015, the monthly Medicare Part B premium for people with incomes less than ,000 was 4.90. When the Social Security Administration announced that there would be no COLA in 2016, Barbara - like 70 percent of all other Social Security recipients - was protected from reductions in her Social Security benefits by a provision of law known as "hold harmless." Barbara's Medicare Part B premium stayed the same, at 4.90, even though Medicare Part B premiums that year rose to 1.80 for people like new enrollees who were not protected by hold harmless..This estimate is still just that - an estimate. The 2020 COLA is based on CPI data through September 2019 and won't be announced until October. Inflation could start going up again, but with the first five months of data so low, we are likely to see another low COLA in 2020..TSCL Releases Results of 2013 Senior Survey.A stronger nation is a nation where Social Security and Medicare are there for your children and grandchildren. It means a nation where we keep our promises and innovate for the future. For those of you 55 and over, the programs you paid into, planned on, and live with, will be there for you no changes. But for those under 55, hard choices must be made. As the debate continues about how best to preserve these programs, I wanted to reassure you all that nothing I ever vote on or support, will change the benefits and promises you earned period.."Medicare Beneficiary Savings and the Affordable Care Act," Department of Health and Human Services, February 201"Reliance on Capital Gains and Dividend Income Tends to Rise with Age," Tax Foundation, December 2005.

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The Republican platform assures current beneficiaries and those nearing retirement that their benefits will remain untouched, and that all changes to the program will aim to preserve the solvency of the Social Security trust funds. It explicitly states that all plans to increase tax revenues like the increase in the payroll tax cap that the Democrats proposed will not be supported. It states, "As Republicans, we oppose tax increases and believe in the power of markets to create wealth and to help secure the future of our Social Security system.".Rep. Charles Gonzalez introduced H.R. 456 on January 26, 201It has since been referred to the House Committee on Ways and Means..Junk fees. Is the loan loaded with add-on products, like "GAP" insurance, service contracts, or credit life insurance? These inflate the cost of the vehicle and loan size, as well as the potential loan kick - back for the dealer. … Continued

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Once the committees finish their work, those in the House will vote on the bill drafted in their chamber, and those in the Senate will vote on theirs. Lawmakers will then be tasked with reconciling the differences between the two. As was mentioned last week, through the budget reconciliation process, the ACA could be repealed by the end of the month with a simple majority in the Senate..The rate of growth in the number of older Americans who receive Social Security has slowed sharply recently, and the drop may be due in large part to the large number of deaths from COVID-19 among people age 65 and up. In March of 2021, the number of people receiving retirement benefits from the Social Security Administration rose 900,000 to 46.5 million, the smallest year - over - year gain since April 2009..Alexandria, VA Seniors will get one of the lowest cost-of-living adjustment paid in the past decade next January. But even so, COLAs remain a key target in post-election deficit reduction efforts, warns The Senior Citizens League, one of the nation's largest nonpartisan seniors groups. A plan that would slow the growth in annual COLAs is a key provision of major deficit reduction plans quietly under consideration in Congress. … Continued

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