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New Concern About Cuts to Medicare.What is TSCL?.plans with similar coverage caps or the maximum amount that the plans will pay..TSCL enthusiastically supports the Strengthening Social Security Act since it would extend the solvency of the Trust Fund responsibly, while also making benefits for seniors more fair and accurate. We look forward to working with Sen. Harkin and Reps. Sanchez and Holt in the coming months to help build support for their bill..Nationwide, nearly 1.5 million people are affected by the WEP, meaning that those who receive a public pension from a job, and are not covered by Social Security, see their benefits reduced. For example, a teacher who spends summers working a second job, or a first responder who leaves the force after years of service, but is not yet ready to retire, can see his or her benefits reduced by up to 40 percent..Increasing funding for Continuing Disability Reviews, which are conducted periodically to ensure that disabled enrollees still qualify for benefits. CDRs return to the program for every invested..An insurance industry source said Congress' deliberations are "freaking out" companies who worry that seniors will drop their private plans en masse and migrate to traditional Medicare once the new benefits are in place. But the source said the industry is mindful of the optics of publicly opposing coverage of eyeglasses, dental care and hearing aids, and is largely lobbying behind the scenes..Masks and face coverings remain an important tool to stop spread of the coronavirus, the director of the Centers for Disease Control and Prevention told Congress this week, adding that he's worried that some Americans appear to be ignoring the advice..From 1950 through 1974, Social Security benefits were increased 11 times through separate pieces of ad hoc legislation at irregular intervals. The increases varied just as they do today but averaged 8% per year over the 24-year period although there were long lapses between COLAs during some periods.

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Retirees and disabled Social Security beneficiaries generally have different spending patterns than younger workers. Retirees spend less on gasoline, and a greater portion of their incomes on healthcare costs and housing. The lack of a COLA means that if other costs like prescription drugs increase, retirees have to dig deeper into their Social Security or savings..A survey conducted by TSCL earlier this year found that 73 percent of people responding strongly oppose a widely debated proposal to cut benefits by switching to a more slowly-growing COLA index. Sixty-five percent, however, strongly favor raising the taxable maximum income cap and requiring high income workers with wages of more than 7,000 to pay taxes on all earnings..Senator McConnell's comments came a day after the U.S. Treasury Department released an analysis that revealed the corporate tax cuts under the new tax law had a significant impact on the deficit in 201Supporters of the 2017 tax legislation sold the bill saying that the tax cuts would spur economic growth so much that it would pay for itself. But the Treasury Department recently reported that the U.S. budget deficit grew to 9 billion in Trump's first full fiscal year as president, as a result of the tax cuts, spending increases, and rising interest payments for the national debt. … Continued

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Pay off an existing mortgage. When you make additional principal payments on an outstanding mortgage balance, the lower balance will save you interest expense. If you have an amortized fixed-rate mortgage, the monthly amount of the payment doesn't change. With the additional principal payments the loan balance declines and more of your monthly payment goes toward the repayment of principal. You will repay the loan faster than the stated loan term on your contract. You can find mortgage calculators online, to help you determine how extra principal payments reduce your mortgage interest expense and the remaining loan term. When considering pre-paying your mortgage, consider the rates of return. If you were to save the extra cash in a savings account or CD, your rate of return currently is quite low and prepaying your mortgage may give you a better return based on the interest rate of your loan. Financial advisors, however, generally recommend that you pay off your mortgage out of income, and not cash from your retirement accounts. Your retirement accounts provide you with a savings cushion, that most seniors will need later in retirement, and they are protected from creditors..The Social Security Trustees now say that benefit costs are exceeding the cash revenues coming in. Do you think changes are needed, and if so, what?.With President Obama pushing for an immigration bill "by the end of the summer," Congress is rapidly moving major immigration reform legislation. Under the bill passed in the Senate, an estimated 8-11 million unauthorized immigrants would receive work authorization, giving them access to Social Security numbers and with it entitlement to Social Security and Medicare benefits with ten years of earnings. … Continued